Blog
Help the Tax Office grow its small business expertise
The Tax Office has invited Australia’s small business owners to apply to join its new small business consultation panel. This has been built with an aim to help cut the red tape small businesses are saddled with and boost its efficacy when dealing with small business owners. The Tax Office is looking for small business...
Your online selling data is being collected, and sorted
The growth of online services where one can buy and sell goods has been unstoppable, such is the ease and convenience of both searching and bidding for trash and treasure alike. But with all this commercial activity taking place in cyberspace, the Tax Office is obviously concerned that participants are not meeting their tax liabilities...
An unforeseen fringe benefit (and the tax consequences)
John is an executive sales manager for Fine Foods Pty Ltd, which owns a number of food brands including pre-packaged meals, canned goods and some beverages. During the year, John attended the following events on behalf of, and provided by, Fine Foods. 1. A golf day including a round of golf (and equipment hire) at...
All you need to know about Bitcoin
Lauded for its convenience and lack of dependence on a central authority as much as it is derided for its unpredictability and the anonymity it grants criminals, global digital phenomenon Bitcoin is spreading to every corner of the world and transforming the very essence of monetary transactions. The question is however, is it safe to...
Deceased estates: Some essential information
Unfortunately, having to deal with managing a deceased estate is a task many of us will have to shoulder at some stage in our lives — but having some familiarity with what’s involved beforehand will hopefully ease the burden. It is worth remembering that the law that applies to the assets and income of a...
CGT exemption when you own two homes
It is generally accepted that an exemption to capital gains tax applies to the family home, or “main residence”, and the exemption usually applies for only one home at any given time. But there is a rule that allows for a taxpayer to have two main residences and still maintain that CGT-free status for both...
Builders, get your taxable payments reporting ready before July 21
Businesses in the building and construction industry, take note – the deadline is July 21, 2014 to report the total payments you made to each contractor you enlisted the services of in 2013-14. You will need to report these payments to the Tax Office on the Taxable payments annual report. The taxable payments reporting system...
Net medical expenses tax offset is phasing out
Draft legislation was introduced in the 2013 budget to phase out the net medical expense tax offset (NMETO), which has finally been passed into law. It means that the offset will disappear by the end of the 2018-19 income year, with some interim transitional arrangements put in place between now and July 1, 2019. Part...
SMSF trustees take note: The new penalty regime is now in force
We reported about the changes to the penalties able to be handed down to self-managed superannuation fund (SMSF) trustees some months ago, but just as a timely reminder – a new penalty regime for SMSFs is now in effect and pertains to the activities of all SMSF trustees. With its new regulatory powers, the Tax...
Regulatory Roundup July 2014
SuperStream delayed yet again The introduction of the new superannuation payments standard, SuperStream, has been delayed once more, with the introduction date pushed out to July 2015 for employers with 20 or more staff and to 2016 for smaller operations. The latest delay is seen as an acknowledgement that many employers still have a way...