Change to travel expenses for truck drivers

Scott Robertson - Tuesday, August 22, 2017

The ATO has released its latest taxation determination on reasonable travel expenses, and it includes a big change for employee truck drivers. For the 2017/18 income year, the reasonable amount for travel expenses (excluding accommodation expenses, which must be substantiated with written  ..

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ATO warning regarding work-related expense claims for 2017

Scott Robertson - Wednesday, August 09, 2017

The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years. While this increase isn’t a sign that all o ..

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Extension of the $20,000 SBE Immediate Deduction Threshold

Chris Thorne - Tuesday, July 25, 2017

In the 2017/18 Federal Budget handed down on 9 May 2017, the Federal Government announced that it intended to extend the ability of Small Business Entity (or ‘SBE’) taxpayers to claim an outright deduction for depreciating assets costing less than $20,000 until 30 June 2018. This Budget Night an ..

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Simpler BAS is coming soon

Scott Robertson - Friday, July 07, 2017

The ATO is reducing the amount of information needed to be included in the business activity statement (or ‘BAS’) to simplify GST reporting. From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million. In relatio ..

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Who is assessed on interest on bank accounts?

Chris Thorne - Friday, June 23, 2017

As a general proposition, for income tax purposes, interest income on a bank account is assessable to the account holders in proportion to their beneficial ownership of the money in the account. The ATO will assume, unless there is evidence to the contrary, that joint account holders benefici ..

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More taxpayers can access the benefits of being an 'SBE'

Scott Robertson - Wednesday, June 07, 2017

Recent changes to the law have expanded the eligibility criteria for a taxpayer to be considered a ‘Small Business Entity’ (or ‘SBE’), meaning more businesses will be able to utilise the tax concessions that are only available to SBEs. Broadly speaking, for the year ending 30 June 2017, a business  ..

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2017/18 Federal Budget

Chris Thorne - Wednesday, May 31, 2017

The Government handed down the 2017/18 Federal Budget on Tuesday 9th May 2017. The Budget proposes several changes in the following areas; Personal Income Tax Measures Limiting plant and equipment depreciation deductions to outlays actually incurred by investors – for residential investmen ..

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Changes to the franking of dividends

Chris Thorne - Thursday, May 18, 2017

Prior to this income year, companies that paid tax on their taxable income at 28.5% could still pass on franking credits to their shareholders at a rate of 30%, subject to there being available franking credits. However, with effect from 1 July 2016 (i.e., this income year), the maximum fr ..

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Increase to SBE Turnover Threshold

Scott Robertson - Wednesday, May 03, 2017

As was previously announced, the Small Business Entity (‘SBE’) definition has changed with respect to the turnover eligibility requirement. The aggregated turnover threshold has increased from $2 million to $10 million with effect from 1 July 2016 (i.e., the current, 2017, income year).  ..

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Super changes may require action by 30 June 2017

Scott Robertson - Monday, April 10, 2017

Due to the introduction of the new 'transfer balance cap' from 1 July 2017, super fund members with pension balances (in 'retirement phase') exceeding $1.6 million will need to partially commute one or more of their pensions to avoid the imposition of excess transfer balance tax. In addit ..

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