July – 2015 Practice Update
July 15, 2015
July – 2015 Practice Update covers following points Government moves to get Single Touch Payroll right SuperStream date extended for medium to large employers ATO increases focus on rental property deductions ATO is using SMS messages to try and clear debt ATO warns over-claiming is easier to detect than ever Depreciation for farmers brought forward…
Read More2014/15 Tax Return Checklist
June 11, 2015
2014/15 Individual Tax Return Checklist Common work-related claims made by individuals Depreciable plant, etc, costing $300 or less Clothing expenses Self education expenses Other work-related expenses 2014/15 Year-end Checklist for Business Maximising deductions for non-SBE taxpayers Prepayment strategies – non-SBE Accelerating expenditure – non-SBE Accrued expenditure – non-SBE Maximising deductions for SBE taxpayers Accelerating expenditure –…
Read MoreJune – 2015 Practice Update
June 11, 2015
June – 2015 Practice Update covers following points ATO warns about aggressive phone scams Holiday homes that taxpayers rent out Early access to super for people with terminal illness Consider buying house in spouses name if used partly for business The sharing economy Tax help for people affected by severe weather in NSW ATO’s new appeals…
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Low interest rates effect on investors
June 8, 2015
With the move by the Reserve Bank to cut the cash rate to 2.00% earlier this month, bank interest rates are at historic lows. In the recent years of interest rate drops the property market has experienced significant growth in capital cities. Despite the more affordable borrowing rates, consumers are faced with the struggle of…
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Income Protection: Your Umbrella When The Rain Arrives
June 8, 2015
Take a moment to stop and think for a minute. Have you ever considered how your family would fare if you were suddenly unable to work through sickness or injury? Paying off the bills and managing the everyday expenses is hard enough as it is with an income, let alone without one. Under such a…
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Superannuation and Year-end tax planning
June 8, 2015
The end of financial year 2015 is looming and once again, it is that time of the year where you need to lodge your tax returns. In conjunction with lodging in tax returns, you may want to reassess your superannuation fund to obtain the most tax-effective strategy for the year-end tax planning. How can superannuation…
Read MoreLodgement dates from Super Funds
June 8, 2015
The lodgement dates for SMSFs have not been published for the 2015/2016 financial year. However looking at dates for the previous year can be used as an indicator for the lodgement dates for the upcoming year 2015/16 financial year.
Read MoreIs your Self-Managed Super Fund ready for Super Stream?
June 8, 2015
Super Stream is a government reform which aims to improve the efficiency of the superannuation system. If your SMSF receives super contributions from an employer then you will need to ensure that your self-managed super fund is Super Stream ready. Effective from 1 July 2015, employers with 19 or fewer employees must use the Super…
Read MoreMay 2015 Practice Update
May 25, 2015
May – 2015 Practice Update covers following points Employers and SMSFs must prepare for SuperStream Government ends benefits for parents who do not vaccinate 2014 online selling data matching program IGT to take on tax complaint handling function from 1 May FBT: Record keeping exemption threshold FBT: Benchmark interest rate FBT: Cents per kilometre basis…
Read MoreTIME TO BUY NEW ASSETS!
May 25, 2015
As part of the 2015-16 Federal Budget, the Treasurer, Joe Hockey has announced that the government has expanded the accelerated depreciation for small businesses. This temporary new rule provides a benefit for small businesses with an annual turnover of less than $2 million. The immediate asset write off threshold which was previously only $1,000 will…
Read MoreApril 2015 Practice Update
April 28, 2015
April – 2015 Practice Update covers following points ATO super crackdown – child care, building, cleaning, pubs Inappropriate loans from super funds What’s wrong with this type of arrangement? ATO’s audit targets Contractor payments data matching program Eligibility for net medical expenses tax offset Property developers – be careful what you wish for, from the outset…
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