Blog


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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29

Oct 2009

Capital Allowances: tax break – asset not part of a set

Issue Are the computer and printer that are used together in the taxpayer’s business ‘a set of assets’ for the purpose of subparagraph 41-10(4)(b)(i) of the Income Tax Assessment Act 1997 (ITAA 1997)? Decision No. The computer and printer that are used together in the taxpayer’s business are not ‘a set of assets’ for the purpose of subparagraph 41-10(4)(b)(i) of the ITAA 1997 because they...

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24

Oct 2009

ATO has truckies, sales reps and electricians in its sights

CANBERRA, June 12 AAP – If you are a truckie, sales and marketing manager or electrician, watch out – the tax office has you in its sights. Australian Tax Office official Jennie Granger says there is concern tough economic times will encourage more people to fudge their tax returns this year. “Deductions for work-related expenses are one of the largest categories of claims made in...

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15

Jun 2009

Swan rules out any increase in GST rate

A federal government review of taxation will not consider any increase in the rate of GST, federal Treasurer Wayne Swan says. The Business Council of Australia, in a submission to the Henry review, has called for a halving of the company tax rate to 15 per cent and an unspecified increase to the GST. No government would be able to balance its budget without a...

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