Tax time is in full swing and the ATO has highlighted areas of concern for individuals ahead of tax return lodgment time. High on the ATO’s watch list is work-related expense claims that are significantly higher than expected. In particular, the ATO will be paying particular attention to claims that have already been reimbursed by…
New internet and mobile technologies have allowed people to consider enterprises such as letting a spare room, letting a car space, doing odd jobs or other activities for payment, or driving passengers in a car for a fare. However, the ATO has warned that individuals providing such share-economy services may have tax obligations, which may…
An individual has been unsuccessful before the AAT in arguing that he had “let go” of Australia in 1999 to pursue his “nomadic” working life abroad and that his base of operations was in the United Kingdom. The taxpayer was born in the United Kingdom, and worked as a diver and diving supervisor for overseas…
As your professional life progresses, you will undoubtedly be asked to undertake a personality inventory to apply the theory of psychological types to team environments. One of the most common of these is the Myer-Briggs Type Indicator. A similar inventory has been applied to SMSF trustees with two studies undertaken by independent research group CoreData.…
21 SEPTEMBER August 2015 monthly activity statement – due date for lodging and paying. 21 OCTOBER September 2015 monthly activity statement – due date for lodging and paying. 28 OCTOBER Quarterly activity statement, quarter 1, 2015–16 – paper lodgments – due date for lodging and paying. Quarterly instalment notice (form R, S, or T), quarter…
Most students in Australia can defer paying tuition fees by using student loan schemes. The Higher Education Loan Program (HELP) covers a range of student loans that are paid back through the tax system over time once you start earning enough money. The more you earn, the higher your repayments, and these compulsory repayments go…
The Business Forum Accelerators serve up the seven most important things to consider when it comes to outsourcing. Outsourcing will be one of the biggest debates in business this year. So combining their knowledge and experience, the Business Forum Accelerators have compiled this must-read list of the seven things to consider when it comes to…
Legislative amendments to implement a 2015 Budget measure to support small businesses have made their way through Parliament. The legislative amendments will allow a short-term accelerated depreciation write-off up to $20,000 (up from the $1,000 threshold) for assets acquired by small businesses. The increased threshold of $20,000 will apply only to assets first acquired at…
Parliament has passed legislation which will implement a 2015 Budget measure to reduce the company tax rate from 30% to 28.5% for companies that are small business entities with an aggregated turnover of less than $2 million. The company tax rate for corporate unit trusts and public trading trusts that are small business entities will…
In relation to 2014/15 individual income tax returns to be lodged this year, the ATO says it will be focusing on: – Unusually high work-related expense claims across all industries and occupations; – Expenses claimed that have already been reimbursed by employers; and – Claims for private expenses such as travel from home to work.…