Meet Maria, a small business owner who wants to buy a new computer for her shop. She wants to know - Is the computer eligible for the extra 50% tax break? What about software? By when does she have to buy it and by when does she need to start using it to get the extra deduction? How much will her deduction be?

After phoning Taxwise, she knows the computer is eligible as long as it is new, costs more than $1,000, is purchased by 31 December 2009 and is installed or first used by 31 December 2010. Assets must be tangible and as software is not a tangible asset it is not eligible for the tax break.

Maria buys the computer for $2,400 (excluding GST and the cost of the software used on the computer). She will be able to claim an additional $1,200 tax deduction (50% of $2,400) in her business income tax return for the year in which she installed or first used the computer. This is in addition to the decline in value deductions she would normally claim for such business assets.

After applying the 30% company tax rate (the rate which applies to Maria's business), this tax deduction would reduce the amount of tax Maria's business would have to pay by $360.

If you're like Maria and thinking about taking advantage of the business tax break, you need to check the facts before you buy. Phone Taxwise on 9248 8124.

 About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

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The first change affects super contributions maximums, or caps. In the 2009 - 2010 financial year, the concessional contributions cap (for employer contributions, including salary sacrifice) will reduce to $25, 000 per person. For those aged 50 and over, the cap will reduce to $50,000. The non-concessional contributions cap (for after tax contributions) will be calculated at six times the concessional cap, so it remains at $150,000 in 2009 - 2010.

Note that the reduced limits apply to contributions received during 2009 - 2010, even if some of those contributions relate to employment before 1 July 2009.

The second change will see some forms of salary sacrifice super contributions included as 'non-wage remuneration' in various income tests for individuals. These include contributions that have been made by an employer or associate of the employer, for which the individual has or might reasonably be expected to influence the size of the contribution or the way the amount is contributed.

These contributions are called Reportable Employer Superannuation Contributions, or R E S C s, and from 1 July 2009, you'll be required to report RESCs in PAYG annual withholding reports and employees' PAYG summaries.

Speak to Taxwise (08-9248-8124) or our resident financial adviser, Mark Christie (08-9344-6495) to make sure you're prepared for these changes, and that any affected employees are aware of the potential taxation implications of their salary sacrifice to super.

About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

For a FREE Report "7 Essential Strategies to Reduce Your Taxation NOW!",
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Getting the help you need

As an employer, you have certain tax and super obligations you need to be aware of.

These obligations include:

• pay as you go (PAYG) withholding
• Super
• fringe benefits tax (FBT)

Running a business or a non-profit organisation gets more complex when you have employees or independent contractors. When you make payment to employees or contractors, you may be required to withhold an amount and send it to the ATO at regular intervals. The ATO calls this process PAYG withholding.

To comply with your PAYG withholding obligations you need to:

• register for PAYG withholding
• work out the status of your workers
• become familiar with the types of payments you need to withhold from
• work out the amount to withhold
• report and pay withheld amount to the ATO
• provide payment summaries and lodge an annual report at the end of each income year.

Under the PAYG withholding system:

• the business, non-profit organisation or individual making the payments is called the payer, and
• the individual being paid is called the payee.

What you need to know about PAYG withholding.

Register for PAYG withholding -
  
You will need to register for PAYG withholding as soon as you know you need to withhold. You can register:

• online at www.ato.gov.au/onlineservices
• by phoning 13 28 66 between 8:00am and 6:00pm Monday to Friday
• by completing an Add a new business account (NAT 2954) form

Work out the status of your workers -
  
You have different obligations depending on whether your payee is an:

• employee, or
• independant contractor.

The status of your worker depends on your working relationship and is usually worked out by the contracual arrangements made between the two of you.

NOTE: To help you work out the status of your workers, the ATO have developed a decision making tool. To use the decision tool, visit www.ato.gov.au/employers and selecct 'Contractor or employer?' - 'Employee/contractor decision tool'.

Work out the amount to withhold.

The ATO produces tax tables to help you work out how much to withhold from your payments to your payees.

These PAYG withholding tax tables are available for weekely, fortnightly, monthly and quarterly pay periods. You can also get tax tables for particular types of payments, such as payments made under voluntary agreement.

