The amount of an FTL penalty is calculated at the rate of one penalty unit for each period of 28 days or part thereof for which a document is overdue, up to a maximum of five penalty units. Under most Commonwealth laws, financial penalties are expressed in terms of ‘penalty units’ instead of dollar figures. The value […]
2014-15 Federal Budget Review
20/05/2014 by Leave a Comment
The 2014-15 Federal Budget was handed down on 13 May 2014. This Budget is intended to reduce the deficit from the current level of $49.9 billion to $29.8 billion. The Treasurer, the Hon. Joe Hockey MP, stated that the budget is about the “national interest” and that there is no easy way to repair the […]
Dividend Washing
01/10/2013 by Leave a Comment
The Assistant Treasurer has announced a measure to combat “dividend washing”. Dividend washing occurs when a person sells shares ex-dividend and the person selling the shares retains the right to the dividend and the franking credits. Then the same person immediately buys equivalent cum-dividend shares (which include the right to an additional dividend and franking […]
2013 Superannuation Update
01/10/2013 by Leave a Comment
Superannuation Complaints Tribunal Following an announcement by the Assistant Treasurer, David Bradbury, in July this year, small businesses will be able to access the Superannuation Complaints Tribunal (SCT). The SCT will be able to hear complaints made by small businesses against superannuation funds. Additional members with relevant experience in this area will be appointed to […]
Compliance in Focus 2013-14
01/10/2013 by Leave a Comment
The ATO has published its “Compliance in focus 2013-14” document. This document sets out what the ATO is doing to manage the risks to and maintain the integrity of Australia’s taxation and superannuation systems for the next 12 months. If you are an employer, you should note that the ATO will be focusing on the […]
Are you a property owner?
01/10/2013 by Leave a Comment
If so, you should note that the ATO has put together a Property page on its website. It is a repository for easily accessible information relevant to all property related transactions. There may be information on this page to help you better understand your tax obligations at different points in the lifecycle of acquiring, owning […]
Trust Estate Income
01/08/2013 by Leave a Comment
Greenhatch Decision Impact Statement For taxpayers who have a trust, it may be useful to note that the ATO has issued a Decision Impact Statement in relation to the Full Federal Court decision in FCT v Greenhatch [2012] FCAFC 84. In this case, the Full Federal Court considered how to apportion the income and capital […]
Cashflow Manager Update
01/07/2013 by Leave a Comment
The Sun Goes Down on Windows XP After several years of successful operations, Microsoft has announced that their Windows XP operating system is now “Sunset”. This means that they will no longer support , update security or enhance any other functionality in Windows XP. Versions 3, 4, 5 and 6 (2004) of Cashflow Manager were designed […]
Tax Invoices & Adjustment Notes
30/06/2013 by Leave a Comment
Tax Invoices and Adjustment Notes The ATO recently updated its ruling on tax invoices, in particular the information that must be included on a tax invoice and when a document is in the approved form for a tax invoice. The ATO also recently issued a draft ruling in relation to adjustment notes. Now might be […]
R & D Tax Concession
30/06/2013 by Leave a Comment
Research & Development Tax Concessions The Government recently announced changes to the R&D tax concession. What is proposed is noted below: Very large businesses with annual Australian turnovers of $20 billion or more will no longer be eligible for the R&D Tax Incentive but will be eligible to claim their R&D expenditure under general tax […]
