small business accounting newsletter | 2012 | December 2012 Newsletter

December 2012 Newsletter

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Mini - Budget Changes Are Not So Mini

The Government’s mid-year budget update was handed down in late October 2012. The Treasurer revised down the expected Budget underlying cash surplus to $1.1 billion for 2012–2013 – down from $1.5 billion estimated in the May 2012 Budget.

Another ATO Data Matching Project - This Time Targeting Motor Vehicles!

The ATO is collecting details of individuals and businesses who have purchased or acquired a vehicle with a transaction value of $10,000 or greater in the 2011–2012 or 2012–2013 financial years.

AUSTRAC Helps The ATO To Catch The Baddies!

AUSTRAC has recently highlighted the growing role of financial intelligence in tackling crime, including tax evasion. In 2011–2012, AUSTRAC reported that information sharing with the ATO assisted with over 3,500 cases that resulted in $252 million in additional tax assessments being raised.

Honest mistake in not documenting private company loans

A taxpayer has been, in most part, successful before the Administrative Appeals Tribunal (AAT) in relation to a matter concerning loans from a private company. These loans were made to him, over various years, as a shareholder and director of the private company.

Depreciation deduction allowed for certain equipment

A recent case before the AAT has highlighted the need for businesses to maintain appropriate records of plant and equipment used in business.

Special circumstances found to set aside excess contributions tax

A taxpayer has successfully argued before the AAT that there were special circumstances in his situation to allow for the exercise of the Commissioner’s discretion under the law to reallocate superannuation contributions.

Introduction to Xero - the small business friendly accounting software

For those of our clients who have now moved across to the small business friendly accounting software Xero, (or those who may have watched the Xero video above) did you know that there’s more so much more you can do with Xero than you already know with hundreds of “add ons” now available.