June 2014 Tax Talk – Business Accountants Cairns

By 1 June, 2014News

To view further information about these topics, follow the link below to the full issue of June Tax Talk for Cairns businesses.

View The June 2014 Tax Talk Here

In this issue of Tax Talk, we cover the following:

ATO Audits, though usually conducted at random by the ATO, are generally triggered by your conduct. There are several reasons the ATO can audit an individual taxpayer, or a business.

Prepaid Expenses is one way a business can optimize its tax position, coming up to end of financial year. For small businesses, prepaid expenditure is immediately deductible under certain conditions. See these conditions inside.

When should you repair your property for rental? Circumstances can allow for deductions to be made on repairs to property.

Family Court favours the ATO, allowing the release of Family Court documents. The situation allowed the ATO to access documents relevant to a current proceeding.

ATO Offers Tax Amnesty which allows for taxpayers to come clean on offshore assets or income. This is to prevent people from inadvertently committing tax crime.

Tax-related scams have been on the rise, and the ATO is concerned. There is advice that taxpayers and businesses can follow to ensure they are not afflicted by such a scam.

The super excess contributions tax is effectively being scrapped, as new measures in the May budget will introduce legislation to that effect.