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October 2018 Archives - Tax with Integrity

Monthly Archive for: ‘October, 2018’

$20m boost for SME clients looking to exporting

Exporting Boost

Accountants with SME clients looking for export opportunities have been given a leg up with the launch of a government-funded $20 million program.

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Work-Related Expenses

Work Related Expenses

          This year, the Australian Taxation Office is paying close attention to what people are claiming as ‘other’ work-related expense deductions. The expectations are:- they spent the money themselves and were not reimbursed the expense was directly related to earning their income they have a record to prove it If an item (e.g. phone) may be …

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ATO updates crypto guidance

Crypto Cryptocurrency

The ATO has updated its guidelines on the tax treatment of cryptocurrencies, including issues on exchanging one cryptocurrency for another and record-keeping requirements.

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ATO zones in on hundreds of newly created reserves

Ato Newly Created Reserves

ATO deputy commissioner James O’Halloran

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Senate passes $20,000 instant asset write-off extension

20000 Tax Incentive Extension

Despite months of delays, the Senate has today passed legislation to extend the $20,000 instant asset write-off to 30 June 2019.

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Victorian Vacant Property Tax

Unrent Property Tax

Residential property tax of 1% of the property’s capital improved value is imposed on vacant properties.           Properties will be deemed vacant if they are left unoccupied for six months or more in a calendar year.  Exceptions include deceased estates, renovations and holiday homes. It is understood to be enforced by investors self-reporting, but could be …

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Director Penalty Notices

Director Penalty Notices

If a company fails to comply with their obligations under the PAYG withholding system or the SGC provisions, company directors can be held personally liable for the amount the company should have paid.           The Australian Taxation Office can force directors of a company that is unwilling or unable to meet these obligations, to personally pay …

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ATO set to pounce on undisclosed income streams

Set To Pounce

The ATO has warned that it will be increasing efforts to identify taxpayers who leave out certain payments and foreign income streams, as new international reporting standards kick in this month.

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Tax with Integrity

Tax with Integrity