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Home office deductions: What substantiation will the ATO accept?

Home Office Deductions

 

Home office expense claims are subject to the same general substantiation requirements as other deductions – that is, it is a requirement that records should be kept for at least five years.

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ATO advises accountants on client data swoop

Client Data Swwop

 

The ATO is urging accountants to inform clients that it is ramping up its data collection from financial institutions and online selling sites for use in its data-matching programs.

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ATO issues stern reminder on new backpacker tax

New Tax

 

Accountants with SME clients should be urging them to recall the new deadlines for employees on working visas to ensure compliance.

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Debt Recovery

Debt Recovery

 

All is not lost if you have a judgement against a debtor, but you know they have no assets.

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Government takes next step in tax cheats crackdown

Tax Cheat Crackdown

 

The Turnbull government has launched an invitation for public comment to the Black Economy Taskforce ahead of an interim report in March, in an effort to stamp out tax evasion and loopholes.

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Car salary packages and the deductibility of after-tax running costs

Car Salary Packaging

 

Including a car in a salary package is a popular remuneration arrangement, and doing so as part of a salary sacrifice package will often give rise the a “novated lease”.  

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Choosing an Executor

Choosing Executor

 

Obligations and responsibilities of an executor are significant.  Their decisions can be monumental.

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ATO fires warning shots at cash economy exploiters

Ato Warning Shot

 

The ATO has warned businesses in the cash economy are a major focus area for the regulator as it ramps up its scrutiny of third party data, in an effort to ensure  a fair marketplace for businesses doing the right thing.

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Getting a tax valuation from the ATO

Ato Tax Valuation

 

We all know that the ATO is the guardian of the tax laws, administers tax regulations and can provide advice and guidance on how they apply. But ….

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5 tips to get home office deductions right

Home Office

 

You might be sick of the daily commute, or want more flexibility of hours – or it could be that you have a talent or skill and feel sure that this can translate into a fulfilling career in your own business.

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Big-ticket tax set for government review

Big Ticket Scrutiny 1

 

The government has announced it will make moves to ensure that multinationals pay the appropriate amount of tax on their activities in Australia.

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FBT – Christmas Parties and Taxi Fares

Christmas Taxi

 

Some employers, who are commendably anxious to protect their employees and clients from the drink/driving laws, also pay for taxis to take employees to and from the place of entertainment.

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Employee Christmas Parties and Gifts – Any FBT?

Christmas Party

 

The Christmas break-up party and/or gifts to employees can be exempt from Fringe Benefits if a few rules are followed.

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‘Beware the tax man’ eyeing holiday period activity

Beware The Tax Man

 

The ATO is poised to home in on fringe benefits tax (FBT) on celebrations and gifts this festive season, according to one mid-tier firm.

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Merry Christmas for 2016, a Happy New Year and a prosperous 2017.

Xmas2016

 

To all our clients and friends, we wish you a Merry Christmas, a Happy New Year, a restful break and a prosperous 2017

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Research reveals key to ‘high-performing’ firms

Key High Perfomring

 

New research from Macquarie, surveying hundreds of small to mid-tier accounting firms, has identified the points of difference of firms effectively driving growth and profitability.

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Late payments hitting SMEs hard

Late Payments

 

Late client payments are having an increasingly significant impact on the personal finances of SME owners and often affecting their ability to cover basic business expenses, new research from MYOB has found.

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Estate planning issues flagged with $1.6m pension transfer cap

Estate Planning Issues

 

SMSF practitioners are being urged to consider fresh estate planning issues that have surfaced since the proposed introduction of the $1.6 million pension cap.

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New fleet “safe harbour” approach for car fringe benefits

Safe Harbour

 

The ATO has announced that, after consultation and collaboration with business taxpayers and industry representatives, it has developed what it calls a “safe harbour” mechanism for calculating car fringe benefits under the operating cost method.

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Travel to a workplace: What’s in, what’s out

Travel To Work

 

A recurrent topic of conversation and enquiry when it comes to possible tax deductions is when taxpayers travel to a work location, and the eligibility or otherwise of certain claims in regard to that travel. 

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Struggling Business Turnarounds

Struggling Busines Turnarrounds

 

Many small business owners rush to apply short-term fixes rather than diagnosing the real problem.

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SMSF practitioners told to urgently address TRIS issues

Practitioners Urgent

 

SMSF practitioners are being told to review their clients’ TRIS strategies and start discussing any work test issues now, as there will only be a short time frame left, once the legislation is passed, to implement changes.

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$20,000 write off is only available for small business, right? Well…

20000 Write Off

 

Everyone assumes that the $20,000 instant asset write-off is exclusive to eligible small businesses.

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Do you need an Employment Agreement?

Written Agreement

 

All employment relationships are subject to an agreement, whether they are written, verbal or a combination.

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What does the new withholding tax mean for your clients?

Withholding Tax Foreign Investment

 

It's important to be across the new “non-final withholding tax regime” came into effect on 1 July 2016, potentially impacting anyone buying or selling property.