NOTE: The ATO has an electronic calculator to help you work out the withholding amount and the employment termination payment withholding amount. To use the calculator, visit www.ato.gov.au/employers and select:

• tax withheld calculator - this calculator will help you work out the correct amount to be withheld, and
• employment termination payment calculator - this calculator will help you work out the tax-free and taxable amounts of an employment termination payment made on or after 1 July 2007.

To work out how much to withhold, use information your payee gives you on their Tax file number declaration (NAT 3092) and, if applicable, Withholdong declaration (NAT 3093). For example, they may be claiming the tax-free threshold that is shown on their Tax file number declaration, or they may be entitled to a dependent spouse tax offset that is shown on their Withholding declaration.

If your payee is under a voluntary agreement, use the information provided in the agreement to work out the amount to withhold.

Report and pay the withheld amounts.

How often you report and pay amounts depends on whether you are a small, medium or large withholder.

The ATO will tell you what type of withholder you are after you register.

Prepare payment summaries and lodge annual report.

Within 14 days after the end of each financial year (30 June), you need to give each of your payees a payment summary that shows how much you:

• paid, and
• withheld.

You need to also provide the ATO with a PAYG withholding payment summary annual report and you can print the individual payment summaries on plain paper.

If you don't report electronically, the ATO will give you blank payment summary forms and a personalised PAYG payment summary statement to use.

NOTE: The ATO will send this stationery to you around May each year.

Payment summaries.

There are different payment summary forms depeding on the type of payment. Examples include payment summaries for:

• individual non-business payments
• labour hire and other specified payments
• voluntary agreement payments
• employment termination payments
• personal services attributed income payments
• payments where ABN not quoted.

It's important you use the appropriate payment summary.

NOTE: To order payment summaries:

• visit the ATO website at www.ato.gov.au and select 'Find a form od publication' - 'Online ordering', or
• call the ATO's automised self help ordering service on 13 72 26 and press 4. You'll need your Australian business number (ABN) and the names of the publications you wish to order.

The ATO provides instructions for completing these payment summaries. To obtain copies, visit the ATO website

PAYG withholding payment summary annual report.

If you have payroll software that meets the ATO's specifications, you can submit your PAYG withholding payment summary annual report using electronic commerce interface (ECI).

If not, use the stationery the ATO send you so you can provide them with the following:

• a completed personalised PAYG payment summary statement (NAT 7885)
• the originals of all the payment summaries you issued for the financial year.

If you misplace your personalised payemnt summary statement or it contains an error, you can use a generic PAYG payment summary statement.

About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

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Generally, there are no CGT obligations for assets acquired before 20 September 1985 (pre-CGT).

There may be a situation where you receive money or another CGT asset (or both) as compensation when you dispose of an asset involuntarily (or under an insurance policy against the risk of such an event happening). In this case, you may be able to choose to:

• defer your liability to pay tax on any capital gain arising on the disposal, or
• get a CGT exemption for any replacement asset if you acquired the original asset before 20 September 1985.

This concession is known as a rollover. It may be available if one of the following events happens:

• all or part of your CGT asset is lost or destroyed
• your CGT asset is compulsorily acquired by an Australian government agency
• your CGT asset is compulsorily acquired by an entity (other than by an Australian government agency or a foreign government agency) under a power of compulsory acquisition conferred by an Australian or foreign law. However, the compulsory acquisition of minority interests – such as shares in a company – under the Corporations Act or similar foreign law are excluded
• you dispose of your CGT asset to an entity (other than a foreign government agency) after a notice is served on you inviting you to negotiate a sale agreement. You must have been informed that, if the negotiations are unsuccessful, the asset will be compulsorily acquired under a power of compulsory acquisition conferred by an Australian or foreign law. However, the compulsory acquisition of minority interests – such as shares in a company – under the Corporations Act or similar foreign law are excluded
• you dispose of land to an entity (other than a foreign government agency) where a mining lease was compulsorily granted over the land, the lease significantly affected your use of the land, the lease was in force immediately before the disposal and the entity to which you disposed of the land was the lessee
• you dispose of land to an entity (other than a foreign government agency) where a mining lease would have been compulsorily granted over the land, the lease would have significantly affected your use of the land and the entity to which you disposed of the land would have been the lessee
• a lease that had been granted to you by an Australian Government agency under a Commonwealth, state or territory law expires and is not renewed.

