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Latest News

Taxpayer denied deduction for work expenses of $60,000

Taxpayer Denied

 

The Administrative Appeals Tribunal (AAT) has confirmed that a mechanical engineer with a PhD qualification was not entitled to deductions for various work-related expenses totally approximately $60,000. 

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Overtime meal expenses disallowed because no allowance received

Overtime Meal Allowance

 

A taxpayer has failed in claiming deductions for overtime meal expenses.

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Key Economic Indicators, 2017

Marketing20Consulting202

This month's focus is on Australia's Labour Force and Demography.

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Government to shut down salary sacrifice loophole

Salary Sacrific Loophole

The government has announced it will remove a loophole from legislation that allows unscrupulous employers to use their employee’s salary sacrifice contributions to pay their Superannuation Guarantee obligations.

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Crowdfunding legislation gets greenlight

Crowd Funding

Crowdfunding: Alternative funding option for small business.

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ATO heavyweight responds to hacking fears

Ato Digital Forensics

The ATO second commissioner made a statement yesterday clarifying the ATO’s digital forensic capability, saying all investigation is conducted within legislative approval, following media reports that raised concern over “hacking”.

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Checklist – Individuals Tax Returns – 2017

Checklist Individual

It's that time of the year again and a great way to make the tax return process as quick and as productive as possible is to print out the following checklist, fill it in and e-mail, or bring, it to our office.                 Checklist for Individuals – 2017 Tax Returns

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Checklist – Tax time 2017 – Company, Trust & Partnership

Checklist Company 1

Organising all the information needed to complete a tax return as efficiently as possible for these entities can be time consuming and confusing.  The most efficient way to help complete such tax returns is to print the following Checklist, complete it and return it to our office.                   Checklist for Company, Trust and …

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Checklist – Tax time 2017 – Company, Trust & Partnership

Checklist Company

Organising all the information needed to complete a tax return as efficiently as possible for these entities can be time consuming and confusing.  The most efficient way to help complete such tax returns is to print the following Checklist, complete it and return it to our office.                   Checklist for Company, Trust and …

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Checklist – Superannuation Funds – 2017

Checklist Super Funds

Finalising a tax return for a superannuation fund requires a range of information and documentation.  The most efficient way to help complete such tax returns is to print the following Checklist, complete it and return it to our office.                   Checklist for Superannuation Fund Tax Returns – 2017

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ATO to ramp up scrutiny of $20K tax break use

Big Ticket Scrutiny

THINK ABOUT IT – Accountants and SMEs should be wary of entering “dodgy” end-of-year deals simply to utilise the $20,000 instant asset write-off according to one accounting body, with the ATO poised to up its monitoring of the tax concession. 

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‘Bank-like heists’ make way for new wave of cyber crime

Insideous Side

WARNING:  Identity theft is an increasingly popular method of cyber crime as opposed to “bank-like heists” of the past, and SMSF trustees are a prime target, according to a university professor.

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ATO reports on key contraventions for 2016-17

Key Contraventions

WATCH OUT FOR THESE – The ATO has identified the most commonly reported contraventions this financial year and flagged concerns over auditors misreporting illegal early release as loans to members.

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ATO, mid-tiers warn on common expenses myths

Looking Ahead

BE CAREFUL – As the ATO continues to ramp up its focus on scrutinising work-related expense claims this year, two mid-tier firms are urging SMEs to educate themselves on common tax time myths that commonly catch out their clients.

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SMSF trustees told to take action on contributions

Trustees Pay Early

With 30 June 2017 now looming, the SMSF Association has urged trustees looking to make concessional or non-concessional contributions not to delay until the last minute.

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Higher instant asset write-off threshold for small business extended

Instant Asset Write Off

The Government will extend the current instant asset write-off ($20,000 threshold) for small business entities (SBEs) by 12 months to 30 June 2018.

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Australian population figures

Australia Overview

The following information covers Australia's recent population trends and movements.

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New data points to spiralling retirement costs

Cost Of Retirement Increases

Recent figures by the Association of Superannuation Funds of Australia reveal that the costs of a modest retirement for both singles and couples have risen by around a third in the past decade.

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Personal insolvency numbers spike across Australia

Persoanl Insolvency Increasing

New statistics from the Australian Financial Security Authority (AFSA) have revealed that business-related personal insolvencies are on the rise across much of the country, with one mid-tier concerned that numbers could continue to rise.

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ATO cracking down on taxable fringe benefits

More Scrutiny Fbt

The ATO is scrutinising organisations’ taxable fringe benefits, with a specific focus on customer loyalty programs, ride-sharing services and utility vehicles, according to a mid-tier.

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Intangible capital improvements made to a pre-CGT asset

Intangible Assets

The Australian Taxation Office has issued an opinion regarding “parts” of an asset which many advisers consider controversial. 

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The three core pillars of this year’s budget

Budget 2017

The following links give you access to the specific issues and topics addressed in the 2017-18 Budget.

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Federal Budget – 2017-18 – Overview

Budget 2017 1

Comprehensive Budget overview : 27 sections covering every aspect of this year's Budget plus 6 Appendix of support information.

