Blog
Keeping ABN details up to date
The ATO finds that business tends to forget to update their Australian Business Number (ABN) details in the Australian Business Register (ABR) when their circumstances or details change, so they have asked that we contact our clients to help keep your ABN details up to date. In particular t ..
More taxpayers can access the benefits of being an 'SBE'
Recent changes to the law have expanded the eligibility criteria for a taxpayer to be considered a ‘Small Business Entity’ (or ‘SBE’), meaning more businesses will be able to utilise the tax concessions that are only available to SBEs. Broadly speaking, for the year ending 30 June 2017, a business ..
2017/18 Federal Budget
The Government handed down the 2017/18 Federal Budget on Tuesday 9th May 2017. The Budget proposes several changes in the following areas; Personal Income Tax Measures Limiting plant and equipment depreciation deductions to outlays actually incurred by investors – for residential investmen ..
Changes to the franking of dividends
Prior to this income year, companies that paid tax on their taxable income at 28.5% could still pass on franking credits to their shareholders at a rate of 30%, subject to there being available franking credits. However, with effect from 1 July 2016 (i.e., this income year), the maximum fr ..
Tax officers "hit the streets" to "help small businesses"
The ATO is visiting more than 400 businesses across Perth and Canberra this month as part of a campaign to "help small businesses stay on top of their tax affairs". Assistant Commissioner Tom Wheeler said: “Our officers will be visiting restaurants and cafés, hair and beauty and other sma ..
Ride-Sourcing is 'Taxi Travel'
In a recent case, the Federal Court has agreed with the ATO that 'ride-sourcing' (such as that provided using Uber) is 'taxi travel' within the meaning of the GST law. The ATO has advised people who are taking up ride-sourcing to earn income should: - Keep records - Have an Australian bu ..
Changes to the ‘Backpacker Tax’
From 1 January 2017, tax rates changed for working holiday makers who are in Australia on a 417 or 462 visa (these rates are known as ‘working holiday maker tax rates'). If a business employs a working holiday maker in Australia on a 417 or 462 visa, from 1 January 2017, they should withh ..
ATO Data Matching Programs
The ATO has announced it is embarking on the following three (major) data matching programs. Share transactions data matching program The share transactions data matching program has been conducted since 2006 to ensure compliance with taxation obligations on the disposal of shares and sim ..
Deductibility of Gifts provided to Clients
The ATO has confirmed that a taxpayer carrying on business is generally entitled to a deduction for expenses incurred on a gift made to a former or current client, if the gift is characterised as being made for the purpose of producing future assessable income. However, the expense may not ..
ATO Exposes Dodgy Deductions
With over eight million Australians claiming work-related expenses each year, the ATO is reminding people to make sure they get their deductions right this tax time. Assistant Commissioner Graham Whyte said that, in 2014/15, the ATO conducted around 450,000 reviews and audits of individual tax ..
Recent Posts
- ATO watching for foreign income this Tax Time
- "Outrageous" deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- The ATO hits the road
- Motor vehicle registries data matching program protocol
- ATO guidance regarding 'downsizer contributions'
- ATO Updates
- Company loans to shareholders under review
- Scammers impersonating tax agents
- Expansion of the TPRS