Blog
A “watch out” and a “how to” for the Year End!
WATCH OUT – Director Penalties for Unpaid Super – CHANGES TO THE LAW Company Directors can be held personally liable for a company’s unpaid employee superannuation. The unpaid superannuation is (after three months) payable to the ATO as a Superannuation Guarantee...
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. Most of these changes will take place on 1 July 2017. That’s why we need to start...
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. The amended assessments took into account income of some $4 million...
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. Broadly, the ruling explains that acquiring or developing a commercial...
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. In each case, the Court confirmed that where the Commissioner of...
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....
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. Details...
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. It says this is because the amount of UPE is not included...
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. The ATO said improvements in data analytics and modelling have allowed it to create a risk profile for tax agents’...
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. The AAT found that the Commissioner of Taxation was obliged to impose a 75% administrative penalty...
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… 30 June will be here before we know it. Let us help you get the most out of the upcoming months. Too often, we end up suffering...
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. To help you meet your fringe benefits obligations, we’ve put together a list of...
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. Businesses that haven't engaged with the Australian Taxation Office (ATO) to get their tax debts under control could have their...
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. Think of it as compensation for wear and tear. Buildings suffer...
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. We at Anderson & Associates are here to help you make smart financial decisions now so you can have a beautiful...