The ATO has announced that they will be embarking on a data matching exercise for real property transactions that have occurred during the period 20 September 1985 to 30 June 2017. Real property transactions can give rise to significant capital gains tax and GST consequences. The ATO will be focused on whether these consequences have […]
The ATO will be cancelling ABNs of approximately 220,000 trusts where they believe the trust are no longer carrying on an enterprise. This decision will be based on information available about the last two years, and if the trust has no lodged BASs and or/trust income tax returns.
From the 1st July 2015, company tax has been reduced from 30% to 28.5%
Small businesses can now write off assets 100% if they were purchased between 7.30am 12th May 2015 and 30 June 2017. Assets must not cost more than $20,000. The threshold will return to $1,000 from the 1st July 2017.
For those who have recently been affected by Victorian and Western Australia bushfires, the ATO will fast-track any refunds as well as allowing for additional time to lodge income tax returns and activity statements. Is this you? No action is required. As stated by the Tax Commissioner “If your business or residential address is in one of […]
The ATO will be making visits over the next few months to cafés and restaurants in Box Hill, Melbourne. The aim is to meet with owners and ensure they understand their tax obligations. It has been noted by the ATO, ““Where taxpayers are unwilling to work with us or continue to cause us concern, we […]
From July 1st 2015, small businesses and entities that intend to carry on business may immediately claim certain start up costs. These costs include: advice from a professional in regards to structure and operation of the proposed business fees relating to the set up of the business and operating structure (for example, ASIC fee for registering a […]
The Superannuation Complaint’s Tribunal has recently released some guidance in relation to the payment of death benefits from superannuation funds due to an increased number of confusion and complaints. “There are some common misconceptions about superannuation death benefits that can result in unexpected outcomes for the beneficiaries of a death benefit, and may result in […]
From the 1st July 2015, the ATO implemented a new two-tier tax system for companies. The tax rates are as follows: 28.5% if the company’s aggregated turnover is less than $2 million 30% if the company’s aggregated turnover is more than $2 million As a small company, no action is required at this point. The new […]
The option to report GST annually, and pay instalments quarterly is now available to all businesses that have a turnover that is less than $2 million. The GST instalment is worked out by the ATO (which can be varied by the taxpayer) and then the entity reports its actual GST information annually on an Annual […]