Tax News

Maximising travel expense claims

Employers and individuals using a vehicle for work may find it useful to consult ATO guidelines when claiming work related travel expenses. Individuals and business owners may be able to claim car travel expenses in the following circumstances: If they have to carry bulky goods or equipment back and forth to work that cannot be le...

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Tax Focus:Common FBT Exemptions

With the Fringe Benefits Tax deadline fast approaching, small businesses should review some of the key FBT issues. The FBT for the year ending 31 March 2013 is 46.5%, on the grossed-up taxable value of fringe benefits provided to employees during the FBT year. Common fringe benefits exempt from the tax include: Newspapers and ...

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GST refund time limit

Small businesses entitled to refunds of GST may not be aware of the four year time limit on claiming those refunds. GST refunds are claimed under the indirect tax laws, which cover GST, Luxury Car Tax (LCT), Wine Equalization Tax (WET) and fuel tax credits. They are a form of ‘outstanding indirect tax refunds’ which are tax re...

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Important tax dates

During this festive time of year we remind you, Friday 20th December 2013 is the due date for lodgement and payment of your November 2013 monthly activity statement.

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ATO now targeting: Motor Vehicle Data Matching

The ATO plans to collect motor vehicle information from state and territory authorities and to match taxpayer records and identify those who participate or operate in the cash economy. More specifically, individuals who do not declare all of their income or are deliberately avoiding their tax obligations. The ATO has announced plans to ta...

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Income Tax cuts in Federal Budget Benefiting high income earners

In its efforts to boost the economy, the Federal Government is considering bringing the planned income tax cuts forward. The intention behind these cuts is to boost the economy by boosting consumption. Initially, income tax cuts were to take place in three stages, the first of which has already b...
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Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation

An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker’s super. A total of 588 million dollars will be distributed to almost 400,00 individuals. The scheme, which covered payments from the introduction of super in 1992, ...
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