News


Flooding in Queensland

13

Jan 2011

Flooding in Queensland

Well it sure has been an interesting few days. My wife and I returned on the 8th of January from an overseas holiday excited to be back in Australia. On Monday the 10th we were in Toowoomba for a few meetings with the intention of being back on the Gold Coast by the evening when all of a sudden we were on the receiving end...

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Scams to be aware of

01

Nov 2010

Scams to be aware of

Be aware of counterfeit ATO cheques supposedly issued by the ATO and drawn on Reserve Bank of Australia. The counterfeit cheques are realistic in look and feel authentic; only after being put through a fluorescent scanner are they revealed to be fakes. The counterfeit cheques are being sent from overseas as advance payment for accommodation, quite often around or near universities. The cheques are made...

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You are being watched: The ATO data matching program

29

Sep 2010

You are being watched: The ATO data matching program

I have noticed an increasing level of sophistication in recent years regarding the Australian Taxation Offices (‘ATO’) data matching capabilities. Below is an extract of information gathered from the ATO discussing their ability to gather and analyse your information. From my perspective I would prefer to sleep well at night than worry about a few undisclosed dollars snuck away under the table. Overview of the...

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Helping you to start a small business: New Enterprise Incentive Scheme

11

Sep 2010

Helping you to start a small business: New Enterprise Incentive Scheme

Helping you to start a small business: New Enterprise Incentive Scheme Eligible job seekers who are interested in starting and running a small business can access assistance through the New Enterprise Incentive Scheme (NEIS).NEIS provides accredited small business training, business advice and mentoring for eligible job seekers, as well as ongoing income support for up to 52 weeks. Your NEIS provider will help you decide whether...

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First home saver accounts – what you need to know

08

Aug 2010

First home saver accounts – what you need to know

  Introduction First home saver accounts offer a tax-effective way of saving for your first home through a combination of government contributions and concessional tax rates. These accounts are available from certain financial institutions, including banks and credit unions.To help you work out if a first home saver account will suit you, visit the Australian Securities and Investments Commission (ASIC) website – FIDO – at http://www.fido.gov.au/firsthomesaverFIDO’s...

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Free money from the government: super co-contribution

15

Jul 2010

Free money from the government: super co-contribution

The super co-contribution is a government measure to boost super savings. If you are a low or middle income earner, you may be able to receive the super co-contribution from the government by making eligible personal superannuation contributions to your fund. You do not have to contribute the full $1,000 to be eligible – any amount up to $1,000 will attract the super co-contribution. The...

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Let the ATO help fund your business: The new and improved Research and Development Credit

22

Jun 2010

Let the ATO help fund your business: The new and improved Research and Development Credit

On 12 May 2009 the Government announced it will replace the existing Research & Development (‘R&D’) Tax Concession with a new R&D Tax Credit. The R&D Tax Credit is planned to come into effect from 1 July 2010.The benefit of a refundable tax credit over a tax concession is that R&D companies are often cash poor and ideas rich. R&D outlayed during the year can...

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Confused about the new mining tax?

11

Jun 2010

Confused about the new mining tax?

This has proven to be a very contentious topic with strong opinions for and against the ‘big new tax’ as some politicians like to call it. There has been so much debate through the media which has left most of us scratching our heads wondering what outcome is other than a new Prime Minister. Firstly the name ‘Resource Super Profits Tax’ has been abolished with...

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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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