wallace-partners-client-information-newsletter-december-2016 A PDF Copy of our Monthly Newsletter

With information sharing occurring more than ever these days, not only between the Tax Office and other government departments but also banks, financial institutions, online auction sites such as eBay and more, being targeted for a tax audit is a very real possibility. Each year the Tax Office writes to tens of thousands of individuals...

Now that we are heading into bushfire season, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come about not only directly, but also...

PDF Version of the Wallace Partners Client Information Newsletter November 2016 wallace-partners-client-information-newsletter-november-2016

We all know that the ATO is the guardian of the tax laws, administers tax regulations and can provide advice and guidance on how they apply. But not every personal situation fits neatly with the tax laws as they stand. Sometimes, an individual may need help understanding and meeting their tax obligations. In such circumstances,...

The ATO has announced the approach it intends to take over 2016-17 with regard to SMSF compliance. It says trustees will see some key shifts in the ATO’s emphasis, both in terms of the activities it undertakes and the levels of enforcement action it applies. The ATO says its key focus areas will be: to...

You might be sick of the daily commute, or want more flexibility of hours – or it could be that you have a talent or skill and feel sure that this can translate into a fulfilling career in your own business. Or it could just be that the idea of working from home seems to...

Don’t let a tax debt put you in a spin Whether you’re running a business or are just an individual trying to make ends meet, there is nothing worse than finding yourself in a situation where you have a tax debt owing to the ATO, which most likely will also be accruing a general interest...

Backpacker tax: Government backs down The Federal Government has responded to pressure and dropped its plan to introduce a 32.5% tax on backpacker workers. Instead, working holidaymakers will be taxed at a lower rate of 19%, starting January 1, 2017. They will still be charged from the first dollar earned. Under the original $540 million...

It is possible to receive amounts that you do not need to tell the taxman about, and don’t have to include as income on your tax return. The ATO classifies these into two different categories (or three, if you count “other” as a category). Exempt income. This is simply amounts that have been deemed to...