by Affinity | Aug 19, 2013 | Business eNews
The ATO has reminded small businesses with turnover of less than $2 million (i.e., small business entities or ‘SBEs’) that the depreciation rules for business assets are now simpler from the 2012/13 income year onwards. Assets costing less than $6,500 The small...
by Affinity | Aug 19, 2013 | Latest News
The government has decided to bring forward the commencement of the carbon emissions trading scheme to 1 July 2014, and as part of this they have announced other changes, including to the FBT treatment of car fringe benefits. Of course, whether or not these...
by Affinity | Aug 19, 2013 | Latest News
With $18 billion in work-related expenses (WREs) being claimed each year, the ATO says that it will focus on occupations with a pattern of large or rising claims, as well as claims which do not fit the pattern for a particular occupation. What’s new this year?...
by Affinity | Aug 19, 2013 | Latest News
The ATO’s recent compliance operations have uncovered evidence of increased manipulation of trusts as vehicles that can be at the centre of tax avoidance or evasion arrangements. The ATO will target those people that exploit trusts to conceal information,...
by Affinity | Aug 19, 2013 | Latest News
The DisabilityCare Australia legislation that provides for a half a percentage point increase in the Medicare levy has passed the Parliament and become law. The legislation will increase the Medicare levy from 1.5% to 2% of taxable income from 1 July 2014....
