Frequently asked depreciation questions
What is depreciation? As a building gets older and items within it wear out, they depreciate in value. The Australian Taxation Office (ATO) allows property investors to claim a deduction relating to the building and fixtures it contains. Depreciation can be claimed by any owner of an income producing property. This deduction essentially reduces the […]
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ATO guidance regarding ‘downsizer contributions’
The ability to make ‘downsizer contributions’ effectively commenced on 1 July 2018, prompting the ATO to release further guidance with respect to this new superannuation contribution classification. This new measure will be of most assistance for individuals approaching retirement, where they dispose of their family home in an effort to ‘downsize’ and they want to […]
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Improvements to employee share schemes announced
The Government has announced it intends to introduce legislation to improve the ability of small businesses to offer employee share schemes by simplifying the current regulatory framework, and reducing the time and cost burden for businesses by (amongst other things): increasing the value limit of eligible financial products that can be offered in a 12-month […]
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ATO data matching and share transactions
The ATO has extended its data matching program, this time focusing on share data. The ATO will continue to receive share data from ASIC, including details of the price, quantity and time of individual trades dating back to 2014, with more than 500 million records obtained. The ATO will use the information to identify taxpayers […]
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External collection agencies to enforce ATO lodgement obligations
The ATO has finalised a trial relating to sending overdue taxpayer lodgement obligations to external collection agencies. As a result, it may now refer taxpayers to an external collection agency to secure tax return lodgement. The ATO has stated that it will only refer a taxpayer to an external collection agency where the taxpayer takes […]
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ATO contact regarding business cars and Fringe Benefits Tax (‘FBT’)
The ATO has recently advised that it will be contacting taxpayers (and tax agents on behalf of their clients) that have been identified as having cars registered in their business name who have not lodged an FBT return. The ATO has reminded businesses that: a car fringe benefit will occur when a business owns or […]
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ATO to send text messages if bank account details incorrect
The ATO has advised that it will send SMS text messages directly to taxpayers where incorrect bank account details were included in their tax returns and they were entitled to a refund. The SMS will advise impacted taxpayers that: their refund cannot be processed due to incorrect bank account details; and they should phone the […]
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Company loans to shareholders under review
The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are generally required when a shareholder (or their associate) borrows funds (or receives a payment) from a related company. Broadly, where a private company makes a payment or loans funds to a shareholder and/or their associate, the amount will […]
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Embrace online shopping with your eyes open!
If you’re like me, you may find yourself doing your Christmas shopping online. There are many reasons why online shopping has become a way of life for many Australians. The top reason is convenience. You can compare prices between a large array of companies; you can have your items delivered directly to your home, and […]
Read More »Work Christmas Parties and Gifts
16 November 2018 ‘Tis the season to be jolly! But ho-ho-hold up before you start making spirits bright and rewarding your employees with gifts or parties this Christmas, as fringe benefits tax may apply when providing all the trimmings. So you don’t get your tinsel in a tangle for your work Christmas party, consider: how […]
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