The new legislation containing changes to the current Living Away From Home Allowances (“LAFHA”) regime was recently passed. For employers with LAFHA arrangements entered into after 8 May 2012, the new rules will apply from 1 October 2012. The new rules require the following from the employers and/or employees:
The ATO has started offering refunds to some individuals who have exceeded their annual superannuation concessional contributions cap. From the 2011-2012 year, there is a once-only opportunity to have excess concessional contributions refunded.
The ATO has recently released details of a data-matching program focusing on contractor payments. Under the program, the ATO intends to collect information in relation to payments made to contractors for the 2009-2010 to the 2011-2012 income years by businesses audited by the ATO’s employer obligations area.
A taxpayer has successfully argued before the AAT that there were special circumstances in his situation to allow for the exercise of the Commissioner’s discretion under the law to reallocate superannuation contributions. Accordingly, monies paid into his superannuation account in late July 2009 could be attributed to the 2008-2009 financial year, and this meant that …
Special Circumstances Found To Set Aside Excess Contributions Tax Read More »
A recent case before the AAT has highlighted the need for businesses to maintain appropriate records of plant and equipment used in business.
A taxpayer has been, in most part, successful before the Administrative Appeals Tribunal (AAT) in relation to a matter concerning loans from a private company. These loans were made to him, over various years, as a shareholder and director of the private company. The ATO had treated the loans, which were made in the 2005, …
Honest Mistake In Not Documenting Private Company Loans Read More »
The Government’s mid-year budget update was handed down in late October 2012. The Treasurer revised down the expected Budget underlying cash surplus to $1.1 billion for 2012 – 2013 down from $1.5 billion estimated in the May 2012 Budget.
The Reserve Bank’s decision to reduce the prime interest rate to 2.75% (the lowest for 50 years) confirms the difficult environment in which businesses are operating. To survive in difficult times, businesses need to continually review their business operating environment. This would include a review of your marketing strategy, managing costs, innovation, productivity, preparation of …
When did you last complete a competitor analysis? Almost all business owners/managers are aware of their direct competitors but when was the last time you actually completed a formal analysis by way of a ‘competitor analysis’? This should be at least an annual process to help pin-point key opportunities for improvement. To complete a competitor …
3 Key Ideas to Help Business Leaders Succeed in 2013 Read More »
There are many ways in which taxpayers can take advantage of tax planning initiatives to manage their taxable incomes. In order to maximise these opportunities, taxpayers need to start the year-end tax planning process early. Of course, when undertaking tax planning, taxpayers should be cognisant of the potential application of anti-avoidance provisions. However, if done correctly, …
