New prime minister As we’re sure you all know by now, Kevin Rudd is the Prime Minister . . . again . . . but this has also resulted in a change in various Ministerial positions of relevance to the Tax World, including Chris Bowen becoming the new Treasurer (after Wayne Swan stepped down) and […]
Beware of lodging income tax returns on behalf of others
Beware of lodging income tax returns on behalf of others The Tax Practitioners Board (TPB) has recently investigated a number of tax agents who lodged income tax returns containing false payment summaries and other false information. The income tax returns were lodged in the names of genuine taxpayers whose identities had been stolen. Third parties […]
Fishing crew not contractors
Fishing crew not contractors By having a contract that crew members had to sign entitling them to a third of the gross income from a catch, the owner of four boats tried to avoid having to pay the SGC. The AAT was having none of it. Facts In each of the years ending 30 June […]
Taxpayer’s operations didn’t stack up as a share trader
Taxpayer’s operations didn’t stack up as a share trader This case involved a council worker who claimed that he was also a share trader, not merely a share investor. While the AAT member said that it was more than a hobby, he said that it was not a business. Strange? Wouldn’t one think that if […]
Excess super contributions: a case with a twist
Excess super contributions: a case with a twist This case involved a taxpayer who deposited $430,000 into his super fund. When the GFC hit, he panicked and withdrew half. Six months later he reconsidered, and redeposited another $100,000. He thought on a net contribution basis, he was OK given that he had withdrawn about $200K. […]
SMSFs startup
By Bottrell Group on June 25, 2015 in Hints & Tips, Interesting Articles, Motivation, Social Media, The Bottrell Office
SMSFs startup ATO believes SMSFs need at least $200k to start up SMSFs startup In a document on the ATO’s website entitled “Thinking about SMSF”, the ATO indicates that, similar to the above report, it also believes that $200K is the minimum figure you need to “think about an SMSF”. The following are excerpts: Costs […]
ATO reminder on when to appoint an SMSF auditor
ATO reminder on when to appoint an SMSF auditor The ATO has reminded tax agents and trustees that, in June 2013, the regulation that prescribed the period for appointing an approved auditor was amended. The change means that trustees and their tax agents now need to appoint an approved auditor no later than 45 days before […]
Transitional commercial law requirements for tax agents
Transitional commercial law requirements for tax agents The Tax Practitioners Board (TPB) has introduced some transitional arrangements relating to Board approved courses in commercial law for new and renewal tax agent applications lodged between 1 March 2013 and 30 June 2014. Transitional requirements between 1 March 2013 and 30 June 2014 The TPB has reduced […]
Taxpayer slugged for GST on proceeds they didn’t receive
Taxpayer slugged for GST on proceeds they didn’t receive This is the sad tale of a taxpayer who sold a property, didn’t receive the full proceeds of the sale but still had to pay the taxman the GST as if they had received the full amount. There’s a salient lesson here for us all about […]
FBT Compliance update
FBT Compliance update The ATO has provided the following update on its current FBT compliance activities: Non-lodgment of FBT returns – reviews are being undertaken of 50 employers who included reportable fringe benefits amounts on employee payment summaries but did not lodge a corresponding FBT return. Early responses relate to cases where employers incorrectly included […]
What happens when two employees use the same car?
What happens when two employees use the same car? At a recent meeting of the ATO’s FBT sub-committee, the ATO was asked: “What happens when two employees, both using log books, use the same car and get different percentage uses?” Let’s look at an example of how this may work and what is a reasonable […]
What does tax look like under a Coalition government
Now that the Abbott government is settling in, it is worthwhile to look at their promises and the commitments that they made in the run-up to the election. Here’s a rundown on some of the more important commitments, although many don’t have effective dates: Editor: Please note the first two were vehemently opposed by the […]
GIC and SIC rates for 2013 December quarter
GIC and SIC rates for 2013 December quarter The ATO has released the 2013 December quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC) as follows: GIC annual rate 9.6% GIC daily rate 0.02630137% SIC annual rate 5.6% SIC daily rate 0.01534246% Interested in joining our team? Why not […]
Fair work says that taxi driver is employee
In a fair work case between a taxi driver and the owner of the taxi, the FWC has held that the relationship between them was one of employer/employee and not bailor/bailee, and therefore held that the unfair dismissal laws applied to their relationship. Facts The taxi driver (the Applicant) began driving for the owner (the […]
Mobile Charities Database Launched
Mobile Charities Database Launched Australia’s first database of registered charities – the Australian Charities and Not-for-profits Commission (ACNC) Register – has been expanded and launched in a mobile format, offering donors easy access to information about more than 57,500 organisations. Thousands of Australian charities have submitted information for publication on the Register since the establishment […]
