Category Archive for: ‘6.2 – Updates’

20 August 2015 – Save time and keep your tax organised with the ATO app “myDeductions” “myDeductions” is an app that can be used by individuals in collating work-related expenses as well as donations and other types of deductions. The app can be used to: Capture and classify work-related expenses, gifts and donations or the cost of managing your tax …

In the last month there have been a number of bills either brought before or passed by the Senate, whose purpose is to enable measures introduced in the May 2015 Federal Budget. These include: Company tax rate reduction – The bill passed enacts the company tax rate reduction from 30% to 28.5% as of 1 July 2015 for small business …

Last night Treasurer Joe Hockey unveiled the “Have A Go” Budget to the nation. Reducing the budget deficit, which was a prominent objective of last year’s budget, does not dominate the flavour of this Budget. Instead, this year’s Budget targets productivity gains, with small business being the overall winner in terms of the proposed changes. Below are the Budget highlights, …

The ATO is working with eBay Australia & New Zealand Pty Ltd in a data matching exercise targetting e-bay sellers that sold $10,000 or more worth of goods and services during the period 1 July 2013 to 30 June 2014. The aim of the exercise is to ensure that these taxpayers, expected to number between 15,000 and 25,000, have complied …

The ATO has announced that it is working closely with AusIndustry to identify taxpayers as well as tax agents and consultants who may be involved in aggressive R&D arrangements. The ATO has asked tax agents to verify with their clients that the claims, including labour costs, were actually incurred on R&D activities consistent with their AusIndustry registrations and also notify …

In response to feedback from the building and construction industry, the ATO has extended the due date for lodging the Taxable Payment Annual Report to 28 August of each year, applying from the 2015 year and onwards.

This morning Treasurer Joe Hockey released The Federal Government’s discussion paper on the future of the Australian tax system. The paper did not contain recommendations as such, however it made some clear observations, judgements and comparisons of the current taxation system: The Australian tax system relies too heavily on corporate and income taxes, and not enough on consumption taxes such …

On the 21st April, Google will release an update that will result in an increased weighting being given to the mobile friendliness of websites. From this date onwards, users of Google will find it easier to get relevant, high quality search results that are optimised for their devices. If you are a small business owner and rely on your website …

Many business owners consider employee share schemes as a means by which to motivate and align employees by giving them an ownership stake and share in the growth of the company. The rules around employee share schemes are currently being reformed, and if you are thinking about issuing shares to employees, it is important to understand that the reforms take …

The FBT year is about to draw to a close and any employers in the FBT system should be gearing up to have their 2015 Fringe Benefits Tax return prepared for the period ended 31 March 2015. The end of one FBT year signals the start of a new one, and below are some key FBT rates and thresholds applicable …