Blog

RSS Feed
11-Sep-2017

Read more

Super system reforms

Australian Prudential Registration Authority (APRA) has written to RSE licensees setting out its approach to the Government’s super system reforms aimed at enhancing APRA's prudential powers to improve member outcomes.

16-Aug-2017

Read more

Work-related expense claims under scrutiny

Will you claim work-related expenses on your tax return this year? The ATO now uses real-time data to compare people’s tax returns with others in similar occupations and income brackets. This year it’s focused on identifying higher-than-expected claims for expenses related to work vehicles, travel, internet and mobile phones, and self-education, and may even check people’s work deduction claims with their employers.

16-Aug-2017

Read more

Employee travel expense deductions

The ATO has also released new guidance on work-related travel deductions. To claim for transport or other employee travel expenses (like accommodation and meals) in your tax return, you must have incurred the expenses as part of gaining or producing your taxable income. Private and domestic travel expenses, including the costs of your ordinary home-to-work travel, aren’t claimable.

16-Aug-2017

Read more

Working holidaymakers and tax returns for 2017

If your business employs working holidaymakers – or you’ve been one yourself this year! – you need to know about the “backpacker tax” changes that came into effect from 1 January 2017.

16-Aug-2017

Read more

ASIC takes action on super fund disclosures

Under Australia’s superannuation law, super funds must disclose transparency information on a website and keep it up to date at all times.

16-Aug-2017

Read more

Asset write-offs

Small businesses with a turnover of less than $10 million can get an immediate deduction for assets that cost up to $20,000 each in their 2016–2017 return. The $20,000 threshold now applies until 30 June 2018.

16-Aug-2017

Read more

Companies should consider reporting tax liabilities: AASB

Sometimes it’s unclear how tax law applies to a company transaction or circumstance and how the ATO will treat it. New guidance from the International Financial Reporting Standards Interpretations Committee (IFRIC) explains how companies should reflect this uncertainty in their accounting for income taxes.

16-Aug-2017

Read more

Federal Court rules on PAYG avoidance

The Federal Court and Administrative Appeals Tribunal have agreed with the ATO that a business, Sunraysia Harvesting Contractors Pty Ltd, was making use of a “sham” arrangement with three other companies to avoid pay as you go (PAYG) and payroll accounting responsibilities

16-Aug-2017

Read more

Tax assessments confirmed for undisclosed business income

The Administrative Appeals Tribunal has ruled that the ATO was correct to issue tax assessments of $3.7 million and penalties of $3.3 million to a business taxpayer that had underreported its income and failed to lodge several years worth of tax returns. The taxpayer, PSI Pty Ltd, argued that it owned and rented out several Sydney properties, but did not engage in other business activities or receive the significant amounts of income that the ATO had assessed to it.

16-Aug-2017

Read more

Tax debts: setting up a payment plan

Does your small business have a tax debt? The ATO encourages you to get in touch to set up a payment plan. If the debt is $100,000 or less, you can use the ATO’s self-help service to easily arrange paying by instalments.

09-Aug-2017

Read more

Improve the transparency of tax debts

The Government has announced that it will allow the Australian Taxation Office (ATO) to disclose tax debt information to registered credit reporting bureaus (CRBs). The ATO will only be able to disclose tax debt information of a business where certain criteria are met.

07-Aug-2017

Read more

Are you using the correct award rates?

As we are now well into the new financial year, it’s time to ensure that you’re paying up to the correct award rates.

Here is a quick how-to-guide that we've put together to make sure you are up to date with the current rates!

23-Jun-2017 Anderson & Associates

Read more

Your 2017 EOFY Tax Minimisation Tips

With another financial year finishing, there are many obligations that business owner's need to consider and action.

Some of these action items will help to minimise your tax. We have outlined these points below to assist you.

02-Jun-2017 Anderson & Associates

Read more

Is it tax deductible?

Everyone wants to pay less tax right? To do that you need to know what you can claim… and what you can’t.

15-May-2017 Anderson & Associates

Read more

2017-2018 Federal Budget Update

In prior years, there were many changes to superannuation and small business taxation. This year’s Budget only had a few changes in these areas.

11-May-2017 Anderson & Associates

Read more

Depreciation – the tax deduction lots of property investors forget to claim.

There are lots of property related tax deductions that all investors claim: council rates, water rates, property management fees, repairs. But depreciation is one that many people don’t even know about.

12-Apr-2017 Anderson & Associates

Read more

Do you have your tax debts under control?

From 1 July 2017, a new tax measure will come into play for small businesses, and we’re here to help prepare you for this tax change.

23-Mar-2017 Anderon & Associates

Read more

What every employer needs to know about fringe benefits

On 31 March 2017, the Fringe Benefits Tax (FBT) year ends. The ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount.

15-Mar-2017 Anderson & Associates

Read more

Tax Planning Starts Now

There are 5 key things all business owners must consider right now. Some of them are brilliant wealth creation ideas. Please read on…

09-Mar-2017 Anderson & Associates

Read more

2017 / FEB: Admin penalties of 75% for failing to lodge FBT returns

The AAT has confirmed that 75% administrative penalties were rightfully imposed on several companies for their failure to lodge FBT returns over a four-year period.

09-Mar-2017 Anderson & Associates

Read more

2017 / FEB: ATO develops work-related expenses risk profiles

The ATO has developed work-related expenses risk profiles to help it identify how work-related expense deduction amounts compare for similar taxpayers.

09-Mar-2017 Anderson & Associates

Read more

2017 / FEB: ATO priority on settling cases – but not at any cost

In a new tax determination, the ATO states that a beneficiary is not entitled to a bad debt deduction for an amount of unpaid present entitlement (UPE) that the beneficiary purports to write off as a bad debt.

09-Mar-2017 Anderson & Associates

Read more

2017 / FEB: New ATO data-matching program: ride-sourcing

The ATO has announced a new data-matching program involving ride-sourcing providers. Under the program, the ATO will acquire data to identify individuals who may be engaged in providing ride-sourcing services during the 2016–2017 and 2017–2018 financial years.

09-Mar-2017 Anderson & Associates

Read more

2017 / FEB: No disclaimer of trust interest: unsuccessful appeal

A beneficiary of two trusts whose assessable income was increased from some $70,000 to some $13 million in light of her entitlement to distributions from the trusts has been unsuccessful in claiming on appeal that she had “disclaimed her interests” in the trusts.

09-Mar-2017 Anderson & Associates

Read more

2017 / FEB: Onus on taxpayers to show no fraud or evasion: Full Federal Court

Several taxpayers have been unsuccessful in their appeals to the Full Federal Court in which they challenged tax assessments that dramatically increased their assessable income for certain income years.

09-Mar-2017 Anderson & Associates

Read more

2017 / FEB: Taxation ruling on commercial website deductibility

A new taxation ruling from the ATO sets out the tax deductibility of expenditure incurred in acquiring, developing, maintaining or modifying a commercial website for use in carrying on a business.

09-Mar-2017 Anderson & Associates

Read more

2017 / FEB: Taxpayer failed to prove that payments were “loans”

In a recent case, the Full Federal Court has found that several taxpayer companies had not discharged the onus of proving that assessments the Commissioner of Taxation issued to them were excessive.

15-Dec-2016 Anderson & Associates

Read more

The biggest changes to super in a decade – how to capitalise now!

Major changes to tax and superannuation have just been approved by the Government in early December 2016. These are the biggest changes in the last 10 years. They are significant.