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Simpler ATO depreciation rules for small business

Simplified depreciation for small business You can choose to use the simplified depreciation rules if you have a small business with an aggregated annual turnover (the total normal income of your business and that of any associated businesses) of less than $2 million. Under these rules, you: immediately write-off – deduct their full cost in the year you buy them – most depreciating assets that cost less than $20,000* each that were acquired and installed ready for use from 7.30pm (AEST) on 12 May 2015 until 30 June 2017 pool most other depreciating assets that cost $20,000 or more in [...]

By | 2017-07-27T15:43:31+00:00 June 6th, 2016|Tax Tip|Comments Off on Simpler ATO depreciation rules for small business

Medicare levy exemption

Medicare levy exemption You may qualify for an exemption from paying the Medicare levy if you were in any of the following three Medicare Levy exemption categories at any time in the year. These categories are: Category 1 – medical, which applies to people such as blind pensioners Category 2 – foreign residents and residents of Norfolk Island Category 3 – people not entitled to Medicare benefits and who have obtained a Medicare levy exemption certificate from Medicare Australia. If you have any dependants, your qualification for an exemption depends on their circumstances as well as your own. [...]

By | 2017-07-27T16:44:39+00:00 February 26th, 2015|Tax Tip|0 Comments

Late or Overdue Tax Returns

Late or Overdue Tax Returns Penalties could apply. Some people may have forgotten to lodge a tax return or been too busy or it just hasn’t been a priority but whatever the reason for not lodging, the Taxation Office will require you to lodge a return every year if your income is over a certain threshold. If you have not lodged for some years you may receive a letter from the Taxation Office requesting you to lodge all outstanding returns or, before that happens you may just want to get your affairs in order.  As the Taxation Office has [...]

By | 2017-07-24T17:59:58+00:00 February 13th, 2015|Tax Tip|0 Comments

Personal Property Securities Register (PPSR)

Why register a security interest on the Personal Property Securities Register (PPSR)? Businesses can improve the way they manage credit risk by registering their security interest in the goods they supply or lease on the Personal Property Securities Register (PPSR). If you do not register your security interest and a debtor goes into bankruptcy or is placed into liquidation, your position will be like that of an unsecured creditor. Secured creditors will be ahead of you when payments are made or assets distributed. The Personal Property Securities Act 2009 (Cth) contains rules for determining priority between security interests in the [...]

By | 2017-07-27T16:59:14+00:00 January 15th, 2015|News|0 Comments

Starting a business?

Starting a business? Choosing your business structure There are four main business structures commonly used by businesses in Australia: sole trader partnership company trust Different structures will affect the way we tax your business income. The structure you choose may affect: the tax you are liable to pay asset protection ongoing costs level of complexity. Click here to view the pricing on Structure Packages Whichever structure you choose, make sure you understand the responsibilities that go with that structure. Typically, costs and complexity increase as you move from a sole trader to a [...]

By | 2017-07-27T16:59:58+00:00 January 15th, 2015|Tax Tip|Comments Off on Starting a business?

Am I a share trader?

Am I a share trader? To be classed as a share trader, you may be asked to provide evidence that demonstrates you are carrying on a business of share trading, for example: the purchase of shares on a regular basis through a regular or routine method a trading plan use of share trading techniques in managing your share acquisitions, such as decisions based on thorough analysis of relevant market information a contingency plan in the event of a major shift in the market. Losses incurred in the business of share trading are treated the same as any other losses from [...]

By | 2017-07-27T17:08:20+00:00 January 15th, 2015|Tax Tip|0 Comments

[Member] BTACS B-Informed December 2014 Newsletter

BTACS B-Informed Newsletter In this issue: BTACS Financial Services - Are you interested in a free review of your Insurance and Super Christmas Office Closure ATO Warns on Tax Scammers ATO Launches Voice Recognition ATO's Quarterly SMSF Statistical Report Lost Super Climbs to $14 billion Myth of the Month Click here to view the December 2014 - BTACS B-Informed Newsletter

By | 2017-07-27T17:14:39+00:00 January 15th, 2015|members-news|0 Comments

Rental Property Expenses

Rental Property Expenses you can deduct in the income year incurred Generally you can claim an immediate deduction for expenses related to the management and maintenance of the property, including interest on loans. You can claim a deduction for these expenses only if you actually incur them and they are not paid by the tenant. If your property is negatively geared - that is, you borrowed money to buy the property and your net rental income after other expenses is less than the interest on the loan - you may be able to claim the full amount of rental expenses [...]

By | 2017-07-27T17:12:01+00:00 January 15th, 2015|Tax Tip|0 Comments

Share trader versus Shareholder

The difference between a share trader and a shareholder The way in which income and expenditure are dealt with in relation to shares varies depending on whether you are a share trader or a shareholder. Share Trader While the ATO considers each case on its individual features, in summary a share trader is a person who carries out business activities for the purpose of earning income from buying and selling shares. This person's position may be briefly summarised as: receipts from the sale of shares constitute income purchased shares would be regarded as trading stock the nature, regularity, volume [...]

By | 2017-07-27T17:16:49+00:00 January 15th, 2015|Tax Tip|0 Comments

ATO Warning: Malicious phone scam targets taxpayers

27 June 2014 - ATO Warning: Malicious phone scam targets taxpayers The ATO is warning Australians to be on the lookout for a malicious scam that intimidates taxpayers into paying a fake tax debt over the phone. “This scam is particularly concerning because it threatens taxpayers with legal action or arrest if they do not immediately hand over money and their personal financial details over the phone,” said ATO Chief Technology Officer Todd Heather. “As tax time approaches, scammers are becoming more cunning in their attempts to defraud the public and trick them into handing over money, their TFN or [...]

By | 2017-07-21T14:50:24+00:00 July 3rd, 2014|Tax Tip|0 Comments

Home office expenses Running cost and Occupancy expenses

Individual Tax Return Basics: Home office expenses Running cost and Occupancy expenses You may be entitled to claim deductions for home office expenses: Running costs may be deductible. Occupancy expenses are generally not deductible for an employee. You must keep records. Running costs If you perform some of your work from a home office, you may be entitled to a deduction for the costs you incur in running it, including: for home office equipment, such as computers, printers and telephones, the cost (for items costing up to $300) or decline in value (for items costing $300 or more). [...]

By | 2017-07-27T17:20:05+00:00 July 2nd, 2014|Tax Tip|0 Comments

Home office expenses Claiming a computer phone or other electronic device

Individual Tax Return Basics: Home office expenses - Claiming a computer, phone or other electronic device as a work-related expense If you’re an employee and required to use your computer, phone, tablet or other electronic device for work purposes, you may be able to claim a tax deduction. However, you must be able to demonstrate how you used the device for work and you can only claim the work-related proportion of your use, excluding any private use. You’ll also need to keep records to show how you worked out your claim. These can include phone and internet bills as well [...]

By | 2017-07-27T17:21:18+00:00 July 2nd, 2014|Tax Tip|0 Comments

Four methods for claiming work-related car expenses

Individual Tax Return Basics: Car Expenses - Four methods for claiming work-related car expenses You can choose which of the following f our methods for claiming work-related car expenses that gives you the largest deduction for any car and choose different methods for different cars. Some adjustments to your claim may need to be made if the car is jointly owned. The four methods are: Cents per kilometre method 12% of original value method One-third of actual expenses method Logbook method If you use a borrowed car or a vehicle other than a car for work purposes, you can [...]

By | 2017-07-27T17:25:11+00:00 July 2nd, 2014|Tax Tip|0 Comments

Individual Tax Return Basics: When you can claim car expenses

Individual Tax Return Basics: Car Expenses - When you can claim car expenses You can claim a deduction for work-related car expenses if you use your own car in the course of performing your job as an employee, for example, to: carry bulky tools or equipment attend conferences or meetings deliver items or collect supplies travel between two separate places of employment (for example, when you have a second job) travel from your normal workplace to an alternative workplace and back to your normal workplace or directly home travel from your home to an alternative workplace and [...]

By | 2017-07-27T17:26:52+00:00 July 2nd, 2014|Tax Tip|0 Comments

Small business benchmarks

Small business benchmarks Small business benchmarks update: Benchmarks have been updated with data from the 2010–11 financial year. Benchmarks are updated annually using the latest available income tax data. Small business benchmarks are financial ratios developed from information provided to us by businesses on their tax returns and activity statements. You can use the benchmarks to help you compare your performance against similar businesses in your industry. ATO uses benchmarks and other risk indicators to identify businesses that may be avoiding their tax obligations by not reporting some or all of their income. If a business does not have evidence [...]

By | 2017-07-27T17:37:28+00:00 November 5th, 2013|Tax Tip|0 Comments