In an unprecedented first for small business tax compliance, the Tax Office has revealed it will chase up incorrectly disclosed income and match it to credit card and debit card records throughout the 2014-15 financial year. As part of the blitz, the Tax Office will ask major Australian financial institutions for the online purchase details…
Tax time is in full swing and the ATO has highlighted areas of concern for individuals ahead of tax return lodgment time. High on the ATO’s watch list is work-related expense claims that are significantly higher than expected. In particular, the ATO will be paying particular attention to claims that have already been reimbursed by…
The Business Forum Accelerators serve up the seven most important things to consider when it comes to outsourcing. Outsourcing will be one of the biggest debates in business this year. So combining their knowledge and experience, the Business Forum Accelerators have compiled this must-read list of the seven things to consider when it comes to…
Parliament has passed legislation which will implement a 2015 Budget measure to reduce the company tax rate from 30% to 28.5% for companies that are small business entities with an aggregated turnover of less than $2 million. The company tax rate for corporate unit trusts and public trading trusts that are small business entities will…
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.…
The 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…
The 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.
Clients 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…
Tax 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…
ONLINE 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…