The investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF...
Read MoreAre all your SMSF eggs in one basket?
Thursday, September 05, 2019
ATO take ‘gloves off’ on overseas income
Thursday, September 05, 2019
Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off.
How you are taxed and what you are taxed on depends on your re...
Read More
Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off. How you are taxed and what you are taxed on depends on your re...
Read MoreWeirdest tax deductions revealed
Friday, August 09, 2019
Would you claim the Lego you bought for your kids throughout the year as a tax deduction? One taxpayer did and it made the Australian Taxation Office’s 2018-19 list of most unusual claims.
The Lego was not the only claim for money spent on kids. Another taxpayer claimed their children’s ...
Read More
Would you claim the Lego you bought for your kids throughout the year as a tax deduction? One taxpayer did and it made the Australian Taxation Office’s 2018-19 list of most unusual claims. The Lego was not the only claim for money spent on kids. Another taxpayer claimed their children’s ...
Read MoreTax treatment of compensation from financial institutions
Friday, August 09, 2019
By 30 June 2019, five major financial institutions paid $119.7 million in compensation for poor financial advice to 6,318 customers. The question is, how are these payments treated for tax purposes?
The tax treatment varies according to why the compensation was paid and who the payment w...
Read More
By 30 June 2019, five major financial institutions paid $119.7 million in compensation for poor financial advice to 6,318 customers. The question is, how are these payments treated for tax purposes? The tax treatment varies according to why the compensation was paid and who the payment w...
Read MoreFBT and Uber style ride sharing
Friday, August 09, 2019
When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption. The question is, what about Uber and other ride sharing services, do they also qualify for the exemption? If Uber...
Read More
When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption. The question is, what about Uber and other ride sharing services, do they also qualify for the exemption? If Uber...
Read MoreWhy the Government does not want your business accepting cash payments of $10,000 or more
Friday, August 09, 2019
From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/or $25,200*.
Payments of $10,000 or more will need to...
Read More
From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/or $25,200*. Payments of $10,000 or more will need to...
Read More‘Proof of life’ certificates required for overseas pensioners
Friday, August 09, 2019
One of the stranger pieces of legislation to be introduced into Parliament last month is an attempt to ensure that overseas welfare recipients over the age of 80 are in fact, alive.
There are approximately 96,000 people permanently living overseas who currently receive an Australian so...
Read More
One of the stranger pieces of legislation to be introduced into Parliament last month is an attempt to ensure that overseas welfare recipients over the age of 80 are in fact, alive. There are approximately 96,000 people permanently living overseas who currently receive an Australian so...
Read MoreConfusion over personal income tax changes – what are you really entitled to?
Friday, August 09, 2019
The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is a...
Read More
The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is a...
Read MoreSingle touch payroll exemption for directors and family members
Monday, July 08, 2019
The ATO has provided a concession from single touch payroll for payments by small employers to closely held payees.
Single touch payroll (STP) was extended to cover all employers on 1 July 2019. For directors of their own company or for family businesses employing family
members, there are so...
Read More
The ATO has provided a concession from single touch payroll for payments by small employers to closely held payees. Single touch payroll (STP) was extended to cover all employers on 1 July 2019. For directors of their own company or for family businesses employing family members, there are so...
Read MoreLaundry expenses hung out to dry
Monday, July 08, 2019
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims.
“Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many
of the...
Read More
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. “Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many of the...
Read More