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Category Archive for: ‘Practice Update’

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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October 2013 Practice Update

What does tax look like under a Coalition government? Now that the Abbott government is settling in, it is worthwhile to look at their promises and the commitments that they made in the run-up to the election. Here’s a rundown on some of the more important commitments, although many don’t have effective dates: Self education expenses: There will be no …

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September 2013 Practice Update

The election is announced: It’s almost over!! Editor: I doubt this has escaped your notice, but we should report it nonetheless! The Prime Minister, Kevin Rudd, visited the Governor-General on 4 August 2013 and Her Excellency accepted his advice that an election be held on Saturday 7 September. Note: With the election being announced, the House of Representatives was dissolved …

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August 2013 Practice Update

Massive change to treatment of FBT on car fringe benefits Editor: The government has decided to bring forward the commencement of the carbon emissions trading scheme to 1 July 2014, and as part of this they have announced other changes, including to the FBT treatment of car fringe benefits. Of course, whether or not these changes actually become law (despite …

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July 2013 Practice Update

ATO warns investors about tax avoidance schemes The ATO’s Commissioner, Chris Jordan, has warned investors about new and complex tax avoidance schemes being marketed as people get ready to lodge their 2013 tax returns, saying: “Tax avoidance schemes are no longer the blatant too-good-to-be-true offers seen in the past.” Many modern tax avoidance schemes are complex structures that are difficult …

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