Tax & Accounting Issues

Resources

Tax & Accounting Issues

Employement/Employees

Estate Planning

Primary Production

Rates & Calculators

Rental Properties

Useful Websites

Some useful web resources are categorised below

Business	top
ATO Audit Targets The ATO compliance program highlights a significat increase in the ATO's audit activities for business taxpayers. In fact for 2004/2005, the ATO received additional funding from the government to increase it's audit coverage on business taxpayers.
Business Checklists New to business checklist and Growing your business checklist
CGT & Restrictive Covenants Are you selling a business? Does the purchaser require a restrictive covenant? BE CAREFUL!
CGT changes for Discretionary Trusts New rules for Discretionary Trusts with charities as potential benfeciaries.
Company Loans to Shareholders If you are a shareholder in a private company, please take note than you cannot draw money out of the company without it being deemed as a dividend or an interest bearing loan, unless you have paid it back by the end of the financial year or the company owed you money.
Dealing With Debt In the unfortunate event that a debt collector contacts you, you should be aware that the collector has guidelines on how to appropriately behave towards you.
Entitlement to an ABN The Australian Taxation Office (ATO) has issued Draft Ruling MT 2004/D3, which sets out its views with the respect to the definition of enterprise.
How to Ensure Your Business Thrives and is Profitable Owning and operating a business is a challenge at the best of times. To ensure you business thrives, keep the following dot points in mind:
How to improve your cashflow We have just acquired some very powerful software tools which assist us in working with you to improve your cashflow management and enable proper cashflow budgeting to be achieved. We know in our business, where clients take time to pay, it can put a strain on resources.
Insurance Checklist No one believes they will really need insurance until an unlikely event occurs and your business is put at risk. This is the whole point of insurance - to protect against the unthinkable and unforeseen.
Interest Deductions for Trusts New ATO Ruling for certain interest costs incurred by Trusts
Property Developers - BEWARE! Planning is essential for a successful (and tax effective) property development.
Record Keeping Obligations The Tax Office are focusing their attention on the bookkeeping records of businesses, make sure you comply with these regulations.
Setting up a new business? This checklist will help you decide which tax issues are relevant to your business and find more information about these issues.
Simplified Accounting Method Turnover Thresholds Food retailers can use the simplified accounting methods to calculate their GST. There are four different methods than can be used depending on the food retailer's business.
Tax and Frequent Flyer Programs The ATO has indicated it will be reviewing cases where the owners or employees of businesses are accessing large amounts of frequent flyer points through the use of business expenses paid by private credit cards. You need to be careful.
Tax Facts for New Small Business - Franchising and Tax In most cases all payments received by the franchisor from the franchisee will be assessable income. They will also involve goods and services tax (GST).
Victorian Land Tax & Trusts The Victorian Government has introduced a Bill to be passed shortly containing new provisions concerning Land Tax and Trusts which will apply to assessments for the 2006 year and beyond.

Employement/Employees	top
Allowances paid to employees Allowances are amounts paid to cover anticipated costs or as compensation for conditions of employment. Ie. Overtime Meal Allowance, travel Allowance etc.
Employer obligations checklist Use this checklist to help meet your commonwealth tax and superannuation obligations if you employ workers. It includes information on your obligations when a new worker starts, during employment and when a worker leaves.
Sudden Death Nature of SGC Provisions A recent decision in an Administrative Appeals Tribunal (AAT) case has highlighted the sudden death nature of the Superannuation Guarantee Charge (SGC) provisions.
Work Choices - Your business and the new dismissal laws The new dismissal laws introduced with the Federal Government's Workplace Relations Amendment (WorkChoices) Act 2005 will impact all businesses.
Workplace Services Articles from Maddocks Lawyers: "Employers Given Guidance on Use of Contractors" "Caring Employer Successful in Defence of Unlawful Termination Claim" "AWA's Stand - You Need to Follow the Rules"

Estate Planning	top
Estate Planning Divorce at the best of times is a difficult and tumultuous time, and when combined with potential remarriage and children from more than one relationship, it can lead to significant estate planning complications.
Managing the tax affairs of someone who has died A guide to for executors of deceased estates on what to do to manage the tax affairs of the dead person, their estate and the beneficiaries.

Individuals	top
Baby Bonus Calculator The baby bonus is a refundable tax offset, but even if you do not pay tax, do not have any income or do not have to lodge a tax return you can still claim it. The baby bonus is paid whether or not you currently get any other family benefits
Claiming a deduction for laundry/dry cleaning of work clothing You can claim a deduction for the cost of washing (cleaning), drying or ironing eligible work clothes
Claiming self-education expenses Claiming self-education expenses - specific expenses A guide to specific expenses you may be able to claim if you undertake self education which is relevant to earning your income.
Higher Education Contribution Scheme (HELP) and HECS repayment thresholds and rates This document gives you the HELP and HECS repayment thresholds and rates for the compulsory repayment of HECS debts.
Individual Income Tax Rates These rates apply to individuals who:are residents of Australia for tax purposes for the whole financial year.
Individual Tax Deductions You can claim deductions for work related expenses you incurred while performing your job, and other personal expenses such as medical and baby bonus.
Mature Age Worker Tax Offset The mature age worker tax offset (MAWTO) was announced in the lead up to the 2004 federal election.
Pensioner Tax Offset Explains who is eligible for the pensioner tax offset and how to calculate it.
What is the baby bonus? The baby bonus is a refundable tax offset, even if you do not pay tax, do not have any income or do not have to lodge a tax return you can still claim it.

Primary Production	top
Water Facilities Tax Concessions The water facilities tax concessions can be claimed by primary producers and irrigation water providers (for expenditure incurred on or after 1 July 2004).

