Welcome to our 2011 annual newsletter. Includes information on the following topics. Appointments Foreign Income Education Tax Refund Investment Loans, Lines of Credits & Redraw Facilities Austudy, Youth Allowance, Newstart etc – Expenses Victorian Land Tax Are your children non residents? Superannuation contribution limits Political donations CGT Discount Computer Help Idividual tax return checklist – [...]
These year end tax tips are designed to provide employees, investors and businesses with a headline list of key issues that they should consider in preparing their income tax returns for the year ended 30 June 2011. The list is not exhaustive and you should not act solely on the information in these tips. For [...]
These year end tax tips are designed to provide employees, investors and businesses with a headline list of key issues that they should consider in preparing their income tax returns for the year ended 30 June 2011. The list is not exhaustive and you should not act solely on the information in these tips. For [...]
Most small business owners are pretty close to their business. For many, it is a major part of their life and the distinction between personal and business is easily blurred. This can also cross over to their financial affairs with business and personal finances being interrelated. For full details, please click on this “Getting to [...]
The ‘nip and tuck’ budget The 2011/2012 Federal Budget was a ‘nip and tuck’ Budget. Click Here to Download the full Knowledge Shop 2011/2012 Budget update According to Lisa Armstrong, General Manager of the Knowledge Shop, Many of the changes were either because of or justified by the need to improve the workforce participation rate [...]
The Australian Taxation Office (ATO) has obtained data from state and territory motor vehicle registering bodies and will match against taxpayer records. This is to identify those participating in the cash economy by not declaring income to deliberately avoid their tax obligations. Data will be obtained for all motor vehicles where the transfer and/or market [...]
Issue Is expenditure incurred by a swimming instructor in purchasing swimwear deductible under section 8-1 of the Income Tax Assessment Act 1997 (ITAA 1997)? Decision No. Expenditure incurred by the taxpayer in purchasing swimwear is not deductible under section 8-1 of the ITAA 1997. Facts The taxpayer works as a part-time swimming instructor. The taxpayer [...]
Welcome to JP Sear & Marsh The merger of Varcoes and Sear & Marsh has gone very well. We are settling in to our new offices in Kew and we look forward to your next visit. With this newsletter is a checklist for your 2010 Income Tax return. ATO Busy In 2010 – 2011 the [...]
A recent decision by the Administrative Appeals Tribunal (AAT) should serve as a warning for any employer who employs independent contractors. In a case brought by the Tax Commissioner, a company that employs over 1000 contractors to provide interpretation and translation services is now potentially liable for superannuation guarantee payments to all of its contractors [...]
The Australian Taxation Office (ATO) has obtained data from eBay Australia and Trading Post Australia to assess the level of taxation compliance of individuals and businesses that sell goods or services online. The data identifies members of online selling sites who are involved in selling goods and services of a total value greater than $20,000 [...]
