ATO Cash Business Crackdown
The ATO is continuing their fight against the cash economy by visiting various businesses in capital cities that are operating as “cash only” Being at a higher risk of not correctly reporting sales, businesses under scrutiny include an estimate of 45% of cafes […]
Read MoreTax Debts to Appear on Credit Ratings
The government has recently announced intentions to increase the disclosure capabilities of the Australian Taxation Office enabling an increase in information from the ATO to the credit reporting bureaus. This information will be in regards to the tax debts of […]
Read MoreATO Announcement On Real Property Transactions Matching Program
Under its real Australia property transactions data matching program, the ATO has announced that it intends to obtain data from various State and territory agencies to be matched, regarding all Australian property transactions held from September 20, 1985. The […]
Read MoreBeware of 1 July 2014 tax changes
The new financial year means the following tax changes have commenced: Compulsory employer-paid super rises from 9.25% to 9.5%. The Medicare levy rises from 1.5% to 2% Superannuation contribution caps rise from $25,000 to $30,000 for general concession and non-concessional […]
Read MoreATO focus on work-related expenses
The ATO has warned taxpayers to ensure that work-related deduction claims in their tax returns are correct. This tax time, the ATO will focus on claims for work-related expenses, particularly those relating to: overnight travel transporting bulky tools and equipment, […]
Read MoreSuper Caps Increased For 2014/15
The ATO has announced the following changes to the superannuation contribution caps. Concession contributions cap These include: Employer contributions (including those under a salary sacrifice arrangement); and Personal contributions claimed as a tax deduction by a self-employed person. The amount […]
Read MoreChanges 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: FBT Year Ended Rate of Tax […]
Read MoreYour Home – Capital Gains Tax Exemption
In general if you own real estate and it is used as your main residence when you sell that property there is no tax or capital gain tax obligation. There are conditions and exceptions to this rule depending on your individual circumstances. The main condition to satisfy […]
Read MoreLimited Recourse Borrowing Arrangements For SMSFs
Author: Robin Sun Limited Recourse Borrowing Arrangements (LRBAs) were previously referred to as installment warrant arrangements. The acquisition of an installment warrant asset is achieved through a mortgage taken out on the asset, but in the event the trustee defaults […]
Read MoreWhich Corporate Structure Should I Use?
Author Qiang Ding Source: Tax Institute of Australia Asset protection is often a key consideration for business owners. Whilst there is often focus on the asset protection of the personal assets of each investor, consideration is often not given to […]
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