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Client Alert for March 2014

Local government payments in ATO sights

The ATO has previously sought from local government council and shire authorities throughout New South Wales, Victoria, Queensland, and Tasmania details of entities who provided contractor services in the 2011 and 2012 financial years. The ATO says it will now acquire details of entities receiving taxable payments from local government council and shire authorities throughout the country covering the 2011 to 2014 financial years. Read more…

Best Tech 2014

Best Tech 2014

 

Talking Tech -  The Must-Have 2014 Gadgets

As we know, the technology industry is booming with new and improved gadgets Read more…

The 5 Step Super Check

The 5 Step Super Check

 

There are five simple things you can do that can make a difference to your super savings over time, meaning more money for you when you retire. Read more…

Division 7A Explained

Division 7A Explained

One of the high risk areas of tax and one that the Australian Taxation Office is continuing to monitor, is Division 7A.  What is Division 7A you say?  We have summarised below some of the situations where Division 7A may apply to you and the tax consequences or these arrangements. Read more…

Client Alert for February 2014

Business sale earnout arrangements back in spotlight

The Coalition government has decided that it will proceed with a long-standing proposal to improve the current tax treatment of earnout arrangements.

Earnout arrangements are a common way of structuring the sale of a business. Under a standard earnout arrangement, business assets are sold for a lump sum plus a right to further payments that are contingent on the performance of the business for a specified period following the sale. Read more…

Data Integrity

Data integrity refers to maintaining and assuring the accuracy and consistency of data over its entire life-cycle. Wright Partners advises its clientele to regularly back up and ensure safe storage of their daily workings and file maintenance.

December 2013 BAS

If you haven't received your December quarter Activity Statement as yet, don't panic. The ATO inform us that there are currently delays in the dispatch. All Activity Statements will be issued by the end of January 2014, well before the 28/2/2014 due date.

HELP Voluntary Repayment Bonus

HELP voluntary repayment bonus: take advantage before 1 January 2014

The ATO reminds taxpayers that the Government has proposed to remove the 5 per cent HELP voluntary payment bonus which applies to payments of $500 or more from 1 January 2014 (subject to the passage of legislation). It says taxpayers who make a voluntary payment of $500 or more before 31 December 2013 will still receive the bonus. For taxpayers who want to take advantage of the discount before 31 December 2013, the ATO advises that they should allow sufficient time for their payments to be processed.

Client Alert for December 2013 - January 2014

Tax changes following carbon tax and mining tax repeal

The Abbott government has introduced into Parliament proposed legislation to repeal the carbon tax and the mining tax. Read more…

Small Business deductions

Last chance to access small business immediate deductions

Small businesses thinking of acquiring a depreciating asset costing less than $6,500 or a motor vehicle need to do so by 1 January 2014 before the concessions available for capital purchases are removed. This was one of the surprises to come from the release of draft legislation by the Government to repeal the minerals resource rent tax (MMRT) from 1 July 2014.  As part of the repeal, the Government will also unwind certain concessions that were intended to be funded by the MMRT.  For small businesses, the $6,500 instant asset write-off and upfront accelerated deductions for motor vehicle purchases are concessions that will no longer be available.  The Bill relating to the repeal of the MMRT was introduced into the House of Representatives on 13 November 2013. Read more…

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