Ways to splash the extra cash from depreciation

When an investor starts claiming depreciation, they can reduce their tax liability. This is because depreciation essentially lowers their taxable income, meaning they may be able to put more money back in their pocket at tax time. For many investors, the additional savings depreciation provides them can help them to reduce their loans faster, add […]

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Crowdfunding donations to help drought-affected farmers

Editor:  The ATO is currently offering various support measures to individuals and businesses from drought-affected communities to help with managing their tax and super obligations or who are struggling with their mental health. It has also recently provided a summary of the potential tax impact of making donations to, or raising funds via a crowdfunding […]

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Black economy recommendations will impact day-to-day business

Editor: Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy (i.e., the ‘black economy’) in light of the Black Economy Taskforce recommendations and recent Federal Budget announcements. Two of these key recommendations are outlined below. Removing tax deductions for PAYG failure The Government is currently considering removing tax […]

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The Company Tax Rate Saga

In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company tax and franking rates for small to medium companies (i.e., introducing a new ‘base rate […]

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SG Amnesty still pending

The proposed superannuation guarantee (‘SG’) amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (i.e., from 24 May 2018 to 23 May 2019). It will apply to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018. The ‘carrot’ currently on the table is that employers who voluntarily […]

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What are the new Ipso Facto rules people are talking about?

New laws came in to force from 1 July 2018 and restricted the enforceability of termination clauses in certain contracts where a voluntary administrator or a managing controller is appointed to a company. The amendments form part of a raft of recent legislative changes aimed at breeding a restructuring culture and driving entrepreneurship in Australia. […]

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What’s the difference between a repair and an improvement?

Deductions for repairs, maintenance and improvements are areas the Australian Taxation Office pay particular attention to on annual tax returns. For this reason it is important that investors understand the difference. Repairs are considered work completed to fix damage or deterioration of a property, for example replacing part of a damaged fence. Maintenance is considered […]

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Transacting with cryptocurrency

Editor: With interest in cryptocurrencies (such as Bitcoin) increasing, the ATO has issued guidance regarding various tax consequences of transactions involving cryptocurrencies. Any capital gains made on the disposal of a cryptocurrency (including using the cryptocurrency or converting it to Australian dollars) may be taxed, although certain capital gains or losses from disposing of a […]

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Suburban scammers pushing illegal early access to super

The ATO has become aware of people in some suburban areas of major cities attempting to encourage others to illegally access their super early (generally for a fee) to help them to purchase a car, to pay debts, to take a holiday, or to provide money to family overseas in need. The ATO advises that […]

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Cents per Km Deduction Rate for Car Expenses from 1 July 2018

The Commissioner of Taxation has determined that the rate at which work-related car expense deductions may be calculated using the cents per kilometre method is 68 cents per kilometre for the income year commencing 1 July 2018 (up from 66 cents per kilometre).

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