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Read MoreSuperannuation rates and thresholds for 2016-17
Changes for 2016-17 – Superannuation rates and thresholds The ATO has released the key superannuation rates and thresholds for 2016-17. The rates apply to contributions and benefits, employment termination payments, super guarantee and...
Read MoreCar expense substantiation methods
Car expense substantiation methods made easy To simplify the car expense deduction rules, from 1 July 2015, the government abolished the one-third of actual expenses method and 12% of original value method. The cents per kilometre method (with...
Read MoreFringe Benefit Tax changes to affect Individuals
Will you be affected by these Fringe Benefit Tax changes? As the current Fringe Benefit Tax (FBT) year ended on 31 March 2016 and a new one began on 1 April 2016, a number of changes have occurred to salary packaged meal and other entertainment...
Read MoreReviewing Taxable Payments Annual Reports
The ATO is contacting businesses in the building and construction industry about information that businesses have provided on their Taxable Payments Annual Report. The ATO will be contacting businesses who have:
Read MoreData matching programs
Real property transactions – Data matching program The ATO has announced that it will acquire details of real property transactions for the period 20 September 1985 to 30 June 2017 from State and Territory revenue and land titles...
Read MoreAccessing Business Profits through an Interposed Partnership with a Private Company Partner – TA 2015/4
Accessing Business Profits through an Interposed Partnership with a Private Company Partner – TA 2015/4 On 12 November 2015, the ATO issued a Taxpayer Alert about arrangements where a purported partnership with a private company partner is...
Read MoreSingle Touch Payroll Reporting
In the 2015-16 MYEFO statement, released on 15 December 2015 by the Treasurer, the Hon Scott Morrison MP, and the Minister for Finance, Senator the Hon Mathias Cormann, the government announced that it will simplify the reporting by...
Read MoreNational Innovation and Science Agenda – Tax Changes Announced
On 7 December 2015, a suite of new Tax and Business incentive measures was announced under the Commonwealth government’s National Innovation and Science Agenda (NISA): Prime Minister’s media release (7 December 2015)...
Read MoreClaiming website development costs
If you incur expenses creating or maintaining your business’ website, you may be able to claim some of these costs as a deduction in your tax return. Capital expenditure You might be able to claim costs incurred before you start up your...
Read MoreFringe Benefit Tax (FBT) Updates April 2016
At the beginning of 2016, the ATO reminded employers about the Fringe Benefit Tax (FBT) advantages that may apply to eligible Business Owners, such as office event and work-related electronic devices tax deductions. Further details include: FBT...
Read MoreMAS Tax Campbelltown
Welcome to MAS Tax Campbelltown Delivering accounting and tax services to the Campbelltown and surrounding areas, let the professionals at MAS Tax Campbelltown take care of all of your Individual, Sole Trader, Small Business and Company...
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