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June 2016 Practice Update

2016/17 Federal Budget The government handed down the 2016/17 Federal Budget on Tuesday 3rd May. It included (among many changes) proposed personal income and company tax cuts from 1 July 2016, the extension of GST to all imports (irrespective of value) from 1 July 2017, an increase in the small business entity (‘SBE’) turnover threshold from 1 July 2016, and …

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May 2016 Practice Update

Impending blowout from the leaked ‘Panama Papers’ Editor: Clients may have recently heard something about an unknown source who has leaked 11.5 million documents from the Panamanian law firm of Mossack Fonseca. Basically, the documents illustrate how many wealthy individuals hide their money from tax authorities. Under a plan devised by the Commissioner of Taxation, Chris Jordan, 35 countries have …

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April 2016 Practice Update

ATO reminder – What’s new for small business? Editor: The ATO has issued a timely reminder before the end of the financial year on the changes announced in last year’s Budget. Instant asset write-off – simpler depreciation rules Small businesses can immediately deduct the business portion of most (new or secondhand) assets if they cost less than $20,000 and were …

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March 2016 Practice Update

DHS specified benefits and entitlements data matching The ATO has advised that it will collect information from the Department of Human Services (DHS) for the following benefits and entitlements: family tax benefits – part B; paid parental leave scheme; carers’ allowance; and Medicare entitlement statements. This data will be compared with claims made in income tax returns for the invalid …

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February 2016 Practice Update

ATO announces two important data matching protocols The ATO has just announced that it is starting a new “asset” data matching protocol, and extending another CGT and rental protocol that has been running successfully for the last ten years. Data matching on insurance taken out on certain assets owned by “wealthier” taxpayers The ATO has advised that it is working …

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December 2015 Practice Update

Reminder of small business tax cuts The ATO has reminded taxpayers that, from 1 July 2015, a new two-tier company tax system took effect and applies to all companies.

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November 2015 Practice Update

Immediate deductibility of capital start-up expenses From 1 July this year, new provisions apply to allow certain small businesses, or an entity that is not in business, to immediately claim some start-up costs, including business costs associated with raising capital. Claimable business-related start-up costs Expenses can be fully deductible in the year in which they are incurred if the expenditure …

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October 2015 Practice Update

GST on all (taxable) online transactions from 1 July 2017 The (now former) Treasurer recently announced that the States and Territories had unanimously agreed in principle to reduce the GST threshold on imported goods and services (currently at $1,000) to zero. The new arrangements will apply from 1 July 2017. He said that he had put forward a proposal that …

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September 2015 Practice Update

ATO’s apps and other online tools As a result of user feedback, the ATO has improved their ATO Small Business app and it continues to expand in functionality and usability. The most useful features for small business include:

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August 2015 Practice Update

Data matching to be expanded on individual returns The ATO has advised that last year, it cross-referenced information reported in tax returns against over 600 million transactions provided to it by third parties to identify omitted income and gains, or incorrectly-claimed offsets or entitlements to exemption from surcharges. It also contacted nearly 400,000 taxpayers who had apparent discrepancies in the …

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