GST Margin Scheme for Developers
GST Margin scheme The GST margin scheme is a way of working out the GST one must pay while selling a property as part of a business. The margin scheme can only be applied if the sale of the property is taxable. If property is purchased where the margin scheme was applied to the sale, GST credit for […]
Margin Scheme for Developers
The Margin Scheme is provide for under Div. 75 of the New Tax System (Goods and Service Tax) Act 1999 (GST Act). Margin Scheme is available on the sale (taxable supply) of real property by – Written Agreement There must be a written agreement between the seller (vendor) and the purchaser for the margin scheme […]
Negotiating with the ATO
For a significant number of companies, the ATO is their major creditor. Often for reasons outside the control of those companies’ directors a company is for a period of time unable to pay the full amount of its due and payable debt to the ATO. This can often result in serious consequences for the company, […]
Complex arrangements with the ATO
We’re often contacted by the accountants of companies owing large sums of money to the Australian Taxation Office (ATO). These companies may have previously defaulted on ATO payment arrangements, or had subsequent payment arrangement offers refused. In some cases, their only option is to appoint a liquidator or voluntary administrator. However, if the company has […]
ATO Statutory Demand
If you’ve received an ATO statutory demand you need to make some fast decisions about your business. It’s the start of the legal debt recovery process and you have 21 days to take appropriate action. If your company has been served with a statutory demand you must respond to it within 21 days of service […]
Fuel tax credits
Fuel tax credit rates increased on 1 August 2017. Some of these rates also changed on 1 July 2017, due to a change in the road user charge and an annual increase to excise duty rates on biofuels. Rates change regularly. They are indexed twice a year, in February and August, in line with the […]
Tax Planning for Businesses
The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious – rent, materials, supplies and so on — but there are also some less obvious options left available just before the end of the income year, should your […]
Home phone, internet and mobile
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 […]
Clothing and Laundry
The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will have […]
Home office
You might be sick of the daily commute, or want more flexibility of hours – or it could be that you have a talent or skill and feel sure that this can translate into a fulfilling career in your own business. Or it could just be that the idea of working from home seems to […]
