ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdaleATP accountants and tax mortdale
PHONE: 02 8850 3888
EMAIL:
ENQUIRE ONLINE

Boost your retirement savings Posted on Feb 21, 2017 by editor

Super

Pre-retirees can take advantage of a range of strategies to boost their nest egg. Here are three popular ways to top up your retirement savings: Maximise contributions Take advantage of the concessional (pre-tax) and non-concessional (after-tax) contributions by contributing as much as you can afford before reaching the caps. From 1 July 2017, the annual concessional contributions cap will be $25,000 for all age groups. Consider spouse contributions Spouse contributions are super contributions made on behalf of your spouse. Generally, you can claim a tax offset of up to $540 per year if your spouse is a low-income earner or […]

Keep Reading...

Clarification on ride-sourcing Posted on Feb 21, 2017 by editor

Tax

The Federal Court has recently agreed that ride-sourcing is taxi travel. For GST purposes, the word taxi means a car (vehicle) made available for public hire that is used to transport passengers for fares. State and territory laws regulating transportation of passengers contain specific definitions of the term taxi. A vehicle can be considered a taxi for GST purposes, but not for state and territory regulatory purposes. The ATO defines ride-sourcing as an ongoing arrangement where a driver makes a car available for public hire; a passenger uses, for example, a website or smartphone app provided by a third party […]

Keep Reading...

Overview of the upcoming super reforms Posted on Feb 16, 2017 by editor

Super

The reforms to superannuation made in the 2016 Federal Budget are on their way with most of the changes commencing from 1 July 2017. Some of the changes to take place from 1 July 2017 onwards will include: Lowering the concessional and non-concessional contribution caps The cap on concessional (before-tax) contributions will be decreased from $30,000 (for those under the age of 50) or $35,000 (for those aged 50 years old and over) to the flat rate of $25,000 per year for all age groups. The new annual cap for non-concessional (after-tax) contributions will be reduced from $180,000 to $100,000. […]

Keep Reading...

Rates increase for fuel tax credits Posted on Feb 16, 2017 by editor

Tax

Fuel tax credit rates increased on 1 February 2017. These rates are indexed twice a year, in February and August, in line with the consumer price index (CPI). The rates vary depending on when you acquire the fuel, what fuel you use and the activity you use it for. Rates may also change for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge which is reviewed annually. If you claim less than $10,000 in fuel tax credits each year, there are now simpler ways to record and calculate […]

Keep Reading...

Preparing for the super changes Posted on Feb 8, 2017 by editor

Super

Tighter superannuation rules will apply from 1 July 2017 as part of the super reforms announced in last year’s Federal Budget. The new rules include the introduction of a $1.6 million super balance cap for after-tax contributions; a maximum of up to $25,000 for concessional contributions; and the removal of the current “bring-forward” rule allowing $540,000 of contributions in one year. Although the new rules will come into effect from 1 July 2017, individuals can take advantage of the current rules to top up their nest egg. Individuals under 65 who wish to make a large contribution, in particular, those […]

Keep Reading...

ATO issues bad debt ruling Posted on Feb 8, 2017 by editor

Tax

The Australian Taxation Office (ATO) has issued a ruling that clarifies the circumstances in which a deduction for bad debts is allowable. To obtain a bad debt deduction under section 63 of the Act, a debt must exist before it can be written off as bad. A debt exists for the purposes of section 63 where a taxpayer is entitled to receive a sum of money from another either at law or in equity. The question of whether a debt is bad is a matter of judgment having regard to all the relevant facts. Generally, provided a bona fide commercial […]

Keep Reading...

Unpaid super costing workers tens of thousands of dollars Posted on Feb 1, 2017 by editor

Super

Workers on the cusp of retirement who are short changed on their superannuation entitlements have nest eggs that are tens of thousands of dollars less than those who are paid correctly. Using the latest ATO data from 2013-14, the research from Industry Super Australia found that people aged 60 to 64 on salaries ranging from $50,000 to $75,000 who weren’t correctly paid their SG that year, had overall super balances that were $35,089 or almost 40 per cent less than those who were. Across all ages and all salaries, those Australians who were underpaid their super had balances that were […]

Keep Reading...

FBT and business vehicles Posted on Feb 1, 2017 by editor

Tax

Business owners who make a car (leased or owned) available for employees to use for private travel may be subject to fringe benefits tax (FBT). If a car is garaged at or near your employee’s home, even if only for security reasons, it is considered by the ATO to be available for their private use regardless of whether or not they have permission to use the car privately. Similarly, where the place of residence and employment are the same, the car is considered as private use. Generally, travel to and from work is also private use of a vehicle. The […]

Keep Reading...

Join our mailing list

Stay in touch with ATP Accounting

  • This field is for validation purposes and should be left unchanged.