tax

Tax issues when dealing with volunteers

From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there are many hundreds of volunteers propping

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Reconstructing tax records after a natural disaster

The ATO says it can help if you have individual clients who have lost their records due to a natural disaster such as a bushfire. It says it can achieve this by providing on-site visits to help your client reconstruct their lost or destroyed tax records and/or assistance to work out reasonable estimates if their

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R&D Tax Incentive is back on the Parliamentary table

In the first week of December 2019, the government reintroduced legislation to reform the R&D Tax Incentive (the Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019, which can be found here along with its Explanatory Memorandum). A previous attempt to reform R&D concessions never made it through the Senate, perhaps due to these

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Fleet “safe harbour” approach for car fringe benefits

The ATO, after consultation and collaboration with business taxpayers and industry representatives, has developed what it calls a “safe harbour” mechanism for calculating car fringe benefits under the operating cost method. In ATO parlance, a safe harbour is a guideline that allows taxpayers to make use of a simplified and efficient way to calculate their

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Changes to the luxury car tax your clients may have forgotten

From 1 January 2020, primary producers can claim a refund of luxury car tax (LCT) they have paid on one eligible vehicle per financial year, up to a maximum of $10,000 (it used to be $3,000), for vehicles delivered to them on or after 1 July 2019. If your client lodged a claim for an eligible vehicle

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5 minute tax updates: 18-22 November

What the ATO’s ASFP means for tax professionalsHow the new whistleblower laws operate, according to the TPBDe-registration on basis of not being “fit and proper person”Additional conditions to be met for some small business CGT concessionsTransfer balance cap correspondence issuing with a due date during the Christmas/New YearsWork related deductions deniedBushfire concession announcedSMSFs and “fractional”

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5 minute tax updates: November 11-15

Car parking fringe benefits ruling to be updatedNew draft determination on CGT cost base and assumed liabilityTax debts and deceased estate treatments to be reviewed by Inspector-General ATO extends assistance to drought affected regionsWill using more contractors mean future TPAR requirement?Client a trustee of closely held trust? Which rules apply?Employers can cop penalties and charges

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Date set for shut down of tax agent and BAS agent portals

The ATO has announced that the date for the shut down of the portals will be 29 November. Specifically at 11.30pm AEDT. The earlier than expected timing is, the ATO says, to clear the decks before implementing its “Activity Statement Financial Processing” project (ASFP), the name it has given to a system enhancement that aims

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