Category Archives: Income Tax

Proposed changes to Public Fund Bank Accounts

In December 2017 the Federal government announced that it would be seeking to remove the requirement for certain Deductible Recipient Funds to operate a separate fund bank accounts, managed by a majority of people deemed to be more responsible. There … Continue reading

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Log books: keeping you out of trouble

The ATO is critically looking at car log books to make sure they have been correctly completed. Generally you need to keep a log book for at least 12 weeks, and once you have kept it, you can in most … Continue reading

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ACNC gets tough on defaulting charities

The ACNC has recently announced that it will move to deregister almost 90 charities for failing to submit their Annual Information Statements for two years (“double defaulters”).  As a result, these charities will lose their Commonwealth tax concessions.   The … Continue reading

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Personal tax deductions on the ATO’s hit list

The ATO has signaled that it has salary and wage earners squarely in its crosshairs. Anticipating that there is significant lost revenue from taxpayers overstating their tax deductions, the ATO has signaled that it will target work related claims, especially … Continue reading

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Time is Ticking for the $20,000 Immediate Write-Off

The $20,000 immediate write-off was introduced in the May 2015 budget, to give “small” businesses an immediate tax deduction on the purchase of most assets (eg cars, equipment, etc) where the cost of each item is below the $20,000 threshold. … Continue reading

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ATO to visit small businesses

Some people would think that a visit from the ATO would be about as enticing as root canal.  Nonetheless, the ATO has announced that it plans to make contact with small businesses to discuss its range of digital services.  The … Continue reading

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Will you be SuperStream compliant by 28th October?

SuperStream is a government reform that has been in the implementation stage for some time.  The intention is to require employers to use electronic means to report and pay super, doing away with forms and cheque payments, and creating efficiencies.  … Continue reading

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Seeking professional advice when starting a business

From 1 July 2015, the professional expenses associated with starting a new business, such as legal and accounting fees, are deductible in the year those expenses are incurred rather than deducted over a five-year period as was the case in … Continue reading

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On the ATO’s radar: Trusts distributing to tax exempt beneficiaries

The Australian Taxation Office has advised of its intention to conduct a review to assess whether trusts are compliant with the anti-avoidance rules when distributing trust income to tax exempt beneficiaries. These rules aim at preventing trustees from using tax-exempt bodies to … Continue reading

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Screws tighten on professional firms

In late June 2015 the ATO released a document setting out its final guidelines on how the business income of principals in professional firms should be taxed. The guidelines restrict the ability of practitioners in professional firms (lawyers, architects, doctors, … Continue reading

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