Latest News

See below for updates for Tax Determinations, Australian Taxation Office warnings, annual federal budget, income tax return checklists and changes in legislation for superannuation, small business, individuals, trusts and partnerships.

With the 31 October 2017 lodgement date deadline for 2017 individual tax returns approaching for those who do not lodge with a registered tax agent, it's worth taking the time to review any of your expenses during the financial year, incurred as part of your work or business, as you may be able to claim a deduction to reduce your tax bill.

In general, expenses are claimable when:

  • You spent the money and weren't reimbursed by your employer
  • The money spent was a work-related expense
  • You have an official record of the expense – such as a receipt, bank statement or diary entry (though in some cases you may not have to show evidence if your total claim for work-related expenses is $300 or less)
  • If the cost was for both work and personal use, for example home internet, you can only claim a portion of the expense.

The Australian Taxation Office (ATO) provides detailed categories of expenses you can claim on its website, which you can refer to for details on what you can claim. Some of them are outlined below.

Read more…

October 2017

ATO Clamping Down on the Cash Economy

New data matching programs help the ATO identify people and businesses that may not be correctly meeting their obligations.

In addition:

  • New draft legislation to lock passive investment companies out of the small business tax rate.
  • ATO to be provided more superannuation guarantee charge information.
  • Targeted: higher risk trust arrangements

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If you would like to discuss any of the above, or any other matter, please do not hesitate to contact us.

September 2017

Important announcements:

  • Labor Party proposes to introduce changes to trust taxation
  • Single Touch Payroll
  • Deadlines with superannuation "transfer balance cap" compliance
  • New approved occupational clothing guidelines.
  • New ATO service to lodge nil activity statements in advance

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If you believe this information will impact your circumstances, please do not hesitate to contact us.

August 2017

ATO Crackdown on Work Related Expenses

The Australian Taxation Office is increasing attention, scrutiny and education on work-related expenses (WREs).

In addition:

  • NEW GST Changes
    1. GST applies to services or digital products bough from overseas commencing from 1 July 2017.
    2. Parliament has passed legislation which applies 
    3. GST to goods costing $1,000 or less supplied 
    4. from offshore to Australian consumers from
    5. July 2018.
  • New threshold for capital gains withholding when selling Australian real property.
  • Announcement of  Car depreciation limit for 2017/18 to $57,581 (same as 2016/17).
  • Changes to Div.7A benchmark interest rate to 5.30% (down from 5.40% for 2016/17).

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If you have any queries please do not hesitate to contact us.

July 2017 ATO Tax Debt

Outstanding tax debts may be reported to credit agencies

The Federal Government has announced that from 1 July 2017 the Australian Taxation Office (ATO) will be given the power to disclose to a credit reporting bureau (CRB) the tax debt information of businesses where those debts have been outstanding for more than 90 days and where the taxpayer has not effectively engaged with the ATO in managing their debts.

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If you have any outstanding debts with the ATO and wish to discuss this further, please do not hesitate to contact us now.

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