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ATO Focus on R&D Claims
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 …
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Extension to lodge the Taxable Payments Annual Report
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.
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“Re-think” – the tax reform discussion paper released by Treasurer Joe Hockey
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 …
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Google update affecting SMEs
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 …
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Should you give your employees shares in your company?
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 …
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It’s FBT time!
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 …
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Are you ready for SuperStream?
For employers For employers with 20 or more employees, SuperStream has already started and you have until 30 June 2015 to be ready. For employers with 19 or fewer employees, SuperStream starts from 1 July 2015 and you have until 30 June 2016 to be ready. If you …
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ATO outlines new targets within the SMSF sector
The ATO has declared that it will be targeting profit shifting into SMSFs and the calculation of tax losses in funds, citing these as two of the main issues of concern within the self-managed superannuation sector. The ATO has identified non-arm’s length income as a …
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Net Medical Expenses Tax Offset….Last Chance
If you claimed the Net Medical Expenses Tax Offset in 2013/2014 (and you are therefore eligible to claim in 2014/2015) you may wish to consider bringing forward any impending medical expenses to before 1 July. By doing so, you may be entitled to claim a …
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ATO gets tough with SMSF trustees
Taxpayers Australia has flagged the increasing surveillance of the SMSF sector, reiterating the consequences for SMSF trustees when the ATO identifies breaches of the SIS Act. 585 SMSF trustees were disqualified in 2014 compared with 100 in 2010. This signals that the ATO believes they …
Registered Tax Agent
