CURRENCY: This issue of Client Alert takes into account all developments up to and including 17 November 2015. Tax negotiation limited to known debt amounts Two corporate taxpayers have unsuccessfully applied to the Federal Court to have statutory demands set aside. Facts Two individuals, Mr C and Ms B, carried on property development activities in […]
Tax negotiation limited to known debt amounts Two company taxpayers have been unsuccessful before the Federal Court in seeking to set aside statutory demands issued by the ATO. The matter essentially involved two individuals who carried on property development activities through several entities (including the taxpayers) and their recollections of an alleged “global deal” with […]
We have recently had home loans and mortgages expert Mr. Scott Compton, move into our North Sydney office. Scott has been a home lending advisor for a number of years and is currently trading as Financial Solutions by Design Pty Ltd. Scott is up to date on a wide range of lending products and has […]
Unbundling phone and internet expense claims for work purposes Individuals can claim deductions for mobile, home phone and internet expenses that have been incurred for work purposes. However, correct apportionment for work use is a key issue. According to the ATO, as there are many different types of plans available, taxpayers need to determine their […]
If you run a business, it’s possible that you are operating on a relatively limited budget. Whether sales are slow in your business or you are trying to pay back loans you took out to cover your start-up costs, it’s in your best interest to conserve money wherever you can. To keep your business operating […]
This issue of Client Alert takes into account all developments up to and including 17 September 2015. Excessive deduction claims on holiday homes on ATO hit list The ATO is increasing its focus on holiday home investors and, in particularly, whether they are correctly claiming deductible expenses. The ATO has recently advised that it will […]
Excessive deduction claims on holiday homes on ATO hit list The ATO is increasing its focus on holiday home investors and, in particular, whether they are correctly claiming deductible expenses. A key concern is when people make claims for expenses when the property was not available for rent. The ATO has recently advised that it […]
Small business Budget measures now law The following small business tax measures announced in the 2015-16 Federal Budget have passed into law: Company tax rate cut – The tax rate for companies with an aggregated annual turnover of less than $2 million will be reduced by 1.5% (ie from 30% to 28.5%) from the 2015-16 […]
Personal income tax cuts repeal As part of the introduction of the carbon tax, two rounds of personal income tax cuts were to occur. The first round commenced on 1 July 2012. However, the second round of personal income tax cuts, scheduled to have begun on 1 July 2015, have recently been repealed. The second […]