By: Steve Burnham ATO takes aim at serious SMSF non-compliance. Speaking at national superannuation conference in late August, the ATO’s superannuation assistant commissioner Kasey Macfarlane highlighted a number of issues that the ATO will be taking a keen interest in over the coming year. Chief among these concerns, Macfarlane said, was the fact of serious non-compliance […]
By: Steve Burnham Even though tax reform is more than likely on hiatus for the next three years, it is worthwhile to re:visit that Tax & Super Australia made a submission to the government last year for the “Re:think” tax discussion paper. One aspect of our submission dealt in part with work-related expense deductions, and how […]
By: Melissa Browne If you’re one of the many Australians who purchased a rental property during the 2016 financial year, moved out of their home and rented it out, or are using part of your home for holiday lettings, it’s important to know what you can and cannot claim. You don’t want to miss out on […]
By: Max Newnham Advice for when a business is operated through a family trust and family members work in the business. When the owners of a business want the flexibility of distributing income to family members, to reduce the impact of income tax on net business income, a discretionary family trust with a company acting as […]
By: Taxpayer It’s human nature to avoid painful administrative tasks – even when completing those tasks results in clear benefit. Superannuation is one of those tasks. ATO stats suggest too many taxpayers are setting-and-forgetting their super responsibilities; in 2014, $14 billion in lost super went unclaimed. With the advent of MyGov, though, it’s now easy […]
By: Steve Burnham The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses. It says that if you use any of these for work purposes, you may be able to claim a deduction if there are records to support your claims. But the ATO points out […]
BY: JAMES HARKNESS With just three weeks until small businesses must become SuperStream compliant, the Australian Tax Office (ATO) has urged those yet to implement the new standard to act now. From 1 July, it will be mandatory for employers with 19 or fewer staff to send all super payments and employee information electronically in a standard format using SuperStream. According […]
By: Anthony Keane EXCLUSIVE E-TAX, the free online tax return system used by millions of taxpayers, has been shut down by the Australian Taxation Office. The ATO will announce next week that it has retired e-tax and is replacing it with its simpler, internet-based sister myTax. The move means that all of the three million Australians […]
In line with an increase in the Consumer Price Index (CPI) for the March quarter, we increase our fees each year from 1 July. All fees we charge are subject to fee indexation. Here are examples of common fees that apply from 1 July 2015. GST does not apply to ASIC fees. Company fees Business name […]
By: Campbell King The 2016 federal budget builds on the favourable tax cuts for small businesses in last year’s budget and confirms a number of measures announced in the government’s innovation statement released earlier this year. I’ve outlined these measures below along with some practical advice about how to take advantage of them. It is important to […]
