[vc_row][vc_column][vc_column_text] The Government will reform the administration and oversight of organizations with Deductible Gift Recipient (DGR) status. The Minister for Revenue and Financial Services said, “These sensible reforms will enhance the role of the Australian Charities and Not-for-profits Commission (ACNC), strengthen governance arrangements, reduce administrative complexity and ensure continued trust and confidence in the […]
ATO’s Annual SMSF Statistics
[vc_row][vc_column][vc_column_text] The ATO has released its latest statistics on the SMSF sector with the publication of the annual Self-Managed Superannuation Funds: A Statistical Overview 2015-16. According to Assistant Commissioner Kasey Macfarlane, “SMSFs account for 99.6% of all superannuation funds and 30% of the $2.3 Trillion in total superannuation assets in Australia.” “The annual statistics highlight […]
Fuel tax credit rates increase
By Arcturus Mengsk on February 9, 2018 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, The Bottrell Office
[vc_row][vc_column][vc_column_text] Fuel tax credit rates increased on 5 February 2018 (not 1 February as in previous years) in line with fuel excise indexation. Fuel tax credit rates change regularly. Make sure you use the correct rates each time you lodge your business activity statement (BAS). Prepare for your next BAS Watch the recording […]
Tax Deductions for Nurses
By Arcturus Mengsk on February 9, 2018 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, The Bottrell Office, Uncategorized
[vc_row][vc_column][vc_column_text] As a nurse you might purchase items that are work-related and pay for them yourself. Many common nursing expenses that get paid out-of-pocket are also valid tax deductions for nurses. Below we’ll cover a range of tax deductions nurses commonly claim, to help you get the most out of your next […]
Tax Planning Checklist: Personal Planning
By Arcturus Mengsk on February 9, 2018 in Australian Tax Office Updates, Hints & Tips, The Bottrell Office, Uncategorized
[vc_row][vc_column][vc_column_text] Here is everything you will need for you Income Tax Return this tax season. Zone Offset Record the number of days that you spend in Zone A or B, especially if you live in Zone B but spend some time in Zone A during the year. Sickness and Accident Insurance Payments Premiums […]
10 Easy Ways to Pay Less Tax
By Arcturus Mengsk on February 9, 2018 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, The Bottrell Office
[vc_row][vc_column][vc_column_text] What are the 10 easy ways to pay less tax this next tax season? Bottrell Business Consultants outlines 10 simple tips that can save you a lot at tax time. We asked our accountants for a few tips on the easiest ways to pay less tax to the ATO and keep more in […]
Licences and permits for your business
By Arcturus Mengsk on February 9, 2018 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, The Bottrell Office
[vc_row][vc_column][vc_column_text] Did you know you can find all your local council, state and federal government licences and permits to run your business in one simple search? If not, it’s worth taking the time to use the Australian Business Licence and Information Service (ABLIS). What is ABLIS? ABLIS is the government’s online search tool that […]
Is your ‘business’ a hobby?
By Arcturus Mengsk on February 9, 2018 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, The Bottrell Office
[vc_row][vc_column][vc_column_text] If you sell products or services without intending to make a profit, your activity may be a hobby rather than a business. It’s likely you’re not in business if your activities are: irregular not aimed at making a profit small in size and scale not carried out in an organised manner conducted in […]
Lodgment Obligations for SMSF Trustees in Pension Phase
Earlier last year, the ATO contacted self-managed super funds (SMSFs) that have failed their regulatory obligations by not lodging multiple SMSF annual returns while clearly remaining active. Feedback from trustees who subsequently lodged returns identified a group of trustees in pension phase. Because these trustees were drawing a pension and not lodging personal income tax […]
How e-Audits are Changing the Way the ATO Engages with Clients
Conducting e-Audits is one of the approaches the ATO uses to ensure that businesses are paying the right amount of tax by assessing the integrity and governance controls of business and IT systems. It involves obtaining electronic data to compile, verify and analyse electronic record keeping and accounting information taxpayers provide. If a taxpayer is […]
Tool for Applying the Margin Scheme to a Property Sale
The ATO is recommending that taxpayers use their recently updated GST property decision tool to work out if GST applies to their property sales. The tool can be used to determine GST on the sale, lease or purchase of real property (including vacant land, residential and commercial premises), and was recently updated for easier use […]
Don’t Duplicate Rental Deductions
[vc_row][vc_column][vc_column_text]The ATO is receiving some tax returns lodged by tax agents where the same rental deduction amount is incorrectly included at more than one label in the return. For example, some are incorrectly including rental interest in the rental schedule and at item D7 or D15. Before lodging, they ask that agents check clients’ tax […]
Encouraging Digital Lodgment
The ATO has advised that, from November, the ATO may send clients that lodge paper activity statements an email or SMS message encouraging them to lodge through the digital channels. The message will include a link to the ATO’s Online Services page for information about lodging and paying online, but will also include the option […]
Trustee validly removed despite documentation irregularities
[vc_row][vc_column][vc_column_text]A recent case has highlighted that it may not be necessary to use a deed to effect a change in trustee of an SMSF. However, the mere fact that not using a deed resulted in a costly legal dispute highlights why using a deed can be the best means of changing trustees. Facts The trustee […]
No Expense ‘incurred’ with purchase of sequestered carbon
[vc_row][vc_column][vc_column_text]The federal court upheld the Commissioner’s amended assessment denying a business taxpayer, Academy Cleaning & Security Pty Ltd. (‘academy’), a deduction of $420,000 for the purported purchase of 15,000 tonnes of ‘sequestered carbon’ Facts The taxpayer’s business included providing security and cleaning services under contracts that it won in tender processes, and one of the […]