Client Alert for June 2013

Cap on work-related self-education deductions

ATO data-matching programs

Employers and WorkCover

Student and temporary work visa holders

Online sellers

ASIC warns of property spruikers focusing on SMSFs

TIP: Investors should take care when considering advertisements pushing property purchases through SMSFs. A number of key considerations, such as legal obligations, risks and alternatives, should be taken into account before making a decision to invest in property via an SMSF. Please contact our office if you have any questions.

Major superannuation reforms announced

"Holiday home" included in tax concession test

TIP: The small business CGT concessions are intended to offer small business taxpayers a range of unique tax concessions. However, despite being targeted towards taxpayers who typically have less complicated affairs, the rules are riddled with complexities that may not appear obvious at first glance.

Each concession has its own particular rules. However, there are two basic conditions for the relief – either the taxpayer is a small business entity (SBE) or is a partner of a partnership that is an SBE, or the taxpayer satisfies the maximum net asset value test. If you have any questions, please contact our office.

Small business benchmarks catch out florist

TIP: The Tax Commissioner has warned that businesses operating outside the relevant benchmarks could be subject to ATO review and/or audit, and where the businesses do not have adequate records to substantiate their performance, the ATO will make a default assessment using the appropriate small business benchmark.

Businesses may want to consider reviewing their record-keeping practices and assess whether they are at risk of an audit. Please contact our office for further information.

FBT rates and thresholds 2013–2014

GST tax invoice information requirements

TIP: In certain situations, it may be difficult to ascertain whether a document is a "tax invoice" that complies with the requirements of the GST law. For example, a "quote" given by a professional or tradesperson to a single recipient would generally not qualify as a "tax invoice".

However, the Tax Commissioner has made a determination to waive the tax invoice requirement to cover particular situations such as "offer documents and renewal offers". Please contact our office for further information.