Mining tax gone but watch for associated tax changes The mining tax has been repealed. However, in order to pass the legislation through the Senate, the Government made a deal with the Palmer United Party and Senator Muir to defer the abolition of: the Income Support Bonus to 31 December 2016; the Schoolkids Bonus to […]
Share transfer to family partnership ineffective The Administrative Appeals Tribunal (AAT) has dismissed applications from a married couple and found that they were each assessable on dividends of some $1.8 million that they did not return in their assessable income. In doing so, the AAT dismissed the taxpayers’ argument that shares in a family company […]
Share transfer to family partnership ineffective A husband and wife have been unsuccessful before the Administrative Appeals Tribunal (AAT) in arguing that they had transferred shares in a family company to a family partnership, and that therefore they should not be assessed on dividends issued by the company to themselves. The AAT examined the partnership […]
Tax debt release on serious hardship grounds refused A taxpayer has been unsuccessful before the Administrative Appeals Tribunal (AAT) in seeking to be released from his tax liabilities under s 340-5 of Sch 1 of the Taxation Administration Act 1953. As of 4 May 2014, the taxpayer’s outstanding tax debts amounted to around $58,000. However, […]
Tax debt release on serious hardship grounds refused In a recent case, the Administrative Appeals Tribunal (AAT) refused an individual’s application to be released from his tax debt of $58,000 on the grounds of serious hardship. The AAT noted that no explanation was offered for the taxpayer’s failure to meet his tax liabilities as they […]
ATO Compliance Program New Tax Rates – Residents and Non-Residents Household Assistance Package Tax Offsets SchoolKids Bonus Private Healthcare and Medicare Levy Surcharge changes Superannuation Are you an employee or contractor? Living Away From Home Allowance Personal Services Income – ATO Letters Reasonable Travel and Overtime Meal Allowances New PAYG Instalment Options Employment Termination Payments […]
Individual Income Tax Rates – Withholding Obligations Living Away From Home Allowance Company Loss Carry-Back Measure Refunding Excess GST Tax and GST Compliance for SMEs Small business benchmarks Planning to sell your business? Proof of ID for non-resident businesses Goods taken from stock for private use Common mistakes with reporting trust income New PAYG Instalment […]
30 June is around the corner Medicare levy low income thresholds Private health insurance rebate and Medicare levy surcharge changes Tax offset changes from 1 July 2012 Living-away-from-home allowance changes Small business changes starting in the 2012-13 income year Superannuation changes Residential premises developments – new GST treatment Taxable payments reporting – building and construction […]
30 June is around the corner Tax Changes affecting Small businesses CGT Changes Changes to the timing of Trust resolutions Living-Away-From-Home Allowance changes Superannuation Changes Self-Assessment for Indirect Taxes Anti-Avoidance provisions in state of flux Tax Consolidated Groups – Proposed reforms Director Penalty Regime Residential Premises developments – new GST treatment Taxable Payments Reporting – […]
Tax changes affecting Individuals and families Tax changes affecting companies Tax changes affecting debt CGT changes Fringe benefits tax changes GST changes Superannuation changes Tax changes affecting non-residents Other measures The 2012-2013 Federal Budget The 2012/13 federal Budget was handed down on 8 May 2012. The Budget was fiscally tight and designed to return the […]