This rollover is not available for plant disposed of after 11.45am (by legal time in the ACT) on 21 September 1999 and other depreciating assets from 1 July 2001. Instead, if a depreciating asset is lost or destroyed or, acquired compulsorily or by forced negotiation (other than by a foreign government agency), the capital allowances provisions may allow for a balancing adjustment offset.

This means that rather than including an amount in your assessable income by way of a balancing adjustment, you can offset that amount against the cost of a replacement asset (or assets).

If you choose to take rollover, you do not need to lodge a written election stating your choice – it will be clear from the way you prepare your tax return.

You cannot choose to defer a capital loss but you can use it to reduce any capital gain made in the current income year or a later income year.

For rollover relief to apply, the replacement asset you receive cannot be a car, motorcycle or similar vehicle.

Further, from 1 July 2001, for rollover relief to apply, the replacement asset you receive cannot become an item of your trading stock, nor can it be a depreciating asset.
 

Marriage breakdown.
Read this section if your marriage or de facto marriage ended on or after 20 September 1985 and:

• you transfer an asset or a share of an asset to your spouse
• you receive an asset or a share of an asset from your spouse, or
• a company or trustee of a trust transfers an asset to you or your spouse.

When we talk about ‘your spouse’, this includes your former spouse or former de facto spouse. ‘Transfer’ of an asset means transferring ownership of an asset to the transferee spouse and includes ‘creating’ an asset in their favour (such as a right to use property). Where we talk about ‘an asset’, this includes a share of, or an interest in, a jointly owned asset.

The term ‘transferee spouse’ refers to the spouse to whom an asset is transferred, while the ‘transferor’ is the person (or a company or the trustee of a trust) who transfers an asset to the transferee spouse.
 
As a general rule, CGT applies to all changes of ownership of assets on or after 20 September 1985. However, if you transfer an asset to your spouse as a result of the breakdown of your marriage or de facto marriage, there is an automatic rollover in certain cases. You cannot choose whether or not it applies.

This rollover ensures the transferor spouse disregards a capital gain or capital loss that would otherwise arise. In effect, the one who receives the asset (the transferee spouse) will make the capital gain or capital loss when they subsequently dispose of the asset. If you are the transferee spouse, the cost base of the asset is transferred to you.

Deceased estates.
If you are a deceased person’s legal personal representative or a beneficiary of a deceased estate, read this section to find out about the special CGT rules that apply.

When a person dies, the assets that make up their estate can:

• pass directly to a beneficiary (or beneficiaries), or
• pass directly to their legal personal representative (for example, their executor) who may dispose of the assets or pass them to the beneficiary (or beneficiaries).
• A beneficiary is a person entitled to assets of a deceased estate. They can be named as a beneficiary in a will or they can be entitled to the assets as a result of the laws of intestacy (when a person dies without having made a will).

A legal personal representative can be either:

• the executor of a deceased estate (that is, a person appointed to wind up the estate in accordance with the will), or
• an administrator appointed to wind up the estate if the person does not leave a will.

About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

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• you are a subsequent participant in a forestry managed investment scheme (FMIS), and
• you sold or otherwise disposed of your forestry interests in an FMIS in the 2008–09 income year.

Subsequent participant.
You are a subsequent participant if you are not an initial participant. In most cases, this means that you bought your forestry interest from an initial participant.

You are an initial participant if:

• you obtained your forestry interest from the forestry manager of the scheme, and
• your payment to obtain the forestry interest is used to establish trees.
  

Real estate and main residence.
This section explains your CGT obligations for real estate. Real estate includes -

• vacant blocks of land
• business premises
• rental properties
• holiday houses, and
• hobby farms

The CGT exemption for a main residence is also explained in this section.

Apart from the main residence rules, capital gains and capital losses on real estate are worked out under the rules set out earlier.

