Category Archive for: ‘Practice Update’

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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March 2014 Practice Update

High risk industries targeted for super obligations The ATO has identified that employers in the following industries have a higher risk of not meeting their super obligations: hairdressing and beauty; clothing retailing; and management advice and consulting. The ATO is currently running an education campaign for business owners in these industries to help them better understand their super obligations. Further, …

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February 2014 Practice Update

Car expense rates per km – 2013/14 The car expense rates per kilometre have been set for the 2013/14 year (and they have been increased for the first time since 2008/09).

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December 2013 Practice Update

Tax help for people affected by bushfires The ATO has advised that refunds will be fast-tracked for people directly affected by bushfires, and they will have additional time to lodge income tax returns and activity statements due between October and December 2013 (the new lodgment date is 28 January 2014). “You do not need to apply for a deferral or …

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November 2013 Practice Update

Spike in email scams The ATO is warning taxpayers to protect their personal and financial details following a sharp spike in reports of tax-related email scams. Since June, reports from the public of ‘phishing’ scams have quadrupled from 3,586 to 15,441 compared with the same period last year. “While the public is reporting scam emails to the ATO in increasing …

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