Thumbnail image for Message from the Commissioner of Taxation – 29 April 2010

Message from the Commissioner of Taxation – 29 April 2010

April 29, 2010

The introduction of our new income tax processing system has inevitably impacted both taxpayers and tax agents. I apologise if you waited longer than usual for your notice of assessment and/or refund. I would like to especially thank tax agents for their patience and support while we completed this essential work. Without knowing each individual [...]

Read the full article →
Thumbnail image for Business Tax Break – How Does It Work?

Business Tax Break – How Does It Work?

December 24, 2009

If you’re a small business with an annual turnover of less than $2 million you may qualify for the extra 50% business tax break on eligible assets. But how do you know what is eligible? Meet Maria, a small business owner who wants to buy a new computer for her shop. She wants to know [...]

Read the full article →
Thumbnail image for Salary Sacrifice For Super : Federal Budget Changes

Salary Sacrifice For Super : Federal Budget Changes

July 20, 2009

The May Federal Government Budget announcement included important changes to the way salary sacrifice to super will be treated. 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 [...]

Read the full article →
Thumbnail image for Everything You Ever Need To Know About Capital Gains Tax – Episode 4

Everything You Ever Need To Know About Capital Gains Tax – Episode 4

July 18, 2009

Compulsory acquisition of an asset. This section explains your CGT obligations if your CGT asset is lost, destroyed or compulsorily acquired. 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 [...]

Read the full article →

Everything You Ever Need To Know About Capital Gains Tax – Episode 3

July 17, 2009

Forestry managed investment scheme interests. This section explains your CGT obligations if: 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 [...]

Read the full article →

Everything You Need To Know About Capital Gains Tax – Episode 2

July 15, 2009

Trust distributions. This episode explains how distributions from trusts (including managed funds) can affect your CGT position. Managed funds include – 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 [...]

Read the full article →

Everything You Need To Know About Capital Gains Tax (CGT) – Episode 1

July 15, 2009

Does capital gains tax apply to you? These 4 episodes provide general background information about CGT and whether, and how, it applies to you. 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 [...]

Read the full article →

Objection Guide.

July 13, 2009

If you realise that there is a mistake on your tax return, you should consider whether it would be appropriate to request an amendment to correct it. As time limits apply, you should do this as soon as possible. Objections If you disagree with certain Tax Office decisions, the law gives you the right to [...]

Read the full article →

Free Electronic Tax Calendar For Small Businesses.

July 13, 2009

A free electronic calendar is now available on the Tax Office website to help small businesses meet their tax and superannuation guarantee obligations throughout the year. 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 [...]

Read the full article →

← Previous Entries

Next Entries →