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

Posted on June 22, 2010May 1, 2014 by KRS Accountants

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 Read more about Let the ATO help fund your business: The new and improved Research and Development Credit[…]

Confused about the new mining tax?

Posted on June 11, 2010May 1, 2014 by KRS Accountants

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 Read more about Confused about the new mining tax?[…]

2010 Federal Budget, and other exciting news!

Posted on May 12, 2010May 1, 2014 by KRS Accountants

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

Posted on April 28, 2010May 1, 2014 by KRS Accountants

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?[…]

ATO expands cash economy data matching program

Posted on March 20, 2010May 1, 2014 by KRS Accountants

[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[…]

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

Posted on March 8, 2010February 20, 2023 by KRS Accountants

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[…]

Research & Development Tax Concession

Posted on March 1, 2010May 1, 2014 by KRS Accountants

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[…]

ATO perspectives on large business

Posted on February 22, 2010May 1, 2014 by KRS Accountants

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[…]

Capital Allowances: cost – computer software – annual licence fees

Posted on February 15, 2010May 1, 2014 by KRS Accountants

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[…]

Serviced apartment attracted GST-free going concern treatment

Posted on December 29, 2009May 1, 2014 by KRS Accountants

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[…]