This effectiveness story is about how we have improved the voluntary compliance of wealthy Australians In 2009–10, we began to focus on improving the voluntary compliance of wealthy Australians. Wealthy Australians are defined as Australian residents who control net assets of between $5 million and $30 million. This group consists of approximately 70,000 individuals who…
Details[box style=”solid”] Donations to disasters can be made in many ways, from coins into bucket appeals on the street, to much larger donations where receipts are issued. The ATO maintains a list of disasters that meet the requirements for tax deductible donations. On 25 October 2013 the Commissioner explained that donations to ‘bucket appeals’ for the…
Details[box style=”solid”] The current bushfires are causing significant damage to some areas of New South Wales. If you are located in one of the postcodes identified by the ATO, the ATO will automatically make arrangements to defer taxation obligations. There are a range of support strategies, including: the deferral of lodgment and payment due dates…
Details[box style=”solid”] The concessional super contributions cap has increased to $35,000 for individuals who are 60 or older in the 2013–14 financial year. The general concessional cap for everyone else remains at $25,000 for the 2013–14 financial year. [/box]
Details[box style=”solid”] Clients intending to lodge a lump sum Family Tax Benefit, Child Care Benefit or Single Income Family Supplement (SIFS) claim for the 2012-13 financial year must do so by 30 June 2014 due to changes to the claim lodgment period administered by the Department of Human Services. Also, clients who received or expect…
Details[box style=”solid”] Some businesses are breaking the law by incorrectly treating their employees as contractors and avoiding their required tax and super obligations. By incorrectly treating their employees as contractors, these businesses illegally reduce their labour costs, allowing them to undercut compliant businesses and obtain an unfair competitive advantage. Often these businesses will request or…
Details[box style=”solid”] What are the changes to the law? The law has been changed to allow you to apply any remainder of your foreign income tax offset (FITO) for an income year against your liability to pay Medicare levy. If any remains after that, you can also reduce any liability to pay the Medicare levy…
Details[box style=”solid”] Each income year, a self-managed super fund (SMSF) trustee must appoint an independent approved SMSF auditor to perform a financial and compliance audit of their SMSF’s operations before they lodge their SMSF annual return. Your clients should check with the auditor they intend to appoint to make sure they are registered with the…
DetailsASIC is targeting company directors with a history of failed companies as part of a surveillance program to combat illegal phoenix activity. Phoenix activity is the fraudulent act of transferring the assets of an indebted company into a new company to avoid paying creditors, tax or employee entitlements. The new company, usually operated by the…
Details[box style=”solid”] Family income testing has been used for a range of tax obligations, concessions and government benefits for some time. This year, family income testing was extended to the net medical expenses tax offset and private health insurance rebate; and changes were also made to how Medicare levy surcharge is calculated. To accurately assess…
Details