small business accounting newsletter | 2012 | June 2012 Newsletter

June 2012 Newsletter

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Did you know anyone can be a share trader?

In a recent decision, the AAT held that a medical doctor was engaged in a share trading business not only in relation to listed shares she acquired, but also in relation to units she acquired in a listed aged care property trust that she had purchased from her family trust (albeit, for more than their market value at the time).

Tax man set to raid the offshore cookie jar

Following recent compliance activities that have been conducted, the ATO says many Australian resident taxpayers may not be aware of their Australian taxation obligations in relation to their worldwide income.

Are your investment loans in order - see the ATO's attitude to loan payments

The ATO has released a Taxation Determination that provides the Commissioner’s views in respect of certain “investment loan interest payment arrangements”.

More paperwork for builders and contractors says ATO

The Government has introduced regulations that require certain businesses in the building and construction industry to report annually to the ATO details of payments made to contractors in the industry.

Property expenses denied by tribunal - will your receipts stand up to scrutiny?

In a recent decision, the Administrative Appeals Tribunal (AAT) denied a taxpayer’s claim for a deduction for various expenses incurred in buying, renovating and selling properties.

Don't be late with super payments - it just doesn't pay

A taxpayer has been unsuccessful before the AAT in arguing that the Commissioner should exercise his discretion and reallocate excess super contributions to a previous financial year.

Check out the new FBT rates for next year

The ATO has announced important FBT rates and thresholds for the 2012–13 FBT year (which commenced on 1 April 2012).

It makes sense to know how many cents your car claims can be

The Government has announced the “cents per kilometre” rates for calculating tax deductions for car expenses for the 2011–12 income year.

Is your superannuation affected by the Budget?

With the end of financial year fast approaching, it’s an important time to review your current financial position and consider the opportunities that might be appropriate for you before and beyond 30 June 2012.