Archive for July 2017
Substantiation for mobile, home phone and internet costs
The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses, and says that if you use any of these for work purposes you should be able to claim a deduction if there are records to support claims. But the ATO points out that use for…
Read MoreDeduction tip: Can you claim the cost of travelling to this office?
Tax time has arrived, but before you have us lodge your return here is another deduction tip — should your circumstances allow (or file this away for next income year.) The ATO recently issued what it calls a “tax determination” which more clearly spells out the circumstances of what may be an allowable claim (under…
Read MoreSuperstream – Is Your Business Ready?
SuperStream is a government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by submitting data and payments electronically in a consistent and simplified manner. If you have 20 or more employees (medium to large employer) SuperStream starts from 1 July 2014.…
Read MoreStreaming trust capital gains and franked distributions: An overview
The ATO has stated that a trust’s capital gains and franked distributions can, if not prevented by the trust deed, be streamed to beneficiaries for tax purposes by making these beneficiaries “specifically entitled” (more below) to the amounts. This allows beneficiaries to offset capital gains with their capital losses, apply applicable discounts and, subject to…
Read MoreATO waves a red flag on deductions for holiday rentals
Just when many Australians are considering getting away for a mid-winter break, the ATO is reminding taxpayers that it is paying close attention to rental properties located in popular holiday destinations around Australia. The ATO recently issued a statement saying that last year it identified a large number of mistakes with deductions for rental properties,…
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