Blog
The 'sharing economy' in the ATO's sights
The ATO is concerned that those earning money from the 'sharing economy' may not realise they have to declare these amounts on their tax return. In the sharing economy, buyers and sellers are connected through a facilitator who usually operates an app or website. Assistant Commissioner G ..
ATO Focuses on Rental Property Owners
With Tax Time 2016 just around the corner, the ATO has stated it will be paying close attention to excessive interest expense claims, and incorrect apportionment of rental income and expenses between owners. The ATO is also looking at holiday homes that are not genuinely available for rent, and ..
Budget Update
2016/17 Budget Superannuation Reform Changes 1. Effective Budget Night – 7.30pm (AEST) 3 May 2016 1.1 New lifetime cap for non-concessional superannuation contributions The government will introduce a $500,000 lifetime non-concessional contributions cap The lifetime cap will take in ..
ATO Reminder - Whats New For Small Business
Instant asset write-off – simpler depreciation rules Small businesses can immediately deduct the business portion of most (new or secondhand) assets if they cost less than $20,000 and were purchased between 7:30pm on 12 May 2015 and 30 June 2017. From 1 July 2017, the threshold will ..
Immediate deductibility of capital start-up expenses
From 1 July this year, new provisions apply to allow certain small businesses, or an entity that is not in business, to immediately claim some start-up costs, including business costs associated with raising capital. Claimable business-related start-up costs Expenses can be fully deduc ..
Government moves to get Single Touch Payroll right
Under Single Touch Payroll, employers’ accounting software will automatically report payroll information to the ATO when employees are paid. This will eliminate the need for employers to report employee-related Pay As You Go Withholding (PAYGW) in their activity statements throughout the yea ..
Reminder of small business tax cuts
The ATO has reminded taxpayers that, from 1 July 2015, a new two-tier company tax system took effect and applies to all companies. This system sees the whole of a company’s taxable income subject to the following rates: 28.5% if the company’s aggregated turnover is below a $2 ..
Employers and SMSFs must prepare for SuperStream
With the 30 June 2015 deadline fast approaching for medium to large employers to be SuperStream compliant, the ATO is urging these employers to act now to ensure they are SuperStream ready. Editor: For 'small employers' with 19 or fewer employees, SuperStream starts from 1 July 2015 and they hav ..
Year end and other staff parties
Editor: With the December/January break on the way, many employers and businesses will be planning to reward staff with a celebratory party or event. However, important issues for our clients to consider are the possible FBT and income tax implications of providing 'entertainment' (including C ..
ATO warns property developers to declare income
Editor: The ATO has issued a media release warning property developers against using trusts to return the proceeds from property developments as capital gains instead of income. Deputy Commissioner Tim Dyce said, “A growing number of property developers are using trusts to suggest a d ..
Recent Posts
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- ATO Updates
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