ATO Small business benchmarking results
To find out how your business compares to others in your industry, check out the ATO Small Business Benchmarks for the previous financial year.....
Are you finding it difficult to meet your GST obligations on time?
Tax payers that are finding it difficult to meet their GST obligations on time should be contactying the ATO as early as possible....
Late income tax returns 2011
During December 2011, the ATO issued default assessment warning letters a number of taxpayers with over¬due income tax returns. These have been sent where the ATO has evidence that these taxpayers have received taxable income in years that taxation returns have not been lodged.
Sale of farm land and temporary cessation of farming activity
If you consider ceasing routine farming activities for a period of time bofore the sale of theland, you should consider Goods and Services Tax Determianion GSTD2011/12 released on 16 November 2011.
Tax evasion alert
Do you have concerns abouth your tax affairs? Did you know that in 2010/2011 financial year there were over 1,518 tax fraud convictions, with fines totalling more than $7 Million!
Is your business benchmarked?
The Australian Tax Office has added over 100 industries to their small business bechmarks, including the latest income tax and activity statement information. Use the benchmarks to check how your business is performing. Benchmarks are used by the tax office to detect businesses that may be avoiding paying their fair share of tax.
Mid Year Tax Planning
One thing is certain - when it comes to planning for taxation, the more things change, the more they stay the same. Steps taken by the Government to simplify taxation in one area invariably leads to complications in another. The new carbon tax is a perfect example.
Beware of tax related email scams
The ATO are seeing noticeable spikes in scam activity during tax time, so it is important to be vigilant in maintaining the security of your information.
Are you buying, selling, renting or building a property?
The tax office has created a new consolidated property page on their website to provide a range of property tax-related information.
Fuel tax credits for gaseous fuels
From 1 December 2011, businesses using gaseous fuels (liquefied petroleum gas, liquefied natural gas and compresssed natural gas) in eligible business activities may be entilted to fuel tax credits.
Post before the due date
Allow sufficient time for your Activity Statement to arrive by the due date.
PAYG annual instalment advice
If you are eligible to pay your instalment annually, and you decide to take this option, don't forget to advise the tax department prior to the end of the first quarter. For more information...
Reforms to car fringe benefit rules
Legislation has recently been enacted that changes the staturtory formula method for calculating the value of a car fringe benefit......
Are you eligible to claim the Education Tax Refund?
For more information, refer to the ATO websites 'Education Tax Refund Essentials' and claim everthing your intitled to.
Are you eligible for the senior Australians tax offset (SATO)?
Eligiblity for the senior Australian tax offset depends on certion conditions. These conditions relate to factors such as age, income and eligible Australian government pensions and similar payments....
Are you receviing Abstudy, Austudy or Youth Allowance?
You may be eligible to claim a tax deduction for expenses for study and job seeking.
Fuel tax credits
Keeping records and calculations
Remember to claim property depreciation
Many property investors are not aware of the savings that can be made from depreciation on their purchase.....
ATO to review living-away-from-home allowances
Shortly, the ATO will commence reviewing living-away-from-home allowance benefits. They believe some employers may be claiming excessive amounts for exempt accommodation and food components......
Claiming tax deductions for donations to the flood relief
Second Commissioner, Bruce Quigley has announced the ATO will allow deductions, without a receipt, for donations up to $10 made to 'bucket appeals' for the floods in Victoria, Queensland and New South Wales.
