November 2014 Tax Talk – Business Accountants Cairns

By 1 November, 2014News
Read The Full November 2014 Tax Talk Here

In this issue of Tax Talk, we cover:

Accessing Your Super Fund For Medical Expenses is an act limited by very specific circumstances. Funds can be released on “compassionate grounds”, but it is arguable whether or not this case warranted such a release. Further details can be found in the full Tax Talk below.

Capital Gains Tax Concessions are available for small businesses which have incurred a capital gain from an active asset. There are several concessions to consider and it is acceptable to claim as many of these as is possible so as to reduce your CGT liability to zero.

Red Tape Reduction For Small Businesses is a focus point of newly appointed Taxation Commissioner Chris Jordan. There are several new aims and associated initiatives which work towards finding solutions to debt and other problems for small business.

Estate Planning is a topic that people often avoid discussing, as it can be confronting and even upsetting in certain situations. An up-to-date succession plan is however vital to ensuring your loved ones are taken care in the event that you pass away. There are a few pointers one needs to take into consideration when planning for this.

The ATO Will Begin Collecting Data From Specialised Payment Providers in Australia. The data for some 25’000 individuals will be matched to business transactions done through these systems.

Employee Share Scheme Changes will be put into effect 1st of July 2015. These changes will revert several of the changes made by the former Government.

“Boiler Plate” Sale Tactics Have Been Condemned By The ATO; they have issued a warning that if contacted about high-risk or suspect investments, taxpayers should seek second opinions and independent valuations on assets that can be categorised as “artwork” or “collectible”.

New ATO Video Has Been Released. Entitled “Don’t let yourself disappear” shows the real danger that taxpayers can face when up against identify fraud.

Don't Let Yourself Disappear - ATO