We often receive enquiries from employers and employees asking whether thay can or should engage workers as an employee or a contractor. The ATO provides a decision tool to help solve issues and questions.
The ATOs explanation of the tool is as follows:
“The decision tool is designed to help you (as a payer) understand whether your [...]
At a National Institute of Accountants conference in June 2008, the ATO made the following comments on the sale of investments during the 2008 financial year:
“We have reason to believe that compliance with capital gains tax is improving but we also think there is still room for further improvement.
As at 31 October 2007, approximately 1.2 [...]
Getting tax back Australia is almost an Australian tradition. A little like vegimite (well maybe not quite the same).
But what happens when we get our tax back Australia? When we do get our tax back it is very tempting to spend it. As tempting as it is to spend it on that special item believing [...]
A small business with turnover of less than $2 million is eligible for a range of concessions. The new concessions for “small business entities” replaces the Simplified Tax System (STS).
Eligible businesses can pick and choose the concessions that best suit their needs, helping them to reduce red tape and compliance costs. In most cases, if [...]
The Government will introduce enhanced First Home Saver Accounts to help families boost their savings for a first home, bringing home ownership within the reach of more Australians.
How does it work?
Following consultation, the Government has made the accounts fairer and simpler.Australians will now receive a 17 per cent Government contribution on the first $5,000 of [...]
Audit targets for 2008
The ATO has announced three occupations as audit targets for 2008 :
· nurses – particularly claims for self-education· medical practitioners – particularly travel and entertainment expenses, and· chefs – particularly for expenses for travel between home and work, and for pre-vocational courses.
The ATO also said “More generally—not just in these occupations—we will [...]
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On 1 July 2008 the Government will introduce a 50 per cent Education Tax Refund on eligible educational expenses, helping working families meet the cost of educating their children through primary and secondary school.
Eligibility to claim the Education Tax Refund
Those entitled to Family Tax Benefit Part A (FTB PART A) who have children undertaking [...]
At a National Institute of Accountants conference in June 2008, the ATO made the following comments on rental properties and their 2008 audit activities:
“Rental income and expenses has been a strong focus for a few years, because of the large number of new entrants and the wide range of common mistakes being made in claims.
We [...]
The ATO recognises there have been significant changes in the community in how people earn their income and what claims they can make — all of which mean many have more complex tax affairs than in the past.
At a National Institute of Accountants presentaion in June 2008 the Second Commissioner of Taxation made the following [...]
