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Instant asset write-off

By WSCAdmin | Created on October 24, 2019

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.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.

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ATO impersonation scam update

By WSCAdmin | Created on October 24, 2019

Unbelievably, scammers are still successfully bilking Australians out of tens of thousands of dollars, as a recent ATO scam report shows.

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Towards Zero Interest Rates

By WSCAdmin | Created on October 24, 2019

The ongoing trade war between the US and China has dominated financial market movements recently.

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Measuring the integrity of the ABR

By WSCAdmin | Created on October 24, 2019

The ABR is trying to understand and improve the experience for clients applying for, maintaining and cancelling an ABN, and will use the information to measure ABR data quality.

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Using the cents per kilometre method

By WSCAdmin | Created on October 24, 2019

Importantly, taxpayers making a ‘cents per kilometre’ claim are required to demonstrate that they worked out the number of business kilometres they claimed on a reasonable basis.

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Federal Court provides clarification on the PSI rules

By WSCAdmin | Created on October 24, 2019

The Federal Court recently handed down two decisions relating to the personal services income ('PSI') rules.

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Super Guarantee Amnesty Ressurected

By WSCAdmin | Created on October 24, 2019

The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self- correct.”

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Distributions to non-resident beneficiaries

By WSCAdmin | Created on October 23, 2019

Two new determinations released by the ATO deal with the complex and technical issues that arise when a resident discretionary trust makes a distribution of capital gains to non-resident beneficiaries.

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Tax treatment of compensation from financial institutions

By WSCAdmin | Created on September 25, 2019

The tax treatment varies according to why the compensation was paid and who the payment was made to.

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FBT and Uber style ride sharing

By WSCAdmin | Created on September 25, 2019

Taxi travel by an employee is an exempt fringe benefit if the travel is in a single trip that begins or ends at the employee’s place of work.

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Rental property expenses - what you can and can’t claim

By WSCAdmin | Created on September 25, 2019

In general, deductions can only be claimed if they were incurred in the period that you rented the property or during the period the property was genuinely available for rent.

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Confusion over personal income tax changes - what are you really entitled to?

By WSCAdmin | Created on September 25, 2019

A low and middle income tax offset (LMITO), first introduced in the 2018-19 Federal Budget, provides a tax benefit to those with taxable incomes below.

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‘Proof of life’ certificates required for overseas pensioners

By WSCAdmin | Created on September 25, 2019

There are approximately 96,000 people permanently living overseas who currently receive an Australian social security payment. The majority of these receive the age pension.

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ATO take ‘gloves off’ on overseas income

By WSCAdmin | Created on September 25, 2019

How you are taxed and what you are taxed on depends on your residency status for tax purposes. As tax residency can be different to your general residency status it’s important to seek clarification. The residency tests don’t necessarily work on ‘common sense.’ For tax purposes:

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The $11.1bn small business tax shortfall

By WSCAdmin | Created on September 25, 2019

If the ATO turn up at your business, they may spot check how you are recording your sales and the records for the past day or so. They may also check payroll records to ensure that staff are ‘on the books’ and superannuation entitlements are being met.

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