Land is a CGT asset. In some cases, improvements made to land are treated as separate CGT assets – see Separate assets. A depreciating asset that is found in a building (for example, carpet or a hot-water system) is also taken to be a separate CGT asset from the building. When a CGT event happens to your property, you must work out a capital gain or capital loss for each CGT asset it comprises (or balancing adjustment in the case of depreciating assets sold with the property).

The most common CGT event that happens to real estate is its sale or disposal – CGT event A1. The time of the event is:

• when you enter into the contract for the disposal
• if there is no contract – when the change of ownership occurs
• if the asset is compulsorily acquired by an entity – the earliest of when
  • you received compensation from the entity
  • the entity became the asset’s owner
  • the entity entered it under a power of compulsory acquisition, or
  • the entity took possession under that power.

If land is disposed of under a contract, it is taken to have been disposed of when the contract is entered into – not the settlement date. The fact that a contract is subject to a condition, such as finance approval, will generally not affect this date.

You are not required to include any capital gain or capital loss on your tax return for the relevant income year until settlement occurs. When settlement occurs, you must include any capital gain or capital loss on your tax return for the income year in which the contract was made. If an assessment has already been made for that income year, you may need to have that assessment amended. Where an assessment is amended to include a net capital gain and a liability for shortfall interest charge (SIC) arises, remission of that interest charge will be considered on a case-by-case basis. Generally, it would be expected that the SIC would be remitted in full where requests for amendment are lodged within a reasonable time after the date of settlement – which, in most cases, is considered to be one month. If you consider that the SIC should be remitted, you should provide reasons why when you request the amendment to your assessment. More information about SIC is available on the ATO's website.

Tomorrow's Episode……. Compulsory acquisition of an asset, Marriage breakdown and Deceased estates.

About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

For a FREE Report "7 Essential Strategies to Reduce Your Taxation NOW!",
Sign Up RIGHT NOW in the Opt In Box located on the top right hand side of this article.

• property trusts
• share trusts
• equity trusts
• growth trusts
• imputation trusts, and
• balanced trusts

Distributions from trusts can include different amounts, but only the following two types of amounts are relevant for CGT purposes:

• capital gains
• non-assessable payments
  

Distributions of trust capital gains are treated as capital gains that you have made.

Non-assessable payments mostly affect the cost base of units in a unit trust (including managed funds) but can in some cases create a capital gain. Non-assessable payments do not affect beneficiaries of a discretionary trust.

Trustees, including fund managers, may use different terms to describe the methods of calculation and other terms used in this guide. For example, they may use the term ‘non-discount gains’ when they refer to capital gains worked out using the indexation and ‘other’ methods.

Investments in shares and units.
This section explains your CGT obligations if you sold or otherwise disposed of any shares or units in a unit trust (including a managed fund) in the 2008–09 income year. It also explains what happens when you have a CGT event under a demerger. For information about distributions from a unit trust (other than under a demerger) in the 2008–09 income year, contact Taxwise on 9248 8124.

Managed fund.
A managed fund is a unit trust. Where we refer to a unit trust, we are also referring to a managed fund.
 

Tomorrows Episode……. Forestry Managed Investment Scheme Interests and Real Estate and Main Residence.

About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

For a FREE Report "7 Essential Strategies to Reduce Your Taxation NOW!",
Sign Up RIGHT NOW in the Opt In Box located on the top right hand side of this article.

How to work out your capital gain or capital loss.
These 4 episodes explain how to work out each capital gain or capital loss you made during the income year.

They do not explain how to work out your net capital gain or net capital losses carried forward to later income years. If you are completing the Tax return for individuals 2009 and want more information on how to calculate your net capital gain for the income year or net capital losses carried forward to later income years (including how to deduct any unapplied net capital losses from earlier years), Contact Taxwise on 9248 8124. For more information about companies, trusts and funds or about completing the CGT summary worksheet, Contact Taxwise on 9248 8124.

Keeping records.
You must keep records of everything that affects your capital gains and capital losses. Penalties can apply if you do not keep the records for at least five years after the relevant CGT event.

