Miscellaneous

Using The Cents Per Kilometre Method

By Warren Kruger / October 20, 2019 / 0 Comments

  | | | The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses. Importantly, taxpayers making a ‘cents per kilometre’ claim are required to demonstrate that they […]

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ATO Impersonation Scam Update

By Warren Kruger / October 15, 2019 / 0 Comments

  | | | According to the July 2019 ATO impersonation scam report: 6,179 online scam reports were received in the first month of their new online reporting form going live; 6,645 phone scam reports were officially recorded, and 465 phishing scam emails were reported to reportemailfraud@ato.gov.au; 520 taxpayers provided scammers with their personal identifying […]

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Deductions For A Company Or Trust Home-Based Business

By Warren Kruger / October 10, 2019 / 0 Comments

  | | | The ATO has reminded taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, market-rate rental contract (or similar agreement) with the owner of the property. The agreement will determine which expenses the business pays for and can claim as a deduction. […]

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Fixing Incorrectly Issued Excess NCCS Determinations

By Warren Kruger / July 23, 2019 / 0 Comments

  | | | The ATO has recently identified a system error that inadvertently led them to issue incorrect pre-dated excess non-concessional (superannuation) contributions (‘NCCs’) determinations to clients. The ATO will extend the election due dates for all affected clients, so this issue will not disadvantage them, and will not take default action in relation […]

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Car Parking Threshold For 2020 FBT Year

By Warren Kruger / July 19, 2019 / 0 Comments

  | | | The car parking threshold for the FBT year commencing on 1 April 2019 is $8.95 (replacing the amount of $8.83 that applied in the previous year commencing 1 April 2018). QUESTIONS ABOUT CARPARKING THRESHOLD FOR FBT? CALL (08) 9248 8124 NOW OR SIMPLY FILL IN THE FORM BELOW

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Trustee Obligations On The ATO’s Radar: TFN Reports

By Warren Kruger / July 19, 2019 / 0 Comments

  | | | The ATO is currently reviewing adherence to certain trustee obligations, including the lodgment of Tax File Number (‘TFN’) reports for TFN withholding for closely held trusts. Beneficiaries are required to quote their TFN to trustees to avoid having tax withheld from payments or unpaid present entitlements, and trustees must lodge a […]

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