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Barker & Jennings Blog

ATO focus on rental property deductions

July 30, 2015

The ATO is increasing its focus on rental property deductions for 2014/2015 and will be writing to rental property owners in popular holiday locations to remind them of their tax obligations. In particular, the ATO is paying close attention to: Excessive deductions claimed for holiday homes Husbands and wives spitting rental income and deductions for…

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Hidden risk in amending BAS

June 3, 2015

These days, with many businesses wanting to save a few dollars, they are calculating and lodging their own BAS. Generally, these BAS’s are prepared from their internal records according to what they believe are the relevant figures. At the end of the financial year, they present their internal accounts to their accountant to prepare their…

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Taxable payments annual report

May 11, 2015

If you are a business in the building and construction industry and have made payments to contractors for building and construction services, you are required to file the taxable payments annual report by 28 August. You can obtain a printed copy of the annual report and instructions by visiting ATO website, referring to Taxable payments…

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Fuel tax credit rates have increased

February 5, 2015

Fuel tax credit rates have increased for eligible fuel acquired from 2 February 2015, due to a rise in the consumer price index (CPI). Rates are indexed twice a year in line with the CPI – generally on 1 February and 1 August. Rates change regularly and we have the following information and tools to…

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Self-managed superannuation funds – new obligations

August 23, 2012

New regulations for self-managed super funds (SMSFs) took effect on 7 August 2012. They require your SMSF trustee clients to: regularly review their fund’s investment strategy consider insurance for members as part of their fund’s investment strategy value assets at market value for reporting purposes. In addition, we are now able to enforce the requirement…

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ATO 2012-2013 Compliance (Audit) Programme

July 20, 2012

Date issued: 19 July 2012 Soldiers, plumbers, information technology (IT) managers and small coffee shop proprietors will be among those under the microscope as part of the ATO’s 2012–13 Compliance Program. This year’s program will focus on occupations which generate high numbers of work-related claims, wealthy individuals and businesses with high numbers of cash transactions,…

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Director liability law changes

July 13, 2012

On 29 June 2012, the Tax Laws Amendment (2012 Measures No. 2) Act 2012 received royal assent with retrospective effect. Generally, the Act: Extends the director penalty regime to make directors personally liable for their company’s unpaid superannuation guarantee amounts. This also leads to other new changes allowing for similar provisions to arise in respect…

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Directors penalty notices – PAYG withholding

June 21, 2012

The team at Barker & Jennings would like to acknowledge this summary is sourced from Worrells. Warning for directors of companies that owe payg withholding – urgent action should be considered otherwise they may find they will no longer be able to avoid personal liability for their company’s debt. Most would be aware that there is currently…

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Trust distributions to minor beneficiaries

June 8, 2012

Does your Family Trust make distributions to minor beneficiaries? Due to recent changes to the laws relating to trusts, you need to ensure you disclose all passive income your children receive, otherwise you may find yourself taxed at the highest marginal rate of 45%! Call us now to allow us to ensure this doesn’t happen…

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Directors penalty notices – are you liable?

June 5, 2012

Are you a director of a company? Do you have employees? Due to the increased power given to the Australian Tax Office, you, as a director of your company, will be held liable for the company’s Pay As You Go (PAYG) Withheld and 9% superannuation obligations if they are not met by your company. Call us…

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