Tax Talk

  • Federal Budget 2018/19
     1. Personal income tax changes 1.1 Personal income tax plan The Government will introduce a seven-year, three-step, Personal Income Tax Plan, as follows: Step 1: Targeted tax relief to low and middle income earners The Government will introduce the...
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  • We hope you’re enjoying our David O’Brien and Associates App
    To all Our Valued Clients, We were delighted recently to announce the release of our brand-new App; if you need a reminder of what it does you can view our app by searching ‘David O’Brien & Associates’ in the App Store or on Goo...
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  • Launch of our David O’Brien And Associates APP!
    Dear Our Valued Client, As a firm we are constantly looking for ways we can improve the service we offer our customers. Therefore, we are pleased to announce the launch of our brand new David O’Brien & Associates App. It’s completely ...
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  • Federal Budget 2017/18
    1. Personal income tax measures 1.1 Limiting plant and equipment depreciation deductions to outlays actually incurred by investors – for residential investment properties acquired from Budget night on 9 May 2017 From 1 July 2017, the Government...
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  • ‘Uber’ – Ride-Sourcing Is Taxi Travel
    In a recent case, the Federal Court has agreed with the ATO that ‘ride-sourcing’ (such as that provided using Uber) is ‘taxi travel’ within the meaning of the GST law. The ATO has advised tax practitioners that, since a lot of...
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  • Are Airport Lounge Annual Fees Deductible?
    Taxpayers are entitled to a general deduction for the annual fees incurred on an airport lounge membership for use by its employees where that membership is provided because of the employment relationship. However, the annual fees incurred will not b...
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  • Renting Out A Room Is Rental Income
    The ATO recently issued an information sheet on renting out rooms in homes/flats, etc., and the following are excerpts: Money your clients earn from renting out a room in their house is rental income. This applies to rooms rented by traditional means...
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  • Reduction in FBT rate from 1 April 2017
    In conjunction with the introduction of the temporary budget repair levy (of 2%, payable by high income earners), the FBT rate was also increased from 47% to 49% for the 2016 and 2017 FBT years. However, the rate reverted to 47% from 1 April 2017. Th...
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  • ‘Pitfalls and Dangers’ In Property Purchases.
    Every year we come across new clients that are in the property market, however, have never received the appropriate taxation advice to properly plan their investment strategy. It leads to common errors related to both their property and tax that coul...
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  • ATO Numbers For SME’s (Small and Medium Enterprises)
    Small business indicate that issues with cash flow are a major challenge when running a business, leading to financial problems that impact on business viability. In 2014/15, 20,018 businesses in Australia became insolvent, with inadequate cash flow ...
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  • Cents Per Km Deduction Rate ‘Reminder’ For Motor Vehicle Expenses
    The Commissioner of Taxation determined that the rate at which work-related motor vehicle expense deductions may be calculated using the cents per kilometer method is 66 cents per kilometre for the income year commencing 1 July 2016 i.e the upcoming ...
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  • Reforms to Non-Concessional Super Contributions
    On 15 September 2016, the government announced new changes affecting the non-concessional contribution (‘NCC’) caps, which are to take effect from 1 July 2017. In particular, it announced a reduction in the existing NCCs caps, with the $1...
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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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  • Are Gifts From Clients Deductible?
    A recent taxation determination is to the effect that a taxpayer who carries on a business is entitled to a general deduction (under s 8-1 of the Income Tax Assessment Act 1997 (Cth) (ITAA97)) for an outgoing incurred on a gift made to a former or cu...
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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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  • Department of Defence Clients – Zone Tax Offset
    Eligibility rules change for zone tax offset claims in 2016/2017 From the 2016 income year, any entitlement to the zone tax offset is purely based on the location of an individual’s ‘usual place of residence’ within a prescribed zon...
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  • ATO Reminder – What’s New For Small Business
    Note: The ATO has issued a Fact Sheet as a timely reminder before the end of the financial year on the changes announced in last year’s Budget. The ATO stated that the following tax concessions were announced in the 2015 Budget: • Instant asset w...
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  • TAX TIP: ASIC – Company Address Details
    Make sure that your company directors keep their details up-to-date with ASIC A recent case has highlighted how important it is to keep details up-to-date with ASIC (not to mention other government departments, such as the ATO and the Australian Busi...
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  • Singapore and The ATO To Share Data To Reduce Tax Evasion
    The Inland Revenue Authority of Singapore (IRAS) and the ATO have entered into an agreement on the automatic exchange of financial account information (AEOI) based on the Common Reporting Standard (CRS). Singapore and Australia will commence exchangi...
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  • Federal Budget 2016
    Targeted Personal Income Tax Relief Changes effective 1 July 2016 (i.e., 2016/17 income year) From 1 July 2016, the government will increase the 32.5% personal income tax threshold from $80,000 to $87,000. This measure will reduce the marginal rate o...
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“Please note that many of the comments in Tax Talk are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. As such we ask that you please contact our office if you require any further clarification.”
May 9, 2 years ago
Federal Budget 2018/19
 1. Personal income tax changes 1.1 Personal income tax plan The Government will introduce a seven-year, three-step, Personal Income Tax Plan, as follows: Step 1: Targeted tax relief to low and middle income earners The Government will introduce the...
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