A Different Perspective
Meet Our Clients - Donna from Home Instead Senior Care
Home Instead Senior Care is a global network of locally owned and operated home care franchises. Our services support older Australians to live at home more independently and for longer.
ATO November 2019 Bushfire Assistance
Following the devastating bushfires across large parts of NSW and Queensland in November, the ATO has offered ongoing support.
Christmas Hampers for the Homeless Donations
We cannot say thank you enough to everyone who donated!
Year-end (and other) Staff Parties
With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties) to staff and clients.
Christmas Gifts
With the holiday season approaching, many employers and businesses want to reward their staff and loyal clients/customers/suppliers. Again, it is important to understand how gifts to staff and clients, etc., are handled 'tax-wise'.
$30,000 Instant Asset Write-Off
The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.
Farm Household Allowance
The Farm Household Allowance (FHA) offers support for eligible farmers and their partners going through adversity, including drought. More than 40% of Queensland is currently in drought. If drought is affecting you, now is the time to see if you are eligible for Farm Household Allowance.
Special Deductions & Tax Support for Primary Producers Affected by Drought & Natural Disasters
The Australian Government has introduced a number of taxation measures and concessions available for drought–affected primary producers.
Scams Targeting ASIC Customers
Scammers claiming to be from ASIC have been reaching Registry clients requesting that they pay expenses and give personal data to renew their business or organisation name.
Taxpayer Liable for Excess Transfer Balance Tax Despite Commutations
A taxpayer has unsuccessfully tried to challenge an excess transfer balance tax liability, despite following the ATO's instructions.
Meet Our Clients - ShareStory
ShareStory is a team of ambitious creatives who specialise in the strategic production of high-end video, photo and graphic design for businesses and brands. The Brisbane based creative agency provides services to clients across Queensland including some brands here on the Darling Downs such as Lavish Constructions, Yellow-Bridge QLD and R&F Steel Buildings.
Christmas Hampers for the Homeless
In order to help make a difference this Christmas we are running a donation drive in collaboration with Base Services Toowoomba to create Christmas hampers for the homeless.
Government Passes Other Superannuation Legislation
The Government has recently passed legislation requiring insurance in superannuation for new members under 25, and members with low balance accounts, to only be offered on an opt-in basis from 1 April 2020.
Super Guarantee opt-out for High Income Earners Now Law
From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee ('SG') from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.
Reporting Asset Disposals for CGT
As the ATO's data-matching capabilities increase, they are paying close attention to capital gains made on shares, property and cryptocurrency.
Tax Debt Disclosure & Super Guarantee Loophole Bill Passed
The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 has been passed and is pending royal assent. This bill introduces an array of measures that will affect both businesses and individuals.
This bill contains laws in relation to business tax debt disclosure, super guarantee loophole and limiting deductions for vacant land.
New Concerns for Overdue SMSF Annual Returns
Commencing 1 October 2019, any self-managed super fund annual return lodgement more than two weeks overdue will have its status changed on the Super Fund Lookup. The ATO has chosen this method in order to protect retirement savings.
Help Us Make A Difference This Christmas
This month at the Toowoomba Referral Network meeting Shaun had the privilege of hearing from Nat Spary, the co-ordinator of Base Services here in Toowoomba.
ATO Impersonation Scam Update
Unbelievably, scammers are still successfully bilking Australians out of tens of thousands of dollars, as a recent ATO scam report shows.
Using the Cents Per Kilometre Method
The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses.
Deductions for a Company or Trust Home-Based Business
The ATO has reminded taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, market-rate rental contract (or similar agreement) with the owner of the property.
Motor Vehicle Registries Data Matching Program Protocol
The ATO will match the data provided by the State and Territory motor vehicle registering authorities against the ATO’s taxpayer records with the objective of identifying those who may not be meeting their registration, reporting, lodgment and payment obligations.
"Outrageous" Deductions Rejected
The ATO has published some of the most unusual claims that they disallowed last financial year.
Cash Receipt Limit Bill
The Currency (Restrictions on the Use of Cash) Bill 2019 has been introduced to establish the cash payment limit of $10,000 and offences for entities that make or accept cash payments of $10,000 or more from 1 January 2020, unless otherwise permitted.
ATO Watching for Foreign Income this Tax Time
The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time.
Division 293 assessments
The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year.
Division 293 imposes an additional 15% tax on certain concessional (i.e., taxable) superannuation contributions.
It applies to individuals with income and concessional superannuation contributions exceeding the relevant annual threshold.
Claims for home office expenses increased
The ATO has updated the hourly rate taxpayers can use to determine deductions for home office expenses from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018 (i.e., from the 2019 income year).
According to the ATO’s recently updated PS LA 2001/6, individual taxpayers who claim deductions for either work or business-related home office running expenses may either:
MYEFO report
The Mid-Year Economic and Fiscal Outlook (‘MYEFO’) report was recently released.
It indicates that the underlying Budget deficit is expected to be $5.2 billion in 2019 (down from the $14.5 billion deficit estimated in the 2018/19 Federal Budget).
The substantial deficit reduction is reportedly a result of increased tax collections, with individual tax collections up $4.1 billion and company tax collections up $3.4 billion.
