The ATO has introduced a new streamlined online tax return process for individuals with very straightforward tax affairs. MyTax is made up of just ten screens and is intended for people whose only income derived from wages, salary, dividends, bank interest, allowances, and/or other Australian government payments. To use myTax your only tax deductions need…
DetailsThe ATO has recently advised taxpayers to seek a second opinion on before entering into any tax avoidance schemes. According to the ATO tax avoidance schemes are designed to appear legitimate, even to savvy investors. In particular taxpayers should be wary of complex financing schemes that rely heavily upon round robin financing schemes and non-recourse…
DetailsIf you use a piece of equipment, such as a computer, for work related activities then you may be able to claim it as a tax deduction. If the item is valued at over $300 then you cannot claim the entire cost in the year of purchase. Instead, you will need to calculate the depreciation…
DetailsFrom July 2014 there will be a new range of penalties that will apply to SMSF trustees in breach of superannuation rules. Currently, the only significant financial penalty that has applied to non-compliant SMSF trustees is the penalty tax that allows the ATO to confiscate half of your assets. However, from July11 2014 the ATO…
DetailsNon-concessional contributions to superannuation are contributions that are made from your income after tax. In the 2013-14 financial year the cap on non-concessional super contributions was $150 000, with contributions exceeding this being taxed at 46.5%. As non-concessional contributions to super have already been taxed this meant that contributions exceeding the cap were potentially being…
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