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Federal Budget – 2017-18 – Budget documents

Budget 2017 2

For those who like to 'get under the bonnet'

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When does an asset cost less than $20,000? Depreciating assets: composite items

When Does Asset Cost Less Than 20000

Draft Taxation Ruling TR 2017/D1 sets out the Commissioner of Taxation’s views on how to determine if an entire composite item is a depreciating asset or whether its component parts are separate depreciating assets. 

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Asset write off $20,000 ceases shortly

Asset Write Off

Small businesses eligible currently fort the $20,000 immediate write off need to remember this ceases shortly.

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ATO finalises guidance for capped defined income streams

Sg Compliance Crackdown

The ATO has released a finalised version of LCG 2017/D1 which outlines how the defined benefit income cap applies to certain superannuation income stream pensions, and contains more expansive examples, according to one technical expert.

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Warning on trap with trust deed updates

Trust Deed Updating

With many SMSF trustees requiring changes to their trust deed following the reforms to super, an industry lawyer has stressed the importance of reviewing the history of trust deeds.

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2011 Census – what was the make up of your area?

Census Data Your Area

The following link is a handy ABS tool if you want to see the demographic make-up of the area you lived as recorded in the 2011 Census.  2016 Census information starts becoming available from June 2017.

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It’s no secret that Australians have some of the largest houses in the world.

Downsizing Trends

While recent figures show a year on year increase in average floor size of our already large homes, our houses are actually not as big as they used to be.

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ATO defends approach to SG compliance

Sg Compliance Crackdown 1

Following calls for the ATO to overhaul its approach to the issue of unpaid super, the tax office has pointed to the significant resources dedicated to super guarantee compliance and the billions in entitlements that have been transferred to employer accounts.

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Essential steps for SMSF clients before 30 June

Essential Steps

On 1 July 2017, the biggest changes to the super rules in a decade will come into effect. What are the basic steps to tick off with clients before then?

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New tax incentives for early stage investors

Early Stages

On 5 May 2016, the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016, which includes the tax incentives for early stage investors, received Royal Assent.

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ATO on ‘aggressive’ debt recovery hunt

Ato Aggressive Debt Recovery

The ATO is showing no signs of easing up on its crackdown on companies owing money and pushing them into insolvency if required, with one mid-tier firm citing a recent spike in insolvencies. 

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More ATO downtime looms ahead of tax time

More Ato Downtime

One national accounting network has accepted the need for additional downtime in the wake of the ATO's massive digital crash, but is demanding that the ATO ensures a “robust IT platform” for accountants as we move in to tax time.

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Tax debt release applications refused

Application Rejected

The Administrative Appeals Tribunal (AAT) has recently refused the applications of two individuals who sought to be released from their tax debts under the tax law.

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Troublesome tax system overhaul picks up speed

Troublesome Tax System Overhaul

The Inspector-General of Taxation has revealed the scope of his review into the way taxpayers pay tax on their business or investment income, following a spate of complaints about the inefficiencies with the current system.

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Government to ‘put to bed’ uncertainties with TRIS

Which Way

As part of its raft of slated changes, the government has foreshadowed a legislative change that will confirm …. 

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Travel expense and transport of bulky tools claim denied

Travel Expenses Refused

An individual has been unsuccessful before the Administrative Appeals Tribunal claiming work-related travel expenses. 

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New law sheds light on global tax issues

New Law Global Tax Issues

Yesterday, the government passed the Diverted Profits Tax through the Senate, however one of the major accounting bodies has highlighted that multinational tax avoidance is an issue that needs to be dealt with globally.

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Report tips housing price spikes to wipe out super savings

Super House Prices

Declining outright home ownership will effectively wipe out superannuation savings of some Australians, leading to a higher reliance on the government and taxpayers in retirement, according to a recent report.

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Impending GST changes good news for SMEs

Impending Gst Changes

 

Two mid-tier partners have said that the changes to GST introduced to Parliament last week is a good first step in helping Australian SMEs compete with overseas entities.

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SMSF related-party borrowing arrangements

Smsf Related Borrowing

Will a borrowing arrangement by a SMSF pass the smell test?

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Primary Producer Income Tax Averaging

Primary Producer Wheat

Legislation has been introduced in Parliament that proposes to allow primary producers to return to income tax averaging 10 income years after choosing to opt out, instead of the opt-out choice being permanent. 

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Active vs passive assets and the small business CGT concession

Active Passive

 

The small business capital gains tax concessions are extremely valuable, and for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero.

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ATO issues further taxpayer alerts on key focus areas

R And D Issues

 

The ATO is continuing to crack down on the incorrect use of the Research & Development Tax Incentive program, issuing an additional two taxpayer alerts.

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Borrowed money to pay a business tax debt? Is the interest deductible?

Borrow To Pay Tax Debt

 

It was about 1990 when the ATO was asked about the tax deductibility of interest on a loan a business may have taken out to repay a tax debt. 

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Online Selling

Online Selling

 

The Australian Taxation Office (ATO) continues to increase their surveillance activity and utilize the electronic data bases of on-line sellers.

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The dangers of income splitting

Danger Income Splitting

 

Now and then the ATO issues warnings on how its general anti-avoidance legislation can apply to professional firms that allocate profits to individual professional practitioners with proprietorship in the firm.

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Clients failing on depreciation front – property investment

Failing To Understand Depreciation

Several tax specialists and national mid-tiers have found clients are struggling to understand their rights and benefits associated with depreciation, …

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