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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.
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.
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.
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.
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.
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.
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.”
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.
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.
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.
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.
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.
‘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.
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:
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.
