Wednesday 29 March 2017

TAX DEBTS WITH THE AUSTRALIAN TAXATION OFFICE


As part of the 2016-17 Mid-Year Economic and Fiscal Outlook, the Australian Taxation Office will be allowed to disclose to Credit Reporting Bureaus the tax debt information of businesses that have not satisfactorily engaged with them. This will initially apply to businesses that have an ABN and debts of greater than $10,000 that are at least 90 days overdue.

If your business has outstanding debts with the ATO, we encourage you to talk with the ATO to establish a plan to get back up to date. If you are not comfortable to do this on your own, this is something we assist our clients with.

For further information on this and other MYEFO 2016-17 measures see :

 

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

 We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  

Thursday 2 March 2017

FIRST HOME BUYERS GRANT FOR REGIONAL VICTORIA INCREASING


The Victorian Government intends to increase the First Home Buyers Grant to $20,000 from $10,000 as of 1 July 2017 to 30 June 2020 for new contracts signed in regional Victoria with a value up to $750,000 for eligible first home buyers.

The grant for eligible first home buyers in metropolitan Melbourne will remain the same at $10,000.

The Government is still to determine the boundaries for regional and metropolitan areas.

The link below provides further details:

sro.vic.gov.au/fhogchanges

 Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

 We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  







 



SEVEN WAYS A DEDUCTION WILL NOT WORK


The Australian Taxation Office (ATO) has been paying extra attention to taxpayers claiming more than expected deductions in relation to work related expenses. 

Due to enhancements in technology the ATO has the ability to check work related expenses that a taxpayer may claim.  The ATO has outlined seven circumstances where a claim will not be allowed.

The link below provides further details:
 
https://www.ato.gov.au/Media-centre/Media-releases/Seven-ways-a-deduction-will-not-work/



Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

 We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  

ARE YOU AWARE OF YOUR FRINGE BENEFITS TAX OBLIGATIONS?




Consider Joseph’s case
 
Joseph runs a retail company and five of his sales staff receive motor vehicles as part of their employment agreement, which are accounted for using the operating cost method. 
 
Outside of work Joseph’s passion is the Western Bulldogs and he loves to give his employees football tickets. Joseph would like to understand his Fringe Benefits Tax (FBT) obligations. 
 
Recreation
 
Recreation fringe benefits can be a complex area of FBT. Some key points to be aware of are:  
  • If the gift is of a minor and infrequent nature, such as theatre or football tickets that cost less than $300 per employee, then the entertainment is exempt from FBT
     
  • If the minor benefit exemption is applied then no Income Tax Deduction or GST credits can be claimed  
     
  • If the minor benefit exemption is not applied then FBT would apply to the value of the ticket 
 
Motor Vehicles
 
FBT obligations associated with this commonly provided benefit depend on:  
  • Availability to the employees for private use. If the employees only use the car during work hours generally no FBT applies, however if they garage the car at their house FBT may apply. Where private use is minor or infrequent FBT may be minimised.
     
  • Whether or not employees make contributions to the running costs of the vehicle. Personal contributions may reduce any FBT obligations.

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

 
We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  

Wednesday 1 March 2017

STARTING YOUR OWN BUSINESS?



 
You have decided to start your own business….But where do you start?
 
The ATO has some great information for budding small business owners including:  
  • What you need to know before you begin
  • Getting started
  • How to pay tax
  • Ongoing support from the ATO
 
https://www.ato.gov.au/Business/Starting-your-own-business/

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.  
 

 

WATCH OUT FOR SCAMS



The ATO is aware of an increasing number of people reporting attempted scams by people stating they are calling from the ATO. These calls are threatening in nature and involve a demand to pay a fictitious debt immediately over the phone.

The ATO has a direct number (1800 008 540) you can call in the event you are contacted by someone and are unsure if they are from the tax office. 

For further information please see:

 

Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.

 
We provide accounting and wealth management services to clients in WoodendGisborne and Macedon Ranges areas within Victoria Australia.