JRS Accountants & Advisors Pty Ltd

JRS Accountants & Advisors Pty Ltd

Category: Content
Type: Blog Article

Generated 2 weeks ago

New blog articles detected

  • Government Forces Foreigners To Sell Australian Real Estate

    The Treasurer has ordered the forced sale of a further 15 Australian residential properties held by foreign nationals in breach of the foreign investment framework, taking the total number of forced sales to 61, with a combined value of $107 million. A further 36 foreign nationals have sold properties during the course of ATO investigations, […]

  • No Overtime Meal Allowance, No Overtime Meal Deduction

    An employee construction project manager/supervisor was denied deductions for overtime meal expenses, as he was not paid an overtime meal allowance under an industrial agreement (award). The taxpayer often worked at nights and on weekends during the relevant income years, and so additional amounts were negotiated and ‘rolled into’ his salary to cover the fact […]

  • Diverting Personal Services Income to SMSFs

    The ATO is currently reviewing arrangements where individuals (at, or approaching, retirement age) purport to divert their personal services income to an SMSF, so that the income is taxed concessionally (or exempt from tax) in the fund, rather than being subject to tax at the individual’s margin rate. These arrangements normally involve the individual’s income […]

  • Fringe Benefits Change For Tax Offsets From 1 July 2017

    The ATO has issued a reminder that the government has changed the way fringe benefits will be treated for the calculation of several tax offsets from 1 July 2017. The meaning of ‘adjusted fringe benefits total’ (which is used to calculate a taxpayer’s entitlement for the low income superannuation tax offset, the seniors and pensioners […]

  • Making ‘Intangible’ Capital Improvemenets to Pre-CGT Assets

    The ATO has confirmed that, if intangible capital improvements are made to a pre-CGT asset, they can be a ‘separate CGT asset’ from that pre-CGT asset if the relevant requirements are satisfied. The result of this is that, while the disposal of the pre-CGT asset itself will be exempt from CGT, the improvements which are […]

  • ATO Data Regarding Super Guarantee Non-Compliance

    The ATO has provided some information about Superannuation Guarantee (SG) non-compliance in its recent submission to a Senate inquiry into the impact of the non-payment of the Superannuation Guarantee. In addition to marketing and education activities to re-enforce the need for employers to meet their SG obligations, the ATO conducts audits and reviews to ascertain […]

JRS Accountants & Advisors Pty Ltd

Category: Content
Type: Blog Article

Generated 3 weeks ago

New blog articles detected

  • Easier GST Reporting for New Small Businesses

    The ATO has notified taxpayers that as from 19 January 2017, newly registered small businesses have the option to report less GST information on their business activity statement (BAS). Therefore, if you plan to register for GST after receiving this Update, we can help you access the reporting benefits of the simpler BAS early. From […]

  • Deductibility of Expenditure On A Commercial Website

    The ATO has released a public taxation ruling covering the ATO’s view on the deductibility of expenditure incurred in acquiring, developing, maintaining or modifying a website for use in the carrying on of a business. If the expenditure is incurred in maintaining a website, it would be considered ‘revenue’ in nature, and therefore generally deductible […]

  • Leased Properties Were Still “New Residential Premises”

    The AAT has held that GST applied to the disposal of four properties that had been built, leased and then sold. GST does not ordinarily apply to sale of residential premises unless they are ‘new residential premises’. However, there is a special rule in the GST law that states that a newly constructed property will […]

JRS Accountants & Advisors Pty Ltd

Category: Content
Type: Blog Article

Generated 4 weeks ago

New blog articles detected

  • Last Chance for Non-Arm’s Length Related Party LRBAs

    The ATO has released a taxation determination regarding how it will apply the non-arm’s length income (‘NALI’) rules to income generated from assets purchased by an SMSF using a related party ‘limited recourse borrowing arrangement’ (or ‘LRBA’). Although the ATO states that: “in some very limited circumstances the NALI provisions may not apply to an […]

  • ATO Data Matching Programs

    The ATO has announced it is embarking on the following three (major) data matching programs: • Share Transactions Data Matching Program. The share transactions data matching program has been conducted since 2006 to ensure compliance with taxation obligations on the disposal of shares and similar securities. The collection of transaction history data dating back to […]

  • Superannuation changes passed by Parliament

    The government’s extensive changes to taxation laws regarding superannuation were passed by Parliament on 23 November 2016. According to the Treasurer, Mr Scott Morrison: “The superannuation reform package better targets tax concessions to make our superannuation system fair and sustainable, as the population ages and fiscal pressures increase.” “The reforms include the introduction of a […]

JRS Accountants & Advisors Pty Ltd

Category: Content
Type: Blog Article

Generated 6 months ago

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