small business accounting newsletter | 2012 | November 2012 Newsletter

The Inspector-General of Taxation’s report into the ATO’s use of performance benchmarks to target small businesses who may not be reporting all their income has been released by the Government and it says that improvements can be made.

Living-away-from-home concessions set to get tougher

The Government has made a raft of changes concerning living-away-from-home allowances (LAFHAs) and benefits. Essentially, the Government is restricting access to the concessions. Employers and employees who may be affected need to take note.

Qantas loses High Court Case on GST - Come on that's not the Spirit of Australia

A recent High Court case has highlighted a need to take a closer look at contracts for the provision of services or goods. The majority of the High Court recently allowed the Tax Commissioner's appeal in relation to a case concerning whether an airline, Qantas, was liable for GST on purchased airfares where the passenger does not turn up for the flight.

Contractor payments undergo ATO data-matching - Big Brother is definitely watching!

The ATO has recently released details of a data-matching program focusing on contractor payments. Under the program, the ATO intends to collect information in relation to payments made to contractors for the 2009–2010 to the 2011–2012 income years by businesses audited by the ATO’s employer obligations area.

Property developers and GST under ATO spotlight

The ATO has advised that it intends to increase its focus this financial year on property developers who have a history of non-compliance with GST obligations.

ATO warning on dodgy offshore emission unit schemes - It didn't take long!

The ATO has issued a warning for individuals to be aware of arrangements that promote deductions for the purchase of offshore "emission units" that do not exist at the time of the arrangement.

Excess super contributions: once-only refund offer

The ATO has started offering refunds to some individuals who have exceeded their annual superannuation concessional contributions cap. From the 2011-2012 year, there is a once-only opportunity to have excess concessional contributions refunded.

Goods taken from stock for private use - Continued

The ATO has determined for the 2011–2012 year the amounts the Commissioner will accept as estimates of the value of goods taken from trading stock for private use by businesses in certain specified industries.