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 Read more about 2010 Federal Budget, and other exciting news![…]
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 Read more about Can a yacht, tent or underground dwelling be your house and therefore tax free?[…]
[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 Read more about ATO expands cash economy data matching program[…]
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 Read more about Stretch hummer was a “limousine” subject to Luxury Car Tax[…]
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 Read more about Research & Development Tax Concession[…]
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 Read more about ATO perspectives on large business[…]
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 Read more about Capital Allowances: cost – computer software – annual licence fees[…]
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 Read more about Serviced apartment attracted GST-free going concern treatment[…]
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 Read more about Avoid delayed tax refunds[…]
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 Read more about Capital Allowances: tax break – asset not part of a set[…]