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.…
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…
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…
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…
Work-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…
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…
[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…
[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…
[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]
Welcome to LiveOne, the online training platform that provides access to the smartest minds in the business, all from the comfort and convenience of your own desk. LiveOne’s online accounting courses allows you to stay up-to-date with essential information and earn accreditation hours. LiveOne Live training is an online accounting webinar, giving you the option…