Patane Accounting Pty Ltd is a CPA Practice
Employers are reminded that the ATO will be focusing on businesses operating outside the fringe benefits tax (FBT) system in 2013-14. The ATO will be paying particular attention to those employers who are failing to fulfil their reportable fringe benefits (RFB) amount and FBT obligations. Employees should be recording the value of fringe benefits provided…
The ATO has recently revealed that over a million Australians may be able to avoid filling in a tax return in 2014. As many as 1.4 million Australians could be offered new ‘push’ returns from as early as next year. Lodging a tax return will still be necessary; however the process of filling the tax…
The Australian Crime Commission (ACC) and the ATO are working together to identify and catch tax cheats. The $2 million contract commenced on 26 August 2013 and will be in force for two years. The ACC will supply the ATO with static and mobile surveillance in an effort to catch individuals who are not fulfilling…
Business owners need to be aware of the difference between an employee and a contractor so that they are able to meet their tax requirements. It is illegal for businesses to incorrectly treat their employees as contractors. This is because it allows businesses to unlawfully reduce their labour costs and gain an unfair advantage over…
The government will be phasing out the net medical expenses tax offset Net medical expenses are the total medical expenses, minus refunds from Medicare and private health insurers that an individual is entitled to receive. From 1 July 2013, those taxpayers who received the offset in their 2012-13 income tax assessment will be eligible for…
The Government’s plan to abolish a number of tax measures could cost individuals and businesses several thousands of dollars. It is important to be aware of these potential changes as decisions pre and post 1 January 2014 could have serious implications. Below are some of the potential changes, however, take note that these changes are…
On 8 May 2012, changes to the CGT discount were announced in the 2012-13 Budget. These changes became law as of 29 June 2013. The changes mean that foreign or temporary residents and Australian residents who have lived overseas may not receive the complete CGT discount. From 8 May 2012, individuals, including beneficiaries of a…
