Blog
2016/2017 Federal Budget
The government handed down the 2016/17 Federal Budget on Tuesday 3rd May. It included (among many changes) proposed personal income and company tax cuts from 1 July 2016, the extension of GST to all imports (irrespective of value) from 1 July 2017, an increase in the small business entity ..
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 ..
Warning to employers to withhold tax from some car allowances
The ATO has reminded taxpayers that, in relation to claiming car expenses, the one-third of actual expenses method and 12% of original value method were abolished from 1 July 2015. The cents per kilometre method now uses a standard rate of 66 cents per kilometre for all cars, rather than a r ..
More Tax Changes for Small Business
The government has introduced legislation for the following three small business measures that, if passed, will apply from 1 July 2015: A tax offset to individuals who run small businesses (with an aggregate annual turnover of less than $2 million), or who have a share of a small business’ inco ..
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 ..
Tax Amnesty for Overseas Tax Dodgers - Project DO IT
The ATO has announced an amnesty for taxpayers with offshore assets or income to voluntarily come clean by 19 December 2014. The ATO says that its Project 'DO IT' (i.e., 'disclose offshore income today') provides a last chance opportunity for those who haven't declared their overseas assets ..
Federal Court overturns AAT excess contributions decision
A Federal Court ATO test case has overturned an Administrative Appeals Tribunal (AAT) decision that there were 'special circumstances' that allowed an excess contribution to a super fund to be disregarded. The case involved husband and wife taxpayers, Mr and Mrs Dowling, who were primarily c ..
Change in the FBT Rate - 2014/2015
The FBT rate of tax has been increased from 46.5% to 47% from 1 April 2014. The new rate of tax and the consequent increased gross-up rates follow: FBT Year Ended Rate of Tax 31 March 2015 47.0% 31 March 2014 46.5% ..
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