Blog

The ATO says that the 2013/14 data is now available for the ‘Small business benchmarks’. The ATO uses these benchmarks as a guide on industry trends to identify businesses that may be avoiding their tax obligations by not reporting some…

Editor: Basically, the ‘backpacker tax’, as announced, would see backpackers who work in the agricultural industry during harvest time being taxed at 32.5% from their first dollar of income. Last month, the National Farmers Federation issued a media release slamming the…

Instant asset write-off – simpler depreciation rules Small businesses can immediately deduct the business portion of most (new or secondhand) assets if they cost less than $20,000 and were purchased between 7:30pm on 12 May 2015 and 30 June 2017.…

The ATO is warning trustees of SMSFs who hold investments in collectables* or personal-use assets*, acquired before 1 July 2011, that time is running out for those items to be transferred out of the fund under the old rules. Editor…

Editor:  Parliament recently passed legislation amending the taxation law to impose withholding obligations on the purchasers of certain Australian assets – generally property purchased from a non-resident.  However, the changes will affect most purchases of property in Australia! The amendments impose a 10%…

An employer cannot claim an input tax credit where it pays an expense on behalf of a superannuation fund, as the supply is not made to the employer; but to the super fund. However, if the fund is registered for GST, then it may…