Friday, September 20, 2013
Beware of artificial trust arrangements to avoid tax The ATO has issued an alert to warn taxpayers that it is aware of arrangements where a discretionary trust is used to effectively funnel large capital gains to a newly incorporated company that is then wound up to avoid paying taxes. The ATO says these arrangements concern […]
Read More >Wednesday, July 24, 2013
Specific tax rule to prevent dividend washing On 28 June 2013, the Assistant Treasurer announced that the Government will prevent “dividend washing” by introducing a specific integrity rule into the tax law. This follows the Government’s 2013–2014 Federal Budget announcement that it will implement reforms to close, with effect from 1 July 2013, a loophole […]
Read More >Friday, May 17, 2013
PERSONAL TAXATION 2015 tax-free threshold increase “deferred”, otherwise no changes The Treasurer confirmed that the previously planned increase in the tax-free threshold from $18,200 to $19,400 from 1 July 2015 will not proceed. Instead, it will be “deferred”. Personal tax rates have otherwise remained unchanged. This means that for the 2012–2013, 2013–2014 and 2014–2015 years, […]
Read More >Friday, May 17, 2013
Cap on work-related self-education deductions The Government has announced that it will introduce a $2,000 per-person cap on tax deduction claims for work-related self-education expenses. The cap is proposed to apply from 1 July 2014. In making the announcement, Treasurer Swan said that without a cap, “it’s possible to make large claims for expenses such […]
Read More >Thursday, May 2, 2013
Tax planning There are many ways in which taxpayers can take advantage of tax planning initiatives to manage their taxable incomes. In order to maximise these opportunities, taxpayers need to start the year-end tax planning process early. Of course, when undertaking tax planning, taxpayers should be cognisant of the potential application of anti-avoidance provisions. However, […]
Read More >Thursday, March 7, 2013
No splitting of rental income for couple The Administrative Appeals Tribunal (AAT) has refused a husband’s argument that he could split his rental income with his (now estranged) wife even though the commercial property was registered under his name only. The taxpayer had lodged tax returns on the basis that the property was shared equally […]
Read More >Wednesday, February 13, 2013
Mini-budget tightens fringe benefits, health rebates and more The Government’s mid-year budget update was handed down in late October 2012. The Treasurer revised down the expected Budget underlying cash surplus to $1.1 billion for 2012–2013 – down from $1.5 billion estimated in the May 2012 Budget. The Government did not announce anticipated changes to claw-back superannuation […]
Read More >Monday, January 21, 2013
ATO targets disclosure of foreign sources of income Following recent compliance activities that have been conducted, the ATO says many Australian resident taxpayers may not be aware of their Australian taxation obligations in relation to their worldwide income. The ATO has reminded taxpayers to correctly report foreign sources of income when required. Examples of foreign […]
Read More >Monday, January 21, 2013
Cash economy still on ATO’s radar The ATO has maintained a focus on its compliance activities in relation to small business performance benchmarking and the cash economy. In a recent speech, the Commissioner of Taxation said businesses outside the relevant benchmarks are subject to ATO review and/or audit. Where businesses do not have adequate records […]
Read More >Thursday, November 1, 2012
New company loss carry-back regime The Government intends to introduce a company loss carry-back regime and has released draft legislation for public consultation. Under the proposal, which will have effect from 1 July 2012, companies will be able to carry back up to $1 million worth of losses to obtain a refund of tax paid […]
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