Category Archive for: ‘Practice Update’

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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June 2013 Practice Update

Budget 2013/14 The Government handed down the 2013/14 Budget on 14 May 2013.  Most of the tax and superannuation measures had already been previously announced, but a few of the new measures include the following: The government will defer the personal income tax cuts that were to commence from 1 July 2015 (i.e., by raising the tax-free threshold from $18,200 …

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May 2013 Practice Update

Proposed changes to superannuation Editor: Apparently in order to neutralise mounting speculation that superannuation was under threat in the upcoming Budget, the Government took the unusual step of comprehensively outlining its intentions when it comes to superannuation reform generally. The Government has announced that it plans to make the following changes to the superannuation laws (in addition to other changes …

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April 2013 Practice Update

Returns with refunds will need bank account details According to the ATO, the fastest, most secure way to receive a tax refund is to have it paid directly into a nominated Australian bank account using electronic funds transfer (EFT). From 1 July 2013, individual tax returns will generally require bank account details, including BSB and account number, to be entered, …

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March 2013 Practice Update

Help for taxpayers – Bushfires and floods The government and the ATO have announced help for taxpayers affected by the recent floods and bushfires that have been plaguing the country for the past weeks. The government has announced that it will provide tax deductible status to relief funds established to help Australians affected by bushfires and floods. In addition, the …

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Jan – Feb 2013 Practice Update

New rules for trustees of SMSFs The ATO has issued a reminder that new regulations apply to self-managed superannuation funds (SMSFs) from the 2012/13 income year. They require trustees of SMSFs to: value the fund’s assets at their market value for the purpose of preparing financial accounts and statements of the fund; consider insurance for their members as part of …

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December 2012 Practice Update

ATO’s motor vehicle data matching program The ATO has obtained, or will obtain, data identifying all motor vehicles sold, transferred or newly registered in the 2011/12 and 2012/13 income years, where the transfer and/or market value is $10,000 or greater, from all of the State and Territory motor vehicle registering bodies. Data relating to approximately 2.8 million individuals will be …

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