The ATO has reminded taxpayers that, in relation to claiming car expenses, the one-third of actual expenses method and 12% of original value method were abolished from 1 July 2015. The cents per kilometre method now uses a standard rate of 66 cents per kilometre for all cars, rather than a rate based on a…
The Government is looking to cut red tape for employers by simplifying tax and superannuation reporting obligations through its initiative called Single Touch Payroll (STP). “Employers currently manually report Pay As You Go (PAYG) withholdings to the ATO,” the Assistant Treasurer Kelly O’Dwyer said. “Under the new STP this information will be automatically reported to…
The new calendar year is a good time to conduct a superannuation health check and set some new goals to help boost superannuation savings. Although there have been no seismic shifts in the superannuation landscape of late, it may be prudent to reacquaint yourself with the rules. The following are some considerations. Make extra contributions…
The ATO has issued a notice announcing that it will be acquiring details of real property transactions for the period 20 September 1985 to 30 June 2017 from various state revenue offices and tenancy boards. In relation to rental properties, the ATO is seeking details of rent paid and contact details of landlords. In relation…
The Government is looking to support innovation and its recently released Innovation Agenda proposes a suite of new tax and business incentive measures. A key proposal is to provide concessional tax treatment to encourage early stage investors to support innovative startups. Under the proposal, investors will receive a 20% non-refundable tax offset based on the…
Simplified GST accounting methods are available for small food retailers if they meet certain eligibility conditions. Many small food retailers buy and sell products that are taxable as well as products that are GST-free. Accurately identifying and recording GST-free sales separately from those that are taxable can be difficult, which makes accounting for GST complicated.…
The Tax Office has announced that it is working with insurance providers to identify Australians with policies covering an expanded range of asset classes. Coming under its net are insurance policies that include cover for damage or loss related to marine, aviation, enthusiast motor vehicles, fine art and thoroughbred horses. The Tax Office says it…
From February onwards, the registrar of the Australian Business Register will begin cancelling the Australian business numbers (ABNs) of certain trusts. The targeted trusts are entities for which tax records indicate that they are no longer carrying on an enterprise. The business register forecasts that approximately 220,000 trusts could be in line to have their…
Due to a number of enquiries on this important issue, we provide a brief on the ATO’s decision to move on from issuing BAS and IAS by paper via post, to electronic lodgement methods. INSTALMENT ACTIVITY STATEMENTS (IAS) – Individuals If you are a sole trader, partner of a partnership, or beneficiary of a trust,…
Creating and maintaining a website is expensive because it’s complicated. Lots of small businesses pay hefty costs to have their sites run because they don’t have the time or expertise to do it themselves. It’s just as well then the Tax Office has provided guidance on how you can go about claiming a deduction for…