The ATO is reminding taxpayers that tax time is prime time for scams, and to be on the lookout for tax-related scams during Tax Time 2016. It points out that fraudulent activity surrounding tax is on the increase, noting that in 2015 almost 87,000 phone and email scams were reported to the ATO, which it…
The ATO encourages people to check which work and rental property-related expenses they are entitled to claim this tax time, and to understand what records they need to keep. Assistant Commissioner Graham Whyte has reminded taxpayers that there has been a change in the rules for calculating car expenses this year, and people need to…
Tax Minimisation Strategies 2016 Year End 2016 has arrived. Be sure to address any outstanding issues relative to your tax position for optimal benefit. Business clients who have not migrated to Xero, beautiful accounting software, now is the most ideal time to setup ready for trading 1 July. Individual clients who seek a budget solution…
Coming up to Federal Budget time, the expectation among many taxpayers, tax practitioners and their clients is that the tax landscape may be in for a lot of changes. While there is no sure way to be certain what tax reforms are on the way, it is not unusual for “announcements” (not officially made, but…
With financial year 2016 almost over, it is time for small businesses (and individuals) to think about year-end TAX PLANNING. Be sure to contact us now for your Tax Planning needs, so action can be taken to minimise your tax position, well in advance of 30 June 2016 …
Large multinationals – integrity measures “Google tax” – A new diverted profits tax There will be a new tax aimed at large multinational corporations that artificially divert profits from Australia, from 1 July 2017. A 40% tax on “diverted profits” will apply where the company shifts profits offshore through arrangements that exhibit certain characteristics. The…
GST will apply to low value imports From 1 July 2017, the GST will apply to low value goods imported by consumers. The intent of this measure is that low value goods imported by consumers will face the same GST regime as goods sourced domestically. Overseas suppliers that have an annual Australian turnover of $75,000…
Raising the 32.5% personal income tax threshold The Government will increase the 32.5% personal income tax threshold from $80,000 to $87,000 from 1 July 2016. This measure will reduce the marginal tax rate on incomes between $80,000 and $87,000 from 37% to 32.5%. The Government anticipates that this change will prevent around 500,000 taxpayers from…
Good record-keeping practices go a long way in assisting with claims in the event of a dispute with the ATO. Cases before the courts and tribunals have demonstrated that the onus of proving a tax claim falls on the business taxpayer. A key requirement is to be able to present the relevant documentation to substantiate…
A professional sales commission agent has been largely unsuccessful before the Administrative Appeals Tribunal (AAT) in claiming tax deductions for work-related expenses, including home office expenses, various grocery items and overtime meal allowances. The case concerned the taxpayer’s deduction claims in his 2011 and 2012 tax returns. The taxpayer worked as a professional sales commission…