News

October  – 2014 Practice Update covers following points – – Mining tax repeal & other notable tax changes – ATO launches voice authentication – Project DO IT – the ATO’s amnesty for offshore tax avoiders – How ‘bitcoins’ are treated for tax purposes – Tax scammer warning – Why it’s sometimes worthwhile taking on the…

September – 2014 Practice Update covers following points – – New ATO initiatives for small businesses – ATO warns property developers to declare income – SMSFs and succession planning – Ignorance of the law is no excuse – SMSFs and trauma insurance – CPI – June 2014 quarter Click here for – September 2014 Practice Update

August – 2014 Practice Update covers following points – – PAYG instalments threshold increases from 1 July 2014 – ATO “data mining” program targets offshore tax evaders – Now phone scammers target taxpayers with threats – SMSFs and overseas seminars – Get a second (investment) opinion – Small business online dispute resolution service Click here for…

A topical issue lately has been the collection and use by various organisations of an individual’s personal information. In March of this year changes to the Privacy Act 1988 (Cth) (the Act) were enacted along with the introduction of the Australian Privacy Principles (APPs). The APPs set out minimum standards for business organisations who collect,…

SuperStream covers following points: – Employers with 20 or more employees – Employers with 19 or fewer employees – SMSF members – SMSF trustees – Service Providers – Choose a service provider – Collect superannuation fund information – Update their payroll records – Making contributions through a payment system Click here for – SuperStream

Building & Construction industry businesses must lodge a ‘Taxable Payments Annual Report’ to the ATO at the end of each financial year.  This new lodgement requirement will only apply to businesses involved in the Business & Construction industry and must be lodged to the ATO by the 21st July of each financial year. The ATO…

July – 2014 Practice Update covers following points – – SuperStream starting 1 July for many employers – ATO’s new Business Viability Assessment Tool – Project DO IT update – ATO Div.7A benchmark interest rate – ATO warning on 2013/14 work-related deductions – 2014/15 Luxury car tax (LCT) limit – ATO campaign warns of tax time scams – IGT – ATO debt collection – GIC…

Note: This is a checklist, not advice. Expense claims are subject to limitations based on their character, timing, extent of attribution to rental activities and sufficient substantiation. *Some expense claims may typically be required to be spread over more than one tax year. Advertising for tenants Property management fees Bank fees paid on an account…

Concessional Contributions – the following concessional contribution caps apply in relation to the year ended 30 June 2014: $35,000 for those who were aged 59 years or over on 30 June 2013. $25,000 for those under 59 years. *Note that employer super guarantee contributions are included in these caps. Keep in mind where a contribution…