Division 7A and family breakdown

on September 15, 2014 General with 0 comments

The ATO has made its final ruling on the application of Division 7A to relationship breakdowns. If a private company is ordered by the family court to make a payment or transfer an asset to a separating partner, then the settlement will be treated as a distribution of profits for tax purposes. The ruling has…

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Claiming personal technology as a tax deduction

on September 15, 2014 General with 0 comments

As personal technology devices such as laptops, smartphones and tablets, are becoming increasingly prevalent, the ATO will be focusing its attention on individuals claiming tech items as work-related tax deductions. Currently, Australians claim almost $19.5 billion each year in work-related expenses, and an increasing number of tech items are being included each year. It is…

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Avoiding the usual GST errors

on September 15, 2014 General with 0 comments

It is common for businesses to make GST errors in their BAS. The majority of these mistakes are unintentional. The ATO recently reviewed all of the BAS adjustments made as a result of auditing and revealed that over 80% were the result of inadvertent GST mistakes. Examples of common mistakes include: clerical errors such as…

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7 Things You Need to Know About Self-Managed Super Funds

on September 15, 2014 General with 0 comments

1. What is a self-managed super fund? A self-managed super fund (SMSF) is a superannuation fund with a maximum of four members who act as the fund’s trustees and direct its investment strategy, giving Australians the chance to take a more active role in planning their retirement. SMSFs represent the fastest growing sector of the…

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ATO increase penalty units

on May 30, 2013 General with 0 comments

There are now greater penalties in place for breaches of most Australian tax laws. The ATO has increased the value of a penalty unit from $110 to $170, the first such increase since 1997.

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