July 2015 Tax Talk – Business Accountants Cairns

By 1 July, 2015News
Read The Full July 2015 Tax Talk Here

In this issue of Tax Talk, we cover:

The ATO Warns that over-claiming is easier to detect than ever. Individual tax returns will be scrutinised for particular claims, such as private expenses to and from work.

An Increased Focus on Rental Property Deductions has been shown by the ATO. Excessive deductions claimed on holiday homes will be examined closely, while the ATO will be actively educating rental property owners as to the actual amount of deductions they are entitled to.

SuperStream Deadline has been extended for medium to large employers. The date is now the 31st of October. If you need this time to prepare, but do not know how to proceed, please contact the Trinity Accountants team.

ATO SMS Messages are now in circulation. They are being used for promotional and informative purposes. The ATO would also remind those individuals who receive SMS messages from the ATO, to check the ATO website and verify the genuine-ness of the message. Do NOT reply to SMS messages from the ATO, if asked to do this, it is most likely a scam.

ATO Swoops On Phