Lodgement Obligations In this post we have outlined the remaining lodgement obligations up to the end of the financial year 2012. 21 April 2012 Due date for lodgement and payment of the March 2012 monthly activity statement. 28 April 2012 Due date for lodgement and payment of the Business Activity Statement for the quarter [...]
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Interest Deductibility Under Split Loan Facility Arrangements
February 22, 2012
In order to determine whether interest incurred on a loan is deductible, the ATO will generally look at the purpose and use of the borrowed money. For example, interest incurred on a home loan for the taxpayer’s main residence will generally be non deductible, because the purpose and use of the borrowed money is for [...]
Read moreSmall Business Depreciation
February 17, 2012
Tax Update – February 2012 Recent Updates On Small Business Depreciation Draft legislation has been released for public consultation to allow small businesses using the small business depreciation regime to: a) claim up to $5,000 as an immediate deduction for motor vehicles, with the remainder of the motor vehicle cost to be pooled in the [...]
Read moreAnnual PAYG Installments
July 13, 2011
The Australian Taxation Office (ATO) has started issuing the PAYG Annual Instalment notices. The amount nominated in the PAYG notice is based on the untaxed income (business income, rents, interest, investments etc.) shown on your last income tax return. The amount nominated is due by the 21st of October, 2011. If your untaxed income for [...]
Read moreLodgement Calendar 2011
July 7, 2011
14 July 2011 Employers to provide payment summaries (Group Certificates) to the employees. 21 July 2011 Clients who lodge activity statements monthly: June 2011 activity statement is due for lodgement and payment. 28 July 2011 Quarterly PAYG instalment notice (Form R, S or T) for the quarter ended 30 June 2011 is [...]
Read moreATO Audit Hot Spots for 2011
July 1, 2011
For the 2011 tax year the Australian Tax Office (ATO) will be focusing its compliance activities for individuals on four areas; Work-related expense claims: Occupations the ATO will be focusing on will be employee school teachers, employee engineers and mechanics. Purchase-related costs for rental properties: The ATO will be focusing on costs associated with the purchase of rental properties. Personal Superannuation [...]
Read more2011 Individual Tax Return Changes
July 1, 2011
A number of changes have been made to the individual tax return for the 2011 year. Outlined below are some of the more important changes that will impact taxpayers lodging their 2011 tax return. Personal Income Tax rates have been marginally reduced from 1 July 2010. The Low Income Tax Offset has been increased to $1,500, up from $1,350. The Tax Free Threshold [...]
Read more“The Cash Economy”
February 1, 2011
The ATO has recently expanded their efforts to combat the “Cash Economy”. The “Cash Economy” refers to business transactions settled in cash and then not recorded as either income or expenditure To many small business owners it will sound ironic that at a time of adverse economic conditions, when business owners have to literally pour [...]
Read moreHenry Review: A Sydney Tax Accountant’s Perspective
May 12, 2010
The long anticipated Henry Report on our tax system was released by the Government on 2 May 2010. Sydney tax accountants, Gotsis Rubic & Barbariol, note that only a small number of the 138 have been adopted by the Government as yet, some others maybe dealt with in the budget to be presented by the [...]
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