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January/February 2015 Practice Update

ATO data matching programs Editor: The ATO is carrying out two new data matching programs to identify non-compliance with registration, lodgement, reporting and payment obligations, i.e., looking for tax avoiders. 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 …

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December 2014 Practice Update

Year-end and other staff parties Editor: With the December/January break on the way, many employers and businesses will be planning to reward staff with a celebratory party or event. However, important issues for our clients to consider are the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. FBT and Entertainment Under the …

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November 2014 Practice Update

Can you access your super fund for medical procedures? Editor: The following relates to a newspaper article that appeared recently in a national newspaper and was then subsequently picked up by national TV and radio. As it concerns a taxpayer withdrawing all of her $30,000 balance from her superannuation fund for weight loss, a tummy tuck and breast implants, clients …

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October 2014 Practice Update

Mining tax repeal & other notable tax changes With the abolition of the mining tax from 1 October 2014, a number of other tax measures have come into force: Abolition of the company loss carry-back concessions from 1 July 2013. Reduction of the instant asset write-off for small business entities from $6,500 to $1,000 – that applies from 1 January …

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September 2014 Practice Update

New ATO initiatives for small businesses Editor: In a recent speech, the Commissioner of Taxation, Chris Jordan, announced some new initiatives for small business. The following are excerpts from his speech. Red Tape The Commissioner stated that the ATO was trying to reduce the amount of red tape because it understands “that meeting your obligations takes you away from your …

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August 2014 Practice Update

Some important tax changes from 1st July Medicare Levy The Medicare levy rises from 1.5% to 2%. 2% Deficit Levy The new “Deficit Levy” (tax on high income earners) applies to taxable income in excess of $180,000. Tax rates for the 2014/15 income year are as follows: The above rates do not include the Medicare levy of 2%. SGC The …

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July 2014 Practice Update

SuperStream starting 1 July for many employers Under ‘SuperStream’, employers will need to be able to make super contributions on behalf of their employees by submitting data and payments electronically. Equally, all superannuation funds, including SMSFs, will need to be able to receive contributions electronically.   Employers with 20 or more employees From 1 July 2014*, these employers should start …

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June 2014 Practice Update

ATO’s Tax Amnesty – They offer an “Invitation to come in from the cold” Editor: Last month we reported that the ATO had announced its “Project DO IT” – an amnesty for taxpayers with offshore assets or income to voluntarily come clean by 19 December 2014. Greg Williams, Deputy Commissioner, Serious Non-Compliance, says that: “Sometimes people commit tax crime inadvertently.” …

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May 2014 Practice Update

Tax amnesty for overseas tax dodgers – Project ‘DO IT’ The ATO has announced an amnesty for taxpayers with offshore assets or income to voluntarily come clean by 19 December 2014. The ATO says that its Project ‘DO IT’ (i.e., ‘disclose offshore income today’) provides a last chance opportunity for those who haven’t declared their overseas assets and income to …

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April 2014 Practice Update

Change in the FBT rate – 2014/15 FBT Rate – 2013/14 & 2014/15 The FBT rate of tax has been increased by half a percent from 1 April 2014. The new rate of tax and the consequent increased gross-up rates follow: Gross-up Rates – 2013/14 & 2014/15 Editor: With the increase in the FBT rate to 47% from 1 April …

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