Tuesday, August 11, 2015
Work-related and rental property claims on ATO’s watch list Tax time is in full swing and the ATO has highlighted areas of concern for individuals ahead of tax return lodgment time. High on the ATO’s watch list is work-related expense claims that are significantly higher than expected. In particular, the ATO will be paying particular […]
Read More >Wednesday, June 17, 2015
Commissioner’s statutory remedial power on the way Even though the Commissioner of Taxation endeavours to interpret the law to give effect to its purpose or object, there are instances where this is not possible. To address this, the Government has announced that it will provide the Commissioner with a statutory remedial power to allow for […]
Read More >Wednesday, May 13, 2015
PERSONAL TAXATION Personal tax rates: budget deficit levy not to be extended The 2015–2016 Budget did not make any changes to the current personal tax rates, although in the lead-up to the Budget, the Treasurer indicated that the 2% budget deficit levy (tax) on incomes over $180,000 would not be extended beyond its initial three […]
Read More >Monday, May 11, 2015
$1 million is no longer the magic figure for a couple to travel offshore once a year, eat out with friends and enjoy a relaxed retirement. ILLUSTRATION BY SAM BENNET Get Real About Super Saving with lower returns and rising longevity experts are re-evaluating how much you need to fund your retirement, writes Sally Patten. […]
Read More >Monday, May 11, 2015
Tax planning There are many ways in which entities can defer income, maximise deductions and take advantage of other tax planning initiatives to manage their taxable incomes. Taxpayers should be aware that in order to maximise these opportunities, they need to start the year-end tax planning process early. Of course, those undertaking tax planning should […]
Read More >Thursday, February 26, 2015
Small business tax review finds first steps for improvement The results of a review into tax impediments affecting the success and growth of small businesses has been released by the Government. The review focused on small business tax reform and, in particular, simplifying processes and cutting excessive red tape. In releasing the review findings, the […]
Read More >Wednesday, November 26, 2014
Project DO IT nearing end, taxman focus on non-disclosure The ATO has responded to fears expressed by some taxpayers that disclosing previously undeclared offshore income and assets could set them up for future tax investigations. The ATO has reassured taxpayers that disclosing under Project DO IT will not give them a “red flag”. ATO Deputy […]
Read More >Monday, September 22, 2014
Mining tax gone but watch for associated tax changes Following the speedy passage of the mining tax repeal legislation, on 9 September 2014 the Government announced that it will be recommending to the Governor-General that he proclaim 30 September 2014 as the commencement date for Schedules 1 to 5 to the Minerals Resource Rent Tax […]
Read More >Tuesday, July 22, 2014
Budget Levy from 1 July 2014 The Government’s Temporary Budget Repair Levy is now law. The levy is be payable at the rate of 2% of each dollar of an individual’s annual taxable income over $180,000. The levy is active for three financial years, starting on 1 July 2014 and ending on 30 June 2017. […]
Read More >Thursday, May 15, 2014
Tax amnesty for undeclared offshore income The ATO has launched a voluntary disclosure initiative known as “Project DO IT: disclose offshore income today”. The Tax Commissioner, Chris Jordan, has warned that the initiative is a last chance opportunity for individuals who have not declared their overseas assets and income to come back into the tax […]
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