Patane Accounting Pty Ltd is a CPA Practice
The ATO has issued its decision on the treatment of bitcoin, and other crypto-currencies, for tax purposes. Bitcoin is a form of virtual digital currency that has been gaining popularity worldwide. Based on the average number of daily transactions, bitcoin has overtaken western transfer and is fast approaching PayPal as the world’s most popular form…
A new law that prevents taxpayers from benefiting from dividend washing has been enacted. The new integrity rule is intended to help taxpayers understand their tax responsibilities and comply with the legislation. Dividend washing occurs when a shareholder seeks to claim two set of franking credits. This is done by selling shares after a dividend…
Backdating to July 1 2014, the carbon charge will be removed from all fuels. The ATO has indicated that this will result in some changes to fuel tax credits. There will be an increase in fuel tax credits available for a range of off road activities, while credits will no longer be available to specified…
The Abbott government has delivered on its long-standing election promise to repeal the carbon tax, effective from July 1, 2014. A condition of the repeal receiving crucial crossbench support from the Palmer United Party (PUP) was that savings be directly passed on to consumers and small businesses. As a result, the ACCC (Australian Competition and…
The ATO has introduced a new streamlined online tax return process for individuals with very straightforward tax affairs. MyTax is made up of just ten screens and is intended for people whose only income derived from wages, salary, dividends, bank interest, allowances, and/or other Australian government payments. To use myTax your only tax deductions need…
The ATO has recently advised taxpayers to seek a second opinion on before entering into any tax avoidance schemes. According to the ATO tax avoidance schemes are designed to appear legitimate, even to savvy investors. In particular taxpayers should be wary of complex financing schemes that rely heavily upon round robin financing schemes and non-recourse…
If you use a piece of equipment, such as a computer, for work related activities then you may be able to claim it as a tax deduction. If the item is valued at over $300 then you cannot claim the entire cost in the year of purchase. Instead, you will need to calculate the depreciation…
If you own a rental property or are considering purchasing an investment property, it is important to be aware of the tax deductions you can claim. Claiming all of the legitimate deductions on your investment property can save you a lot of money. On the other hand accidently claiming illegitimate deductions can cost you a…
Refund fraud occurs where tax returns, activity statements and other documents are deliberately falsified in order to claim a tax refund a taxpayer is not entitled to. Fraudulent claims can be lodged by individuals on their own account or third parties on behalf of others. Often, this can involve identity crime, where taxpayer identities are…
Many problems can occur when processing activity statements and tax returns which can lead to a delay in issuing refunds. However often these problems are often caused by small issues and can be easily avoided. Here is a list of tips to help minimise some of the issues that can prevent a speedy tax refund:…
