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

What is exempt current pension income? Posted on Aug 29, 2018 by admin

Super

Any ordinary and statutory income a self-managed super fund (SMSF) earns from assets held to support retirement phase income streams is exempt from income tax – this income is commonly referred to as Exempt current pension income (ECPI). This form of income does not include assessable contributions or non-arm’s length income. Individuals can choose to claim their ECPI in the SMSF annual return. However, to do so, they must ensure their SMSF assets are valued at current market value. This requirement also applies when a transition to retirement income stream (TRIS) moves into retirement phase. There are two methods an […]

Keep Reading...

TPRS extension to contractors Posted on Aug 29, 2018 by admin

Tax

From 1 July 2018, businesses that supply cleaning or courier services must report payments made to contractors (if payments are for cleaning or courier services) via the Taxable payments annual report (TPAR) each year. However, the ATO does not require taxpayers to lodge their TPAR during the period up until the proposed law change is passed by Parliament. Instead, they are expected to keep appropriate records to ensure a TPAR could be prepared and lodged as soon as practical (after the law is enacted). After the new law is enacted taxpayers will need to check payments, they have made to […]

Keep Reading...

Avoid being short changed with your super Posted on Aug 22, 2018 by admin

Super

With recent regulatory changes to super contributions, it is easier than ever to ensure your employer is paying you the super you are entitled to. There are specific steps you can take to ensure you are being paid correctly. Consider the following: Understand your entitlements Employers have to put 9.5 per cent of an employee’s wage into their superannuation account. As of July 2017, these contributions must be made quarterly through the super clearing house. This was introduced by the ATO to prevent dishonest employers from ripping off their employees. If you have not received a quarterly payment by the […]

Keep Reading...

Tax deduction for landcare operations Posted on Aug 22, 2018 by admin

Tax

You may be able to claim a tax deduction for capital expenditure on a landcare operation in Australia in the year it is incurred. Providing you are a primary producer, a rural land irrigation water provider who incurred the expenditure on or after 1 July 2004, or a business using rural land for taxable uses (excluding mining and quarrying businesses) you are eligible to claim a deduction. Many operations fall under the category of a landcare operation. For instance, when you primarily and principally: – eradicate, exterminate or destroy plant growth detrimental to the land. – put in fences to […]

Keep Reading...

Super contribution caps: the basics Posted on Aug 21, 2018 by admin

Super

Making contributions to your superannuation fund is a great way to grow your nest egg, however, there are caps on the amount you can contribute every financial year to be taxed at lower rates. Once you go over these caps, you may be required to pay additional tax. The cap and extra tax amount will vary depending on your age, the financial year the contributions relate to, and whether the contributions are concessional (before tax) or non-concessional (after tax). Concessional contributions Concessional contributions include compulsory employer contributions and salary sacrifice amounts. There is a cap on the amount you can […]

Keep Reading...

Rental property and tax Posted on Aug 21, 2018 by admin

Tax

The Tax Office is reminding individuals who either own or are looking to purchase a rental property that there are essential record-keeping and taxation obligations that they must meet. Examples of records to keep (for the period the individual owns the property for and up to five years after it is sold), include: – Rental income – Contract of purchase and sale – Expenses – Loan and refinancing documents – Periods when the property was used for private use (i.e., family use) – Steps taken to rent out the property (i.e., advertising) Individuals must also declare all income they receive […]

Keep Reading...

Protect yourself from early super release scams Posted on Aug 7, 2018 by admin

Super

When it comes to protecting your nest egg, avoid getting caught out by a promoter of an illegal early release super scheme. Early release super scheme scams will involve a promoter contacting you and offering to help you access your super early. They usually target individuals under significant financial pressure or those who are not knowledgeable about super laws and the repercussions and penalties involved in illegally accessing your super. You can only access your super when you meet a condition of release. Generally, when you: – Are 65 years old (even if you have not yet retired). – Reach […]

Keep Reading...

Avoid these top tax misconceptions Posted on Aug 7, 2018 by admin

Tax

As tax time continues, the ATO has announced the top misconceptions many individuals make when completing their claims for tax deductions. Four popular tax misunderstandings include: 1. Individuals can give credit card statements as proof of claim Debunked: When making a claim, individuals must be able to show they spent the money, what the money was spent on, the supplier and the date the purchase was made unless record-keeping exceptions apply. 2. Individuals can automatically claim $150 for clothing and laundry, under $300 for work-related expenses or 5000 kilometres for car-related expenses Debunked: While taxpayers are not required to provide […]

Keep Reading...

Hiring temporary residents: employer super obligations Posted on Aug 3, 2018 by admin

Super

Employers are being reminded by the Australian Tax Office (ATO) not to forget that along with permanent residents; temporary residents are also entitled to super guarantee (SG). In most cases, an employer will be required to pay SG on top of their employee’s wages (temporary residents included) if they pay them $450.00 or more before tax in a calendar month. Providing the temporary resident has met all the requirements, they can submit their claim for the super that their employer has paid as a ‘department Australian superannuation payment’ (DASP) once they have left Australia. The ATO is encouraging employers to […]

Keep Reading...

Cents per kilometre rate rises for work-related car expenses Posted on Aug 3, 2018 by admin

Tax

The Tax Office has confirmed the rate for work-related car expenses will rise to 68 cents per kilometre for the income year beginning 1 July 2018. The new rate will affect those eligible individuals who elect the cents per kilometre method when calculating the income tax deductions for their work-related car expenses for the 2018-19 income year. This rate also applies to the following income years until the Commissioner of Taxation deems it should be varied (these rates are reviewed each year). Taxpayers working out their car expenses for the 2015-16 year, 2016-17 year and the 2017-18 year should remember […]

Keep Reading...

Join our mailing list

Stay in touch with ATP Accounting

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