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Advice from Outside the Square

Yearly Archives: 2017

Tax Updates for February 2017

February's Tax Updates - Here's what's in this update:-
  • What are the ATO's priorities on settling cases?
  • The ATO has developed "work-related expenses" profiles.
  • The onus is on the taxpayer to show "No Fraud".
  • Admin Penalties of 75% for failing to lodge FBT Returns!
  • New ATO data-matching program.
  • Tax Ruling on deductibility of commercial websites.
  • Beneficiaries of Trusts - Tax Determination on deductibility of bad debts.
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Structuring for Indigenous Enterprise

Indigenous enterprises can be categorised into three main categories:-
  1. Those owned and operated by Indigenous individuals or “nuclear” families where profits may be distributed to individuals;
  2. Those owned and operated by “communities” or larger Indigenous cultural family groups that are operated for the benefit of the whole group and do not result in distributions of profit to individuals; and
  3. Those owned and operated by Indigenous corporate and service entities and Prescribed Bodies Corporate where profits may be distributed back to that particular corporation or service entity or its constituent corporate members such as the previously mentioned “communities”.
This article deals with the structuring of the second and third categories. The first category is not dissimilar to the traditional individual business model and structuring for that category will depend on normal commercial considerations such as risk, tax, and business succession as applying to individuals. (more…)...
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ATO Computer Systems Having Difficulties

Since early December 2016, the Australian Tax Office (ATO) computer systems and databases have met significant difficulties through crashes. From time to time, the Tax Agent's Portal, SBR system, Australian Business Register, and other systems have been crashing. Tax Agents have been told that no information was lost or at risk to nefarious parties. However it has made our job difficult in the time being. (more…)...
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“Fair and Sustainable Super” Reforms

In 2015 and 2016 the Government announced a whole series of changes to superannuation that will start on 1 July 2017. Although the main package of reforms has passed through parliament, some new regulations are still subject to a consultation process, with submissions closing on 10 February 2017.  (more…)...
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