A number of changes have been made which will affect fringe benefits tax (FBT) clients this year. Lodgment date The due date for lodgment of FBT returns is 25 June for electronic lodgements. Otherwise, the due date will revert to the statutory due date of 21 May. Appointment of tax agent date The tax agent…
DetailsDespite the importance of super, some employers do not always get super obligations for their employees right. Employers in the hairdressing and beauty, clothing retailing and management advice and consulting industries have been identified as having a higher risk of not meeting their super obligations. From July 2014 the ATO will be undertaking audits of…
DetailsThis 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…
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