Withholding tax for car allowances Withholding tax for car allowances The ATO has reminded that from 1 July 2015, car expense deductions for individuals were simplified. Prior to 1 July 2015, there were four methods for claiming car expenses: Cents per kilometre – capped at 5,000 kms Logbook – unlimited kms 12% original value One- […]
Data Matching on Insured Assets
Data Matching on Insured Assets The ATO has just announced that it is starting a new “asset” data matching protocol, and extending another CGT and rental protocol that has been running successfully for the last ten years. Data matching on insurance taken out on certain assets owned by “wealthier” taxpayers The ATO has advised that […]
Change to the way taxpayers claim work-related car expense deductions
Change to the way taxpayers claim work-related car expense deductions Currently, taxpayers have an option to use one of four methods to determine their work‑related car expense deductions. The government is proposing to reduce the number of methods by removing the ‘12% of original value method’ and the ‘one-third of actual expenses method’. These methods […]
change to treatment of FBT on car fringe benefits
change to treatment of FBT on car fringe benefits The government has announced that it will bring forward the commencement of the emissions trading scheme so that there will be a floating, rather than a fixed, price on carbon emissions from 1 July 2014. As this will affect government revenue, the government has also announced […]
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 […]
Car expense rates per km- 2013/14
Car expense rates per km- 2013/14 The car expense rates per kilometre have been set for the 2013/14 year. They have been increased for the first time since 2008/09 2012/13 small car 63c medium car 74c large car […]
Earthmoving plant operators– claiming work-related expenses
Earthmoving plant operators– claiming work-related expenses Some standard tax deductions for your industry are:- motor vehicle expenses, including car lease payments travel expenses and associated allowances uniform, occupation-specific or protective clothing, including laundry and dry-cleaning expenses other expenses, such as meals, phone, mobile and computer running costs. Please use this guide to help you, as a building […]
Data identifying all motor vehicles sold
Data identifying all motor vehicles sold The ATO has obtained, or will obtain, data identifying all motor vehicles sold, transferred or newly registered in the 2011/12 and 2012/13 income years, where the transfer and/or market value is $10,000 or greater, from all of the State and Territory motor vehicle registering bodies. Data relating to approximately […]
We Specialise in the Car Industry
We Specialise in the Car Industry If you’re looking for an accountant who specialises in the motor vehicle industry, then Bottrell Business Consultants is the firm for you. We have staff that actually have ‘hands on’ experience working within the Motor Industry. We understand that a dealership has many departments which are essentially run as […]
Car expense rates
Car expense rates Car expense rates per km – 2013/14 Car expense rates The car expense rates per kilometre have been set for the 2013/14 year (and they have been increased for the first time since 2008/09). Year Small car Medium car Large car 2012/13 63c 74c 75c 2013/14 65c 76c 77c Interested in joining […]