Rates & Calculators	top
Capital Gains Tax Calculator Calculate capital gains on the sale of assets. Property, Shares etc
Consumer Price Index (CPI) Rates Indexation is only relevant in working out the cost base of an asset acquired before 21 September 1999.
Family Tax Benefit Calculator FTB is a payment to help you raise your dependent children. On 1 July 2000 FTB replaced family tax benefit Part A and Part B, dependent spouse rebate (with a child), and sole parent rebate. Some social security payments were also replaced: family allowance, basic parenting payment, guardian allowance and family tax payment Part A and Part B.
Fringe Benefits Tax Calculator The fringe benefits tax (FBT) car calculator tool will help employers calculate the taxable value of a car fringe benefit using either the statutory formula method or the operating cost method.
HECS / HELP Repayment Calculator The HECS/HELP repayment calculator provides you with an estimate of your compulsory HECS/HELP repayment.
Simple Tax Calculator This tool will help you calculate the tax you owe on your taxable income.
Tax Withheld Calculator The Tax Withheld Calculator can be used online to assist in determining the correct amount of tax to withheld.

Rental Properties	top
Rental Property Tax Tips When determining what you can't claim, it is recommended that you consider the following general tips.

Superannuation	top
Artwork in Super Funds - be careful! The ATO has recently released information on how a SMSF is able to acquire and hold artwork as a fund investment - Trustees need to be aware of the issues involved.
Find Lost Superannuation Funds You may be regarded as a lost member of a super fund, approved deposit fund or eligible roll over fund if: Your fund has been unable to contact you because you have changed address and the fund has received return mail "not known at this address"; you are an inactive member because your previous employer no longer contributes or your account was transferred from another fund as a lost or inactive member and the new fund has not been advised of your new address.
Have You Lost Track of Your Super? If you have lost track of your superannuation, you can search for it quickly and easily (for free) using Sunseeker either online or by calling their 24 hour, 7 days a week, self-help phone service on 13 28 65.
Minimum Life Insurance Requirement for Super Funds Super Funds will be required to offer a minimum level of death cover at a premium of at least $0.50 per week.
Super Co-contribution Calculator The calculators can be used to work out the Super Co-contribution you could be eligible to receive, based on information you provide about your income and personal super contributions for the relevant income year.
Super Deductions for Self-Employed Contractors Proposed amendments to the Superannuation Guarantee (SG) legislation have raised the possibility that employers will be able to deduct contributions made to self-employed contractors.
Superannuation Funds & Joint Ventures Can an individual or company purchase a piece of land and then enter into a joint venture with the superannuation fund to develop the land?
Superannuation on back paymet of wages EFFECTIVE 1 JANUARY 2006 If employers pay former employees back payments of wages, they are required to make deductible superannuation contributions on that back pay.
Your Superannuation Death Benefit You might assume that you Will controls how all your money will be divided when you die.

Tax Deductions	top
Changes to Substantiation of Work-related Expenses The Tax Office have issued a new practice statement to clarify the types of records that are acceptable as proof for work- related expenses.
Deductions for items costing less than $100 New rules for claiming the cost of capital items which cost less than $100.
Deductions For Sponsorship The ATO issued an interpretative decision (ID) on deductions and expenses: sponsorship of motorcycle racing (ATO ID 2005/284).
No Deduction for Abnormal Clothing Expenses The Administrative Appeals Tribunal (AAT) has held that the CEO and director of a company was not entitled to a deduction of approximately $38,000 for abnormal work-related clothing expenses on the basis that the expenditure was not incidental and relevant to her earning assessable income.
Where Self-Education Expenses Are Not Deductible Self-education expenses are not deductible when there is no relevant connection between the self-education expenses and production of an assessable income.

Useful Websites	top
Australian Bureau of Statistics The Australian Bureau of Statistics (ABS) provides much more than just statistics. Our strength comes from our people who have specialisations in many diverse fields of statistics and offer a broad range of skills.
Australian Business Register The ABR is a system developed and managed by the Australian Taxation Office (ATO). It records the information provided by businesses when they register for an ABN.
Australian Competition & Consumer Commission The ACCC promotes competition and fair trade in the market place to benefit consumers, business and the community. It also regulates national infrastructure services. Its primary responsibility is to ensure that individuals and businesses comply with the Commonwealth competition, fair trading and consumer protection laws.
Australian Financial Review Breaking news, market wrap, companies, financial services & more.
Australian Securities Commission The Australian Securities & Investments Commission enforces and regulates company and financial services laws to protect consumers, investors and creditors.
Australian Stock Exchange Search for listed company information and dividends.
Australian Taxation Office The Official Australian Taxation Office web site can provide you with information regarding all taxation matters.
Business Entry Point The BEP is an online government resource for the Australian business community. It provides business with a wide range of services and information about start-up, taxation, licensing and legislation, as well as significant transactions such as taxation compliance and licence applications.
Business Review Weekly Online calculators and other user services, a small selection of stories from BRW each week, their weekly e-mail newsletter and top-line data from the Rich 200, the BRW1000 and other special reports.
Centrelink The Centrelink website contains a lot of information about their services, together with a large number of publications available for download.
CommSec Our aim is to provide simple, accessible and affordable access to the investment markets for all Australians. We encourage long-term investment in quality and provide you with the tools and information you need to make your investment decisions.
Consumer Affairs Victoria Provides information and education on the rights and responsibilities of businesses and consumers registering and licensing business, helping in resolving disputes, and ensuring compliance with the law.
Institue of Chartered Accountants The Institue website provides guidance for chartered accountants.
Reserve Bank of Australia Information about the RBA, including its monetary policy and other functions.

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