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Is there a problem with using your company’s assets for yourself?

Using Company Assets

 

Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”. 

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Domestic (non-marital) Relationships

Non Marital Relationships

 

As a generalisation and without wanting to venture into legal areas, a domestic partnership is ….

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SMEs at risk of ‘falling foul’ of ATO

Smes Ato Scrutiny

 

Confusion this financial year regarding imminent compliance dates, including for SuperStream, is putting SME owners at risk of falling foul of the ATO, accounting software provider MYOB has warned.

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Scams, fraudsters and viruses

Scams Frauds Viruses

 

Almost every Australian will be aware of the problems trying to complete the online Census on the 9th August 2016.

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Got your car log book ready?

Car Travel Log

 

Failing to maintain a valid car log book can cost taxpayers dearly in an ATO audit. 

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Charities need to lodge Annual Statements

Charities Annual Statements

 

A warning from the ACNC about not doing the paper work.

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ATO ramps up surveillance on unusual assets

Ato And Unusual Assets

One national accountancy network has reminded professionals the ATO is obtaining more than 100,000 insurance policies in an effort to identify non-compliance with reporting obligations, saying there is “very little chance” offenders won’t be caught.

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ATO exposes dodgy deductions, with examples

Dodgy Deductions

 

With over eight million Australians claiming work-related expenses each year, …..

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Scammers New Ploy – “You Will Be Arrested”

Evil Scammers

 

Don’t be alarmed and don’t respond – just hang up!

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Making sense of NALI

Anti Avoidance

 

NALI – Non-arm's length income

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Locking Up Bank Accounts

Lock Up Bank Accounts

 

It seems that banks are being drawn in into financial disputes with couples.  And they are responding somewhat predictability.

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Is the hype around the new super changes warranted or simply codswallop?

New Super Rules

 

There has been a lot of media coverage regarding the superannuation law changes proposed in the recent federal Budget. 

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Change to salary sacrifice

Salary Sacrifice Meals

 

Changes to salary sacrificed “meal entertainment” benefits

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Ransomware – BEWARE!

Ransomware

 

In our role as a domain hosting company we see much of the dark side of the Internet including hacking, viruses and server attacks.  Of these, Ransomware is one of the worst and most insidious.

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No Change to Super Fund Borrowing Rules (yet)

Super Sbrl

 

The federal government has announced it does not agree with the Financial System Inquiry’s (FS) recommendation ….

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Property to remain at top of ATO’s hit list

Tax Bill 2

 

One national accounting network has tipped that SMSF property investment will be a big-ticket item on the compliance agenda in 2016.

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Turnbull stands firm amid SG freeze speculation

Freeze Sg

 

Prime Minister Malcolm Turnbull has attempted to dispel talks that the government is looking to freeze the superannuation guarantee (SG) rate …..

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Tax breaks, education and access to advice key to successful transition to retirement

Ttr 2

 

As pressure grows for the Federal Government to scrap the superannuation tax concessions, ….

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Dying Without a Will

No Will 2

 

Many will be surprised (possibly unpleasantly) by the formula prescribed in various states legislation, if a person dies without a valid will.

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Travel Allowance Deductions – Harder Line taken by ATO – Truck Drivers Beware

The ATO is prepared to take a hard line on travel expense claims in relation to travel allowances paid to employee truck drivers.  Even though there is an exception to substantiation provisions for these sorts of expenses, the ATO looks like it may still expect truck drivers to be able to back up how many nights they were away, what …

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Data Matching Program – Share Transactions

        The ATO has announced a new “Share transactions data matching program” that will acquire details of transaction from share registries from 20 September 1985 to 30 June 2016 from the following:- Link Market Services Limited Computershare Limited Australian Securities Exchange Limited Boardroom Pty Ltd Advanced Share Registry Services Pty Ltd Security Transfer Registrars Pty Ltd The …

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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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Lost Super climbs to $14 billion

Lost Super Climbs to $14 Billion New statistics released by the ATO reveal that more than $14 billion in lost super is waiting to be claimed. Assistant Commissioner John Shepherd says that a particular concern are the billions of dollars sitting in the super accounts where funds have lost contact with the owner. “There’s over $6 billion of super sitting …

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Work-related Expenses – ATO Focus

The ATO continues to pay close attention to work-related expenses and is using extensive data analysis to identify areas requiring attention across all work-related expense claims regardless of occupation. However, it is indicated that specific attention will be paid to:- Overnight Travel There is no deduction for an amount received as a reasonable travel allowance (if it is not required …

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ATO Data Matching – Expands!

Data Matching to be expanded on individual returns The ATO has advised that last year, it cross-referenced information reported in tax returns against more than 600 million transactions provided to it by third parties identifying omitted income and gains, incorrectly-claimed offsets or entitlements and exemption from surcharges to name a few.  It contacted around 400,000 taxpayers who had apparent discrepancies …

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