Car Depreciation – Buying a car before 30 June 2017?
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Car Depreciation – Buying a car before 30 June 2017?

Under Tax Determination 2016/8, the car limit is $57,581 for the 2016/17 (up from $57,466 for the previous year). This amount limits depreciation and GST input tax credit claims. As the indexation factor was less than 1, the car limit for the current…

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Dec 16, 4 years ago

Holiday Rentals Under The Microscope

The ATO has advised that they are sending letters to taxpayers in approximately 500 postcodes across Australia, reminding them to only claim the deductions they are entitled to, for the periods a holiday home is rented out, or is genuinely available …

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Dec 16, 4 years ago

ATO Moves on Cafés and Restaurants

The ATO has advised that they will be visiting restaurants, cafés and take-aways in Box Hill (Melbourne) over the coming months as part of its ongoing Australia-wide program involving the café and restaurant industry. Assistant Commissioner Michael…

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Dec 16, 4 years ago

Zone Tax Offset Changed for fly-in-fly-out Workers

In a direct sign of our ever-changing working landscape, many of our client’s working day now consists of what is termed FIFO arrangements. Simply speaking, this is a ‘fly in fly out’ situation that enables the taxpayer to obtain continual work…

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Dec 16, 4 years ago

Credit and Debit Cards Data-Matching Program

The ATO has announced that they will conduct a data-matching program on credit and debit card transactions for the 2012/13 and 2013/14 years. Data will be collected from the following financial institutions for the data-matching program: • American…

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Dec 16, 4 years ago

Immediate Deductibility of Capital Start-Up Expenses

From 1 July this year, new provisions apply to allow certain small businesses, or an entity that is not in business, to immediately claim some start-up costs, including business costs associated with raising capital. Claimable business-related start-…

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Applying to the ATO for a Market Value Ruling

The ATO say that practitioners or their clients can apply for a market value private ruling, by either: Asking the ATO to provide a valuation (they will be required to pay for the work of the valuer); or Providing the ATO with a valuation and asking …

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Nov 17, 5 years ago

Christmas Parties and Gifts for 2015

Christmas is on the way and many employers will be planning their annual year-end “bash”. In addition, many businesses will be considering what gifts, if any, they will provide to clients and employees. However, an important issue to consider is …

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Nov 17, 5 years ago

Ebay Online Sales Data Matching Program

The ATO has announced that it will acquire online selling data relating to between 15,000 and 25,000 individuals who sold goods and services of $10,000 or more on eBay between 1 July 2014 to 30 June 2015. Data will be sought from eBay Australia and N…

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Nov 17, 5 years ago

GST on all Taxable Online Transactions

The (now former) Treasurer recently announced that the States and Territories had unanimously agreed in principle to reduce the GST threshold on imported goods and services (currently at $1,000) to zero. The new arrangements will apply from 1 July 20…

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Nov 17, 5 years ago

The $20,000 Question

Who will benefit most from the government’s instant asset write-off threshold increase, and how does it apply to small business spending? The Federal Budget tax cuts and the increase in the asset write off threshold for small businesses have genera…

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ATO Data Matching Program – Visa Holders

The ATO has advised that it has developed a Visa Holders Data Matching Program with the Department if Immigration and Border Protection (DIBP) to assist it to effectively detect and deal with compliance risks within the visa holding population. The A…

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Nov 17, 5 years ago

Do’s and Don’ts when dealing with the ATO

Different approaches in dealing with the ATO result in vastly different outcomes; doing it correctly usually revolves the matter in the taxpayer’s favour with significantly less work and cost. With changing trustee penalties, excess contributions, …

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