Category Archive for: ‘6.2 – Updates’

With the first month of the new financial year underway, you would be receiving the various year-end tax records required to complete your 2014 income tax return. To assist you in compiling and organising your 2014 tax records, please click here to view our 2014 individual income tax return checklist. For those of you expecting an income tax refund upon …

The ATO has warned the net is closing in on individuals with undisclosed offshore income and assets. Deputy Commissioner Michael Cranston has advised that the ATO has ramped up its efforts to identify offshore tax evaders by mining data from overseas tax authorities and financial institutions. This information will be used to encourage people to disclose under Project DO IT, …

If you operate in the building and construction industry and you pay contractors for building and construction services, you need to report those payments to the ATO on the Taxable Payments Annual Report each year by 21 July of the year following. If you use book-keeping software such as MYOB or Xero in your business, it is possible to generate …

Happy New Financial Year to the Isaacs & Cole community. Now that we have ticked over into the new financial year, it is worth recapping changes effective 1 July 2014: Individuals Temporary Budget Repair Levy which adds 2% to the tax rate for every dollar of a taxpayer’s annual taxable income over $180,000 Increase in the Medicare Levy from 1.5% …

The Government has just announced that the date by which superannuation funds and employers must comply with the new SuperStream contributions data standards has been pushed back. All employers and superannuation funds will now have up to 1 July 2015 to meet the new standards, which require employers to pay and communicate super contributions electronically.

The ATO regularly runs free tax webinars on common topics to help taxpayers keep on top of their obligations. They are currently running sessions on a number of topics including: Tax basics for small business Taxable payments reporting for the constructions industry Owning a rental property Trustees of SMSFs For further information on these webinars and how to register visit …

Click to download the Client Alert Budget Special 2014

“Business as usual is not a viable option for Australia”. The Commission of Audit’s much anticipated recommendations released today are significant and fundamentally rework access to the age pension, access to health care, family benefits, and the efficiency of Government and the services it delivers. The central message is; if you don’t absolutely need something from Government, you’re not going …

The ATO has developed an app for small businesses which allows you to access ‘Small Business Assist’, useful calculators and tax information when on the move. Download the app here.

The ATO have announced that there will be a heavier focus on working with trustees of SMSF’s and their advisers to improve compliance with the governing rules and regulations, and to prepare the SMSF industry for regulatory changes that may take effect next year. The government has proposed legislation which will give the ATO new powers to address non-compliance by SMSF …