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Changes to FBT for Utes

Posted on Sep 14, 2018 by admin

The Australian Tax Office (ATO) has released draft guidelines changing its previous stance on Fringe Benefits Tax (FBT) for utes. Amendments originated from reports that dodgy tax returns were responsible for a loss of $8.7 billion in income tax due to wrongful claims. Failure to comply with new requirements listed below may result in a 20 percent FBT imposed on the cost of the vehicle. The requirement of a logbookNew rules require employers to ensure their workers using these vehicles keep detailed logbooks. Whether the logbooks are electronic or hard copy, it is vital that the process be effective for […]

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Employer super obligations reminder

Posted on Sep 14, 2018 by admin

The Australian Tax Office (ATO) is reminding employers to check they are meeting their obligations when it comes to paying super to their workers. To help you make sure you are meeting your requirements, consider this checklist: Are you paying the correct amount? You are required to pay a minimum of 9.5 per cent of their ordinary time earnings to their superannuation fund. Are you keeping correct and up-to-date records? It is important to maintain accurate record-keeping procedures, so you have evidence to prove you have been meeting your employer super obligations. Are you paying super to all eligible workers? […]

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Income tax return: what to report

Posted on Sep 6, 2018 by admin

The time to report and lodge your annual tax return for your business is fast approaching. Remember, what you must report will depend upon the type of business entity you have. Sole traders As a sole trader, you are required to lodge a tax return even if your income is below the tax-free threshold. This will include: – tax return for individuals including the supplementary section – business and professional items schedule for individuals. You must report: – The business income minus the business deductions you are eligible to claim. – The other income like wages and salary (from a […]

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Winding up a SMSF

Posted on Sep 6, 2018 by admin

The Tax Office is reminding individuals winding up a self-managed super fund (SMSF) that before lodging your final SMSF annual return, you must first have an audit completed by an approved SMSF auditor. When lodging your SMSF annual return, answer Question 9 in Section A: ‘Was the fund wound up during the income year?’. You should also look to complete Question M in Section D: Supervisory levy adjustment for wound up funds. By doing so, you will reduce the SMSF supervisory levy you must pay, so you do not have to pay the levy the following year. Remember also to […]

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What is exempt current pension income?

Posted on Aug 29, 2018 by admin

Any ordinary and statutory income a self-managed super fund (SMSF) earns from assets held to support retirement phase income streams is exempt from income tax – this income is commonly referred to as Exempt current pension income (ECPI). This form of income does not include assessable contributions or non-arm’s length income. Individuals can choose to claim their ECPI in the SMSF annual return. However, to do so, they must ensure their SMSF assets are valued at current market value. This requirement also applies when a transition to retirement income stream (TRIS) moves into retirement phase. There are two methods an […]

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TPRS extension to contractors

Posted on Aug 29, 2018 by admin

From 1 July 2018, businesses that supply cleaning or courier services must report payments made to contractors (if payments are for cleaning or courier services) via the Taxable payments annual report (TPAR) each year. However, the ATO does not require taxpayers to lodge their TPAR during the period up until the proposed law change is passed by Parliament. Instead, they are expected to keep appropriate records to ensure a TPAR could be prepared and lodged as soon as practical (after the law is enacted). After the new law is enacted taxpayers will need to check payments, they have made to […]

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Avoid being short changed with your super

Posted on Aug 22, 2018 by admin

With recent regulatory changes to super contributions, it is easier than ever to ensure your employer is paying you the super you are entitled to. There are specific steps you can take to ensure you are being paid correctly. Consider the following: Understand your entitlements Employers have to put 9.5 per cent of an employee’s wage into their superannuation account. As of July 2017, these contributions must be made quarterly through the super clearing house. This was introduced by the ATO to prevent dishonest employers from ripping off their employees. If you have not received a quarterly payment by the […]

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Tax deduction for landcare operations

Posted on Aug 22, 2018 by admin

You may be able to claim a tax deduction for capital expenditure on a landcare operation in Australia in the year it is incurred. Providing you are a primary producer, a rural land irrigation water provider who incurred the expenditure on or after 1 July 2004, or a business using rural land for taxable uses (excluding mining and quarrying businesses) you are eligible to claim a deduction. Many operations fall under the category of a landcare operation. For instance, when you primarily and principally: – eradicate, exterminate or destroy plant growth detrimental to the land. – put in fences to […]

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Super contribution caps: the basics

Posted on Aug 21, 2018 by admin

Making contributions to your superannuation fund is a great way to grow your nest egg, however, there are caps on the amount you can contribute every financial year to be taxed at lower rates. Once you go over these caps, you may be required to pay additional tax. The cap and extra tax amount will vary depending on your age, the financial year the contributions relate to, and whether the contributions are concessional (before tax) or non-concessional (after tax). Concessional contributions Concessional contributions include compulsory employer contributions and salary sacrifice amounts. There is a cap on the amount you can […]

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Rental property and tax

Posted on Aug 21, 2018 by admin

The Tax Office is reminding individuals who either own or are looking to purchase a rental property that there are essential record-keeping and taxation obligations that they must meet. Examples of records to keep (for the period the individual owns the property for and up to five years after it is sold), include: – Rental income – Contract of purchase and sale – Expenses – Loan and refinancing documents – Periods when the property was used for private use (i.e., family use) – Steps taken to rent out the property (i.e., advertising) Individuals must also declare all income they receive […]

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