Keeping adequate records of all expenditure will help you correctly work out the amount of capital gain or capital loss you have made when a CGT event happens. It will also help to make sure you do not pay more CGT than is necessary. If you have applied a net capital loss, you should generally keep your records of the CGT event that resulted in the loss for four years from the income year when the net capital loss is fully applied.

Keeping good records can help your beneficiaries reduce the impact of CGT after you die. If you leave an asset to another person, the asset may be subject to CGT when a CGT event happens to that asset in the future – for example, if your daughter (the beneficiary) sells the shares (the asset) you have left her in your will.
 

Tomorrow's Episode……. Trust distributions and Investments in shares and units.

About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

For a FREE Report "7 Essential Strategies to Reduce Your Taxation NOW!",
Sign Up RIGHT NOW in the Opt In Box located on the top right hand side of this article.

Objections
If you disagree with certain Tax Office decisions, the law gives you the right to object and have the decision reviewed. Decisions you can object against include assessments, amended assessments, and some private rulings. You should consider lodging an objection if:

• you disagree with an assessment or decision you have received from the ATO
• there is a dispute over how the ATO has interpreted the law, or
• you are uncertain about your interpretation of the law.

When the ATO gives you a decision, they explain how you can get the decision reviewed and tell you the time limits that apply in requesting a review.

Reviews are carried out by an officer who did not make the original decision. The review will reconsider the facts, law and policy aspects of that decision.

Before you object
If you have questions, or disagree with the ATO's decision, you should contact the ATO to discuss the decision before lodging an objection. Many misunderstandings can be resolved by simply talking to the ATO.

You can object against…
You can object against certain Tax Office decisions. Some of the decisions you can object against include:

• income tax assessments and amended assessments
• fringe benefits tax assessments and amended assessments
• private rulings about income tax
• private rulings about fringe benefits tax and fuel tax credits
• administrative penalty assessments for tax shortfall
• decisions not to remit an administrative penalty if the penalty is more than $220 after the decision has been made
• goods and services tax, wine equalisation tax, fuel tax credit and luxury car tax assessments
• excess contributions tax assessments
• superannuation contributions surcharge assessments
• termination payments surcharge assessments
• superannuation guarantee charge assessments
• decisions not to remit an administrative penalty
• reviewable goods and services tax decisions
• reviewable Australian business number decisions.

You cannot object against…
You cannot object against some Tax Office decisions. Some of the decisions that you cannot object against include:

• general interest charge
• late payment penalty
• shortfall interest charge (where the unremitted amount is equal to or less than 20% of the tax shortfall)
• a private ruling on goods and services tax, luxury car tax or wine equalisation tax – you can ask the ATO to make an indirect tax assessment and then object against that assessment
• a private ruling where an assessment has issued covering the private ruling period – you may object against the assessment
• administratively binding advice or advice about proposed changes to tax laws
• a decision not to remit an administrative penalty if the penalty is $220 or less after the decision has been made.
• If you cannot object against the ATO's decision, the ATO can still talk to you about your issues and answer your questions. If you ask, in most cases they will review the decision consistent with good administrative practice.

You may also be able to get the decision reviewed by a court.

What happens after you lodge your objection?
Within 14 days of receiving your objection, the ATO will:

• review your objection and, if necessary, contact you or your representative to discuss it
• request further information, if required, to allow them to make a decision
• advise you if your objection will take longer than usual to decide (particularly where the objection raises complex matters) and negotiate a new due date with you for them to make the objection decision.

Unless the ATO has negotiated a completion date with you, they aim to make a decision on your objection (after receiving all necessary information) within:

• 28 days for private rulings on income tax or fringe benefits tax
• 56 days for all other objections.

By promptly responding to any requests from the ATO, you can help ensure that any delays will be minimised.

When the ATO makes their decision on your objection, they will review the facts and evidence provided by you and may decide to:

• allow your objection in full
• allow your objection in part
• disallow your objection.

Once the ATO has made their decision, they will generally send you:

• a notice of decision that includes the reasons for their decision
• information on how to seek an external review if you are dissatisfied with their decision
• information on how to pay any outstanding amount.

If the ATO has allowed your objection in full or in part, they will amend their original decision.

When considering an objection against a private ruling, the ATO may take additional information into account that they did not consider when making the original ruling. The ATO will tell you what the information is, and give you an opportunity to respond, before they make a decision. Where the new information makes a material difference to the facts of the original scheme or circumstances, the ATO may ask you to apply for a new private ruling. If this occurs, your objection is taken not to have been made, and will not be further considered.

Paying outstanding tax when objecting
As a general principle, the Commissioner expects that all debts will be paid on time, including those subject to an objection.

For more information, see recovering debt that is in dispute.

If an objection is decided in your favour, the ATO will refund to you or credit your account with any amount that you have overpaid. Where an overpayment of tax has been made you may be entitled to interest.

About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

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Tax Commissioner Michael D’Ascenzo said 'Your small business tax calendar provides reminders of lodgement due dates for small businesses, bookkeepers and tax agents.'

“You can personalise the calendar quickly and easily by answering some simple questions about your business,” Mr D’Ascenzo said.

“Based on your individual circumstances, the calendar records all the due dates you need for the financial year, such as when to lodge your business activity statement and when to pay your employees’ superannuation.”

The updated calendar can now also be used by charities, not-for-profit organisations and deductible gift recipients to help them meet their tax and superannuation obligations.

Small businesses and organisations can also:

• record notes and reminders, such as appointments or payment due dates
  
• update the calendar at any time if their business structure or reporting obligations change, and
  
• print a one-page yearly planner for tax and superannuation obligations and due dates.
  

“If you run more than one business or have a number of clients, you can set up a unique tax and superannuation calendar for each of them, and tax agents can encourage clients to use the calendar to record upcoming appointments.”

Your small business tax calendar is designed for small businesses, including sole traders, with a turnover of less than $2 million, as well as charities and not-for-profit organisations.

The latest version of the tax calendar is now available and we encourage businesses to download a copy as it contains up-to-date information for lodgement and payment due dates.

To download a free copy of the tax calendar, visit the Tax Office website at www.ato.gov.au/TaxCalendar. The calendar is also available on CD by calling 13 72 26.

About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

For a FREE Report "7 Essential Strategies to Reduce Your Taxation NOW!",
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If your thinking about starting your own business there are important decisions you need to make.
For example;

• what type of business should you start?
• will it be a business or just a hobby?
• what do you need to do before you start?
• do you need a business plan?
• are you really ready to start a new business?
• what financial information do you need?
• will you need an Australian business number?
• will you have a tax responsibilities?

At this stage of your business life cycle, it's important to think about, understand and plan your business tax needs. Time spent now will help you manage your tax obligations when you start your business and make the right decisions.

Starting your business.

When you start your business, you need to consider tax to get your business off to a good start. For example, do you know:

• what records you need to keep and how to set up a record keeping system?
• how goods and services tax (GST) works?
• what you need to report in your tax return?
• what deductions you are entitled to claim?
• how often you have to lodge you business activity statement (BAS)?
• how to pay your tax?
• how working from home may affect your tax?

 
Running your business.

As your business grows and changes you need to be aware of how your tax obligations may also change. For example, do you know:

• how to change your business structure?
• what changes when you have employees?
• how pay as you go (PAYG) withholding works?
• you have to pay super for employees?
• how to pay fringe benefits tax (FBT)?
• how to treat payments you make to independent contractors?
• how to work with the ATO electronically?

 
Ceasing your business.

You need to tell the ATO if you're affected by the following:

• you have ceased trading altogether
• you are registered to operate a business but you've never traded
• you have sold or transferred ownership of your business

To tell the ATO you're no longer in business:

• phone the ATO on 13 28 66 between 8:00am and 6:00pm, Monday to Friday, or
• If you have a digital certificate, you may cancel your ABN online at www.abr.gov.au

Online cancellation is fast and secure, and your cancellation details will usually be updated within 24 hours.

What to do next.

Contact Taxwise on 9248 8124

About the Author

Warren Kruger is an Australian Tax Specialist and Advisor.

For a FREE Report "7 Essential Strategies to Reduce Your Taxation NOW!",
Sign Up RIGHT NOW in the Opt In Box located on the top right hand side of this article.