Blog


09

Jun 2010

An extra tax on Slushies (alcoholic drink)?

I think the ATO released ATO ID 2010/130 to prove they do have a sense of humour. This interpretive decision discusses if the creation of a slushie is considered to be an act of manufacturing and therefore caught in the Excise Act 1901. If you do not know what a slushie is, it is a  generic term for a flavoured frozen drink often seen at...

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2010 Federal Budget, and other exciting news!

12

May 2010

2010 Federal Budget, and other exciting news!

Exciting news, the 2010 federal budget was released last night. Please find attached a summary of the proposed amendments.  The attached document is reasonably detailed so feel free to contact myself if you have any queries. Link to the 2010 Federal Budget A brief summary of the budget:•    An expected return to surplus in 2012-13;•    Funding of a renewable energy future fund;•    Funding of a new...

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Can a yacht, tent or underground dwelling be your house and therefore tax free?

28

Apr 2010

Can a yacht, tent or underground dwelling be your house and therefore tax free?

Can the following comprise a ‘dwelling’ and therefore be eligible for exemption as a main residence? (i) a structure built underground? (ii) a yacht? (iii) a tent? The meaning of ‘dwelling’ is defined in section 118-115 of the Income Tax Assessment Act 1997 (ITAA 1997). A ‘dwelling’ includes: · a unit of accommodation that is a building or is contained in a building and consists wholly or mainly of...

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ATO expands cash economy data matching program

20

Mar 2010

ATO expands cash economy data matching program

[News release from the ATO on 29 March 2010] In its continuing effort to detect businesses operating in the cash economy, especially in high risk industries, the ATO has recently expanded its data matching program on two fronts. The program now includes data from banks that identify credit card and EFTPOS sales made by Australian businesses, and data from the sale of plasterboard in NSW...

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08

Mar 2010

Stretch hummer was a “limousine” subject to Luxury Car Tax

The Federal Court (Kenny J) has affirmed the decision of the Tribunal that a stretch Hummer imported by the applicant, Dreamtech International Pty Ltd (Dreamtech), was a “limousine” and therefore a “luxury car” for the purposes of section 7 of the Luxury Car Tax Act 1999 (the LCT Act). The sole issue before the Tribunal was whether the stretch Hummer met the statutory definition of...

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01

Mar 2010

Research & Development Tax Concession

What does it offer? The R&D Tax Concession is the principal Commonwealth Government initiative to increase the amount of research and development (R&D) undertaken in Australia. The aim is to encourage innovative, competitive and export-oriented Australian industries. The concession is available to all Australian companies and offers the following: •    a tax deduction of up to 125% of expenditure incurred on R&D activities •    an...

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22

Feb 2010

ATO perspectives on large business

The Deputy Commissioner, Large Business and International (Case Leadership), Mr Jim Killaly, has given a speech on the Tax Office’s perspectives on the large business sector. Interesting points made by Mr Killaly included the following: • there is a significant concentration of cross-border activity in the large business segment which has intensified with the increasing internationalisation of the Australian economy and the globalisation of capital...

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15

Feb 2010

Capital Allowances: cost – computer software – annual licence fees

Issue Are the annual licence fees paid by the taxpayer for the use of tax and accounting software included in the cost of depreciating assets for the purposes of Division 40 of the Income Tax Assessment Act 1997 (ITAA 1997)? Decision No. The annual licence fees for both the tax and accounting software are outgoings that the taxpayer can deduct under section 8-1 of the...

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29

Dec 2009

Serviced apartment attracted GST-free going concern treatment

In a test case on the GST implications of supplies in relation to strata titled serviced apartments in a hotel complex, the Full Federal Court has partly upheld the taxpayers’ appeal. Justices Finn and Emmett (Edmonds J dissenting) held that the sale of apartments to investors, subject to leases to a management company, was GST-free as a “going concern” under section 38-325 of the GST...

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09

Nov 2009

Avoid delayed tax refunds

Lodge Tax Returns by 7 December 2009 to avoid delayed refunds The Tax Office’s computer systems will be unavailable from Friday, 22 January until Wednesday, 27 January 2010 while they implement their new system. In addition, they will need to suspend some processing in the weeks leading up to the implementation. There will also be some processing delays in the weeks following the implementation as...

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