Listing by latest editionClick on an article heading to view the synopsis and link to read more. Edition 9 view editionWARNING - Advertising Laws
Investment Allowance
Taxpayer AlertsThe Tax Office has issued five Taxpayer Alerts warning taxpayers of arrangements that it is currently reviewing. These alerts relate to: Superannuation Rates and ThresholdsThe Tax Office has released key superannuation rates and thresholds for the 2009/10 income year. Data Matching ProjectsThe Tax Office has released details of three data matching projects it will carry out. The information collected from the projects will be electronically matched with the Tax Office’s data holdings to identify non-compliance with lodgment and payment obligations. PAYG InstalmentsThe Federal Government has announced that it will cut the quarterly PAYG instalments for the 2009/10 income year for taxpayers who calculate their instalments using the Gross Domestic Product method. Self Managed Superannuation Funds WarningBroadly, the in-house assets rules restrict a regulated superannuation fund from having more than 5% of the total market value of its assets in a related party of the fund. Small business CGT concessionsA taxpayer who holds a passively held CGT asset which is used in a business by the taxpayer’s affiliate or a connected entity to will be allowed access to the small business CGT concessions, subject to certain conditions. Furthermore, aspects of the existing small business CGT concessions have been refined and clarified including: Edition 8 view edition2009 Year End Tax Planning GuideThis guide is prepared for clients to review their tax planning before the end of the financial year. Edition 7 view editionCulture Is Important!There are many attributes to creating a successful long-term business. No one attribute makes a successful business, but a combination of attributes will significantly contribute to long-term successful business performance. Compliance MattersSome important compliance information from the tax office. The cash economy and businesses, excess superannuation contributions, minors and the tax-free threshold and overpaid income tax instalments. Business Establishment CostsIn two separate but related Interpretative Decisions, the Tax Office states the deductibility of business establishment costs for a proposed business to be carried on. The latest on SMSFThe latest rulings from the Tax Office on self managed super funds. Trustees giving financial assistance to a member of a fund and the application of the sole purpose test in the superannuation legislation. Bonuses and Superannuation GuaranteeIn a recent case, the AAT has affirmed the Commissioner’s decision that bonus payments paid by an employer to its employees should be taken into account when calculating the employees’ superannuation guarantee. Tax Compliance Program 2008/09The Commissioner has released the Tax Office Compliance Program 2008/09, which sets out the Tax Office’s compliance priorities for individuals, micro enterprises, small businesses and superannuation for that year. Edition 6 view editionSMSFs and Business Real PropertyA new Taxation Office Draft SMSF Ruling explaining the term “business real property”. 2008-09 Federal Budget Follow-up - Depreciation rate for in-house softwareAlso following the passing of the Tax Laws Amendment (Budget Measures) Bill, there are amendments to ITAA 1997 to increase the period over which taxpayers write off depreciable in-house software from 2½ years to 4 years. Export Market Development GrantsApplications for Export Market Development Grants for 2007/08 grant year open on 1st July, 2008. The grant is administered by Austrade and provides a wide range of support to Australian exporters. Budgets are ImportantThis is the time of the year to think about your financial performance for the next 12 months. FBT Car Parking ThresholdThe Tax Office has stated that the car parking threshold............. Capital Improvement Threshold ReleasedThe Tax Office has released the capital improvement threshold...... Increase in Pension ThresholdsThe assets test thresholds for pensions will increase from 1 July 2008. Edition 5 view editionConcessions for small business entitiesFrom 1 July 2007, small businesses with an annual turnover less than $2 million are called small business entities and may qualify for a range of tax concessions. SMSF trustee compliance checklistThis article contains a checklist outlined in the Government's Role and Responsibilities of Trustees paper which details what you must be aware of as a trustee of a SMSF. What is a share capital account?This article answers some questions on how shares are paid for what can be used to pay for shares. How is Australia changing?There are some interesting statistics from the latest census. What are the opportunities and what are the issues ? Edition 4 view editionATO focus on 2007 Tax ReturnsThe Tax Office has advised that it will be paying particular attention to the following in 2006/07: Where self-education expenses are not deductibleIn the case of Lloyd v Federal Commission of Taxation a taxpayer tried to argue that there was a perceived connection between the education expenses she had incurred while doing her PhD in Interactive Digital Media and Telecommunications and the increased income she received from her bank employer as a result of promotions. Changes to the CGT concessions for small business – 2006/07 yearIf a small business taxpayer disposes of a business, including goodwill, and is able to use the small business CGT concessions, it can potentially reduce the capital gain to nil! Delegate or Die!There is not a single management skill more critical to your personal and professional success as an entrepreneur than learning to delegate. But delegating successfully is much more than simply handing out assignments. Edition 3 view editionTax mining – making sure you get every dollarFor the last few years, every Federal Budget has brought tax cuts. It’s important to make sure you dig deep to find every dollar of tax saving possible. Changes to SuperannuationThe superannuation system is changing from 1 July 2007. According to the Government the changes should mean most people would receive more from their super. Employment termination paymentsEligible termination payments as they currently exist will be replaced by "employment" termination payments and superannuation benefits from 1 July 2007. Employee leaving ? Know your employer obligationsAre you aware of your obligations when an employee leaves? Unpaid Tax or SGC – the ATO could come callingIn this year’s federal budget the ATO received extra funding of $125.7 million over four years to work on reducing debt and collecting superannuation guarantee charge debt owed by employers. Edition 2 view editionChanges for Self Managed Super FundsAs part of the 2006-07 Federal Budget, the Treasurer announced major reform to the superannuation system and released A Plan to Simplify and Streamline Superannuation. ATO Draft Ruling on Registered Agricultural Managed Investment SchemesThe Tax Office has released the draft ruling on the income tax treatment of registered agricultural managed investment schemes. Super place to protect your assetsIf you’re a small business owner, you probably think of your business as your retirement nest egg. You invest your time, energy and money to build it up and maximise its value for when you retire. Managing the Costs in your BusinessCutting costs can be a simple way to improve your bottom line. Introducing a cost control system can bring immediate savings and ensure that you remain competitive in the longer term. Edition 1 view editionSuperSeek and you may find some of the lost $billions is yoursWith $9.7 billion of lost superannuation lying in Australian funds, you’d think people would be lining up to claim their share but, despite easy ways to track it down, the amount of money in lost super accounts is steadily growing. SMSF Compliance Program – audits to double in 2007In 2005/06, the ATO completed 4,530 audits of SMSFs and is planning to double their compliance coverage in 2006/07. Maintaining the Value of your BusinessThe majority of business owners want to realise their investment in the business at some point, but how many work at keeping their business at its optimal value and attractive to buyers ? Its Fringe Benefit Tax (FBT) Time AgainThe deadline for Fringe Benefits Tax is 31 March 2007. We are pleased to provide you with a recap on FBT. Franking Credits Available To Life TenantsThe Government will amend the income tax law to allow income beneficiaries of testamentary trusts (such as life tenants) greater access to franking credits on dividends received by the trust. Amendments To The Tax Law To Reduce Compliance Costs For Small BusinessThe Minister for Revenue and Assistant Treasurer, Peter Dutton MP, has announced amendments to the integrity rules concerning distributions by private companies (Division 7A of the Income Tax Assessment Act 1936). |
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The Australian Competition and Consumer Commission (ACCC) has announced "clarity in pricing" changes to the Trade Practices Act which came into effect on 25th May 2009 and which may affect businesses offering products and services that come with extra fees and surcharges.
Small Businesses (with turnovers under $2M) can claim an investment allowance of 50% for the purchase of eligible assets ordered between 13th December 2008 and 31st December 2009, subject to the eligible asset being installed by 31st December 2010. The Investment Allowance does not affect the amount of depreciation that can be claimed on the asset; the Investment Allowance is in addition to depreciation.