The ATO has recently released details of a data-matching program focusing on contractor payments. Under the program, the ATO intends to collect information in relation to payments made to contractors for the 2009-2010 to the 2011-2012 income years by businesses audited by the ATO’s employer obligations area.
Contractor Payments Undergo ATO Data Matching Read More »
A taxpayer has successfully argued before the AAT that there were special circumstances in his situation to allow for the exercise of the Commissioner’s discretion under the law to reallocate superannuation contributions. Accordingly, monies paid into his superannuation account in late July 2009 could be attributed to the 2008-2009 financial year, and this meant that
Special Circumstances Found To Set Aside Excess Contributions Tax Read More »
A recent case before the AAT has highlighted the need for businesses to maintain appropriate records of plant and equipment used in business.
Depreciation Deduction Allowed For Certain Equipment Read More »
A taxpayer has been, in most part, successful before the Administrative Appeals Tribunal (AAT) in relation to a matter concerning loans from a private company. These loans were made to him, over various years, as a shareholder and director of the private company. The ATO had treated the loans, which were made in the 2005,
Honest Mistake In Not Documenting Private Company Loans Read More »
The Government’s mid-year budget update was handed down in late October 2012. The Treasurer revised down the expected Budget underlying cash surplus to $1.1 billion for 2012 – 2013 down from $1.5 billion estimated in the May 2012 Budget.
Mini-budget tightens fringe benefits, health rebates and more Read More »
 The Reserve Bank’s decision to reduce the prime interest rate to 2.75% (the lowest for 50 years) confirms the difficult environment in which businesses are operating. To survive in difficult times, businesses need to continually review their business operating environment. This would include a review of your marketing strategy, managing costs, innovation, productivity, preparation of
Planning for 2013/14 Read More »
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