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The ATO has recently revealed some common superannuation mistakes made by employers. They include paying insufficient superannuation contributions for employees, missing the quarterly payment cut-off dates (ie 28 October, 28 January, 28 April, 28 July), and not understanding that in some circumstances superannuation should be paid for contractors, even if the contractor provides an Australian [...]
We thought this information would be of some interest to those of you who have super funds. Members who make a non-concessional contribution to a super fund may be eligible to receive a co-contribution from the government. Note – The co-contribution amounts are going to be reduced, plan to ensure you maximise this benefit for [...]
The Prime Minister has announced details of the Government’s plans to put a price on carbon. The plan, to commence on 1 July 2012, proposes to set a price of $23 for each tonne of carbon pollution released into the atmosphere by Australia’s biggest polluters. It is proposed that around 500 businesses will be required [...]
Legislative changes to simplify the method for determining the taxable value of car fringe benefits has been formally implemented. Broadly, the changes introduce a flat 20% rate to replace the previous method which, according to the Government, encouraged people to drive their vehicles further than they needed to in order to obtain a larger tax [...]
From 1 July 2011, the fuel tax credit rate for heavy vehicles that use fuel such as diesel or petrol and travel on public roads is 15.043 cents per litre. A heavy vehicle, by definition, has a gross vehicle (GVM) greater than 4.5 tonne. Diesel vehicles acquired before 1 July 2006 can equal 4.5 GVM [...]
When purchasing a property that was built any time from the early 1980s, you should enquire as to whether there is an existing schedule showing the Div 43 deductions available for the construction costs of the building, as the vendor is required to provide this information to you. As this information is often not available, [...]
It is important to distinguish between claiming depreciation deductions over the useful life of a depreciating asset under Div 40 of the Income Tax Assessment Act 1997 (Cth) (ITAA97), and claiming capital works deductions at 2.5% per annum straight line under Div 43 ITAA97. Capital works deductions under DIV43 ITAA97 on acquisitions after 1 July [...]
For rural and semi-rural properties used as the family home, up to two hectares of surrounding land will be exempt under the main resident exemption, but CGT may apply to the remainder of the land.
• The cost of repairs will be deductible if they were undertaken to restore the property to its original condition, and can reasonably be seen to relate to damage or wear and tear that has happened during your period of ownership. • Repairs will not be deductible where they represent: An improvement (e.g. replacing fibro [...]
Capital Gains Tax (CGT) applies when selling a holiday home just as much as it does to an investment property – it doesn’t matter whether the property has been rented. In short, unless the property is your main residence, CGT will always be a possibility. If the property has been owned since prior to CGT [...]
