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.…
DetailsThe ATO, supported by NSW and Federal Police, has made surprise visits to over a dozen sites across Sydney as part of an investigation into potentially fraudulent phoenix activity. Recent figures show that phoenix activity costs the Australian economy up to $3.2 billion each year. Honest businesses suffer the most, losing almost $2 billion in…
DetailsThe luxury car tax threshold for the 2015/16 financial year is $63,184. The fuel-efficient car limit for the 2015/16 financial year is $75,375.
Common examples of some sharing economy services include: Renting out or letting a room or other property for accommodation; Renting out or letting car parking space; Providing odd jobs, errands, deliveries or more skilled services on an ad hoc basis; and Using a car to transport members of the public for a fare. The ATO…
DetailsWhere an individual is using part of their home as a place of business, this will affect the application of the CGT main residence exemption when the home is eventually sold. That is, the main residence exemption is effectively reduced (i.e., only a partial exemption applies). However, if that taxpayer does not have an ownership…
DetailsClients with such holiday homes may want to take notice of the following. Claiming deductions on holiday homes The principles that apply to a rental property also apply to a holiday home if it is rented out. If a taxpayer rents out their holiday home, they can claim expenses for the property based on the…
DetailsTax minimisation strategies for 2015 are outlined here … Maximising Deductions Write Off Bad Debts Revalue or Write Off Stock Donate to a Registered Charity Pay Staff or Family Bonuses Bring Forward Planned Purchases Realise Any Foreign Exchange Losses Pay Superannuation Contributions in Full Before 30 June Review Fixed Asset Schedule – Revalue or Write…
DetailsONLINE APPOINTMENTS This year we have incorporated an online booking system to our website to assist the client in booking appointments. The process is simple and effective and minimises time using email to secure bookings. Please visit our web page at https://minnik.com.au/appointments/. We look forward to seeing you as always. ONLINE TAX RETURNS In addition…
DetailsWork-related car expenses The Budget confirmed that the 12% of original value and one-third of actual expenses incurred methods would be discontinued. That means only the cents per km and logbook methods remain. The Government will set 66 cents per kilometre as the rate for using the cents per km method, irrespective of a car’s…
DetailsSMALL BUSINESS Small business tax rate cut to 28.5%; tax discount for unincorporated small businesses Small business asset accelerated depreciation write-off up to $20,000 per year Two company tax rates – some implications to consider Immediate deductibility for professional expenses re start-ups CGT roll-over relief for change to entity structure No FBT on work-related electronic…
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