Taxation Matters

Smart Company E-Newsletter 12 July 2010
Most investors are likely to agree: the calibre of a property manager is often measured by their record keeping and reporting standards; at least this is true at the end of the financial year. The standard of record keeping and reporting can make or break a tax return. If the records aren't up to scratch, then providing appropriate and correct information to the tax office can be very difficult.

Quality record management is something that needs to be ongoing; so if you find that it is not up to scratch this year, make sure the bar is reset and your portfolio is being managed appropriately in the new financial year. Record keeping for the end of financial year can be broken down into three distinct areas: income, expenses and depreciation.

Click here for the check list and to read more - http://www.smartcompany.com.au/property/20100712-investment-property-tax...

When cashflow is tight there is a temptation for business owners to find working capital by not remitting taxes such as GST, PAYG withholding or defer payment of income taxes that are due.

While SMEs might think that not meeting or delaying their tax payments is an easy solution to a shortage of funds, they need to understand that the ATO have a number of options to recover unpaid tax from directors or directly from the company assets.

ATO 2010 tax-time guides for employees
The ATO has released the following publications to assist employees from various industries with working out what claims they can make in their 2010 tax returns:

• Airline employees 2009 – 10
• Australian Defence Force members 2009 – 10
• Building workers 2009 – 10
• Cleaners 2009 – 10
• Factory workers 2009 – 10
• Hairdressers 2009 – 10
• Hospitality industry employees 2009 – 10
• Journalists 2009 – 10
• Lawyers 2009 – 10
• Nurses 2009 – 10
• Performing artists 2009 – 10
• Police officers 2009 – 10
• Real estate employees 2009 – 10
• Shop assistants 2009 – 10
• Teachers 2009 – 10
• Truck drivers 2009 – 10

You and your shares 2009-10
http://www.ato.gov.au/individuals/content.asp?doc=/content/00237927.htm

What's new this year?
http://www.ato.gov.au/individuals/content.asp?doc=/content/00216531.htm

Rental properties 2009-10
http://www.ato.gov.au/individuals/content.asp?doc=/content/00237831.htm