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Accounting - Tax with Integrity

Category Archive for: ‘Accounting’

Data matching program – Motor Vehicles

Data matching program – Motor Vehicles The ATO has announced a new “Motor vehicle data matching program” to collect details of individuals or businesses that have purchased or acquired a vehicle costing $10,000 or more from the following:- Australian Capital Territory – Australian Capital Territory Road Transport Authority New South Wales – Roads and Maritime Services New South Wales Queensland …

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Overseas assets and income? Why the ATO wants you

Overseas assets and income?  Why the ATO wants you The ATO is heavily targeting individuals that have assets and income from overseas.   A month ago, the ATO announced an amnesty, called Project DO IT, that allows people to declare unreported assets and income they have received from overseas.  These voluntary disclosures have already raised over $13 million in back taxes.  …

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Clear out the old: End of Financial Year housekeeping

Clear out the old: End of Financial Year housekeeping For business, July is the month you need to make sure you have properly closed off the last year and can start the New Year the right way.  Here is the essential checklist to prevent last year overflowing into this year:   •   Reconcile your GST control account. •   Does the …

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Superannuation – Government Announcements

Government Announcements re Superannuation The Government announced that it would proceed with four of the proposed measures in relation to superannuation.  They are;- Superannuation reforms – transfer of lost member accounts to the ATO.  Increases the threshold below which lost accounts are required to be transferred to the ATO from $2,000 to $4,000, and then to $6,000.  This measure is …

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Data matching: Childcare Service and Educator Payments

The ATO will, through data matching, acquire details of more than 12,000 taxpayers receiving taxable Childcare Service and Educator Payments from the former Department of Education, Employment and Workplace Relations (now the Department of Education), for the 2011/12 and 2012/13 financial years. These will be electronically matched with certain sections of ATO data holdings to identify non-compliance with lodgement and payment …

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BUSINESS CONCESSIONS LOST

From 1 July 2012, as part of the introduction of the Carbon Tax and the Mineral Resources Rent Tax (MRRT), policies were introduced to provide small business entities to some very favourable depreciation deductions. Specifically, *  An immediate write off for depreciating assets that cost less than $6500 *  An immediate deduction for the first $5000 for any motor vehicle …

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Small business… big impact

Small business is the backbone of the Australian economy!  We’d like to share with you some interesting statistics sourced from the IPA’s professional journal – January issue.  To keep things in perspective, a definition of what a ‘small business’ means does differ globally so here are the definitions relative to various global regions. Australia, fewer than 20 employees Asia (generally) …

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The Chartered Tax Adviser (CTA) – The global ‘go to’ brand for high quality tax advice

Because of Gerard Viswasam’s qualifications and extensive tax experience, the Tax Institute of Australia (TIA) has awarded him the Chartered Tax Adviser (CTA) designation. Already recognised in the UK, Europe, Ireland and now in Australia, the CTA designation is a global mark of excellence in taxation and the ‘go to’ brand for the highest quality tax advice.  The CTA is the highest membership status of …

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WHY YOU NEED AN ACCOUNTANT

Traditional Image of accountants Bean counters, keepers of the ledgers (those large bound volumes covered with rows and columns of numbers; making sense to other accountants), the quiet introvert unravelling the mysteries of the numbers before him, reporters of business profits or otherwise. The Modern day accountant Modern computer systems facilitates the manual arithmetic of the now defunct ‘ledger’; the …

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Tax with Integrity

Tax with Integrity