Author: Sarah Wallace
FBT – fears, cheers and changes
The current FBT year is just wrapping up, and it has been a period of potential turmoil with the proposal to scrap the statutory formula method for calculating car benefits. However not long after this landed on the legislative table it was swept off it again by the current government. So the status quo remains...
Court decision on trade incentive payments could have far-reaching GST consequences
A recent decision by the Full Federal Court dealt with the goods and services tax (GST) treatment of four types of manufacturer incentive payments made to a car dealership. However the decision, and the Tax Office’s response, is likely to have an impact in the wider market, not just in the motor vehicle dealership industry....
Loan interest can be deductible to a partnership
A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur. Partnership...
New SMSF penalty regime to kick in on July 1, 2014
Did you know you may have to fork out $10,200 if you lend money to a fellow self-managed superannuation fund (SMSF) member or a relative who is in dire need of some financial assistance? Or $1,700 for a breach as minor as failing to keep adequate records? The countdown is on, with only around four...
Private health insurance rebate: FAQs
By now, most people would know that the private health insurance rebate is being income-tested – effectively meaning that if you have private health insurance, the rebate you are entitled to receive depends on your annual income, your age and the number of dependent children you have. The table on page 2 summarises the thresholds,...
Senior Australians and Pensioner Tax Offset explained
After working (and paying taxes) for most of your life, it can be a good feeling to get to that stage of your life where it’s time to get some pay-back from the taxman. Your golden years can be given an extra glow by claiming the Senior Australians and Pensioner Tax Offset (SAPTO), if you...
Timely tip for SMSFs: Audit your fund before annual return deadline
Many of you may just be getting back into your regular routine, but one thing to take note of if you are a self-managed superannuation fund (SMSF) trustee is that the 2012-13 SMSF annual return deadline is fast approaching. Lodgement dates For the 2012-13 annual return, the deadline for SMSFs that are wise enough to...
Tax guide on the National Disability Insurance Scheme
The National Disability Insurance Scheme (NDIS) came into effect on July 1, 2013. Under the new system, disability support will be provided to eligible participants or their representatives on their behalf. The income tax and GST implications should not be overlooked. If you are a supplier of disability support to participants, have you considered whether...
Regulatory Roundup – February 2014
MYOB has five New Year’s resolutions for small businesses Accounting software provider MYOB has outlined its top five New Year’s resolutions for small businesses to define and redefine their business goals: Learn from last year’s hit and misses Stay on business track with a solid business plan Don’t try to be all things to all...
Can interest and borrowing costs on investments be claimed as deductions?
Investors are frequently faced with questions and issues regarding the correct tax treatment of certain aspects of financial products, and sometimes the various features of these products. An important question that crops up on a regular basis is whether investors can claim tax deductions for interest and borrowing costs that they have incurred in the...