tax-news

Building and Construction Industry – New Reporting Requirement

There is a new reporting regime requiring businesses in the building and construction industry to report annually to ATO details of payments to contra...

Key Changes In 2012 Individual Tax Return

Below we have summarised the key changes in individual income tax return for the 2012 tax year. Tax Rates The 2011/12 and 2012/13 income tax rat...

ATO's Target Areas of Focus in 2012/13

The ATO have indicated that their 2012/13 compliance program for individuals will focus on the ...

Are You A Share Trader Or Share Investor?

In the current economic climate, there are undoubtedly a number of taxpayers who may have made a loss on the sale of their shares and may wish to util...

Interest Deductibility Under Split Loan Facility Arrangements

In order to determine whether interest incurred on a loan is deductible, the ATO will generally look at the purpose and use of the borrowed money. Fo...

Small Business Depreciation

Effective from 1 July 2012, small businesses using the small business depreciation regime can: claim up to $5,000 as an immediate deduction for...

Annual PAYG Installments

The Australian Taxation Office (ATO) has started issuing the PAYG Annual Installment notices. The amount nominated in the PAYG notice is based on t...

The Cash Economy

The ATO has recently expanded their efforts to combat the “Cash Economy”. The "Cash Economy" refers to business transactions settled in cash an...