Taxation Matters

A brochure explaining what you need to know if you or your clients have a tax debt or are having difficulty paying on time.

http://ato.gov.au/corporate/content.asp?doc=/content/00231153.htm

An overview of the ATO'S debt collection strategy.

http://ato.gov.au/corporate/content.asp?doc=/content/00231116.htm

Information about what to do if you or your clients are having difficulty paying tax.

http://ato.gov.au/corporate/content.asp?doc=/content/00224959.htm

In most situations, Teachers can claim deductions for work-related expenses as long as the claim meets the following conditions:

• you incurred the expense in doing your job
• the expense is not private
• you can show you incurred the expense by producing receipts or other written evidence.

Get the factsheet.

Rental properties - claiming travel expenses deductions The ATO has
published a factsheet which contains information about the types of travel expenses
deductions rental property owners can claim.

Are you thinking of taking advantage of the business tax break? Here is some information to help you separate fact from fiction.

http://www.ato.gov.au/corporate/content.asp?doc=/content/00224023.htm

The ATO is reminding businesses that while staff Christmas parties can attract fringe benefits tax (FBT) there may be exemptions available depending on the venue and cost per employee.  

There are two main exemptions to FBT that could apply to Christmas parties - exempt property benefits and exempt minor benefits.

Exempt property benefits:

• Christmas party costs include things like food and drinks served for employees as part of a Christmas party

Many people may not be aware that the ATO is proposing to undertake a systems upgrade.  This will involve a shut down of all the ATO systems. 

Many people might not have considered what impact this may have on them or their businesses. 

Some things to think about are:

• Refunds will not generally be able to be obtained during the shut down or for some time afterwards due to system back logs;
• Taxpayers will not be able to ring the ATO and obtain information; and

Company directors often have no real understanding of the extent of their personal liability for tax and are often unaware that they are personally liable for unpaid company taxes, until the Australian Tax Office serves them with a Director Penalty Notice.  In most cases, it is the director of a small to medium size enterprise that becomes unstuck.

Click on the below attachment for the full article from 'My Business' magazine November 2009

Payment arrangements are a common way for taxpayers who are having trouble meeting their tax obligations to get back on track.  The ATO has received a lot of positive feedback from tax agents about how useful payment arrangements can be.  However, defaulted arrangements can be a problem.

Why and when clients default on arrangements
Payment arrangements default when the balance of your debt is more than the ATO expects on a given date.