Fuel Tax Credit – Changes from 1 July 2010
2010-07-16
From 1 July 2010 the new fuel tax credit rate is 15.543 cents per litre. The new rate replaces the following the fuel tax credit of 16.443 from the 1st July 2009 to the 30th June 2010.Read More →
The ATO Environmental Policy – Are they taking it seriously?
2010-05-25
With: 2 Comments
The Australian Taxation office has an Environmental Policy which can be found at www.ato.gov.au a short extract is as follows. “To acknowledge the impact the ATO has on the environment and outline the ATO’s commitment to being a good environmental citizen by reducing its environmental footprint.” Recently, in January 2010,Read More →
Holiday Homes – Taxable income and apportionment of rental tax deductions.
2010-05-02
With: 0 Comments
You have just spent a relaxing time with your family in your favourite holiday destination, and you are thinking, wow this would be an ideal place to purchase a holiday home for future vacations and as an investment for retirement. To offset the expenses of running your holiday home, your plan is to have the holiday home available for rent for most of the year and use the home for your holidays for some of the year.
How does the Australian Taxation Office deal with a situation like this, do they allow you to claim any deductions against the holiday home rental income?Read More →
Rental Properties – Australian Tax Deductions
2010-03-18
With: 2 Comments
Is this your first rental property or maybe you are adding to a portfolio of properties.
What information do I need to keep in respect to Capital Gains, Rental property income and
Tax Deductions.Read More →
Delays to tax returns lodge in January 2010
2010-02-23
In: Taxation
With: 0 Comments
The Australian Taxation Office replaced its software in January, and because of this any tax returns lodged were not going to be processed till February 1st. I contacted the ATO on Monday and was informed that the software update didn’t go as planned and that instead of the 1st beingRead More →
MYOB Software Ver 18 Should You Upgrade
2009-11-19
With: 6 Comments
MYOB Accounting Plus, version 18. Recommended retail price of $749 or upgrade price is $395. Should you upgrade, my opinion is NO you shouldn’t. MYOB Version 13 and Version 18, both copies of the software perform the same fundamental tasks. The rate of GST in Australia hasn’t changed since its inception in the yearRead More →
Workcover – Small employer registration exemption
2009-11-18
In: Workcover
With: 0 Comments
An employer is exempted from the obligation to register under the Workers Rehabilitation and Compensation (Claims and Registration) Regulations 1999. There are two categories of exemption 1. Employer not engaged in a trade or business If, the employer employs one or more persons (the workers) under a contract of serviceRead More →
I have never seen
2009-11-12
With: 0 Comments
I have been in full time public practice as an accountant for 14 years. In that time I have seen clients invest their time and money into several schemes, with the intention of making fast money. I thought I might share with you a few investments that “I have never seen” makeRead More →
ATO Accepts Credit Card
2009-10-13
With: 0 Comments
The Australian Taxation Office (ATO) has begun to accept credit card payments for debts between $10 and $10,000. The ATO will accept Visa, Mastercard or American Express and will charge a card payment fee of .67% for Visa and Mastercard and 1.02% for American Express. On a $10,000 payment the fee willRead More →
Tax on low Income Earners
2009-10-04
In: Tax Offsets
With: 34 Comments
Single parents will, once their youngest child turns 8, start to pay more tax, how will this happen I hear you ask? While the youngest child is under 8 a single parent will receive Parenting Payment Single. When the child turns 8 the parent will stop receiving Parenting Payment Single and start receiving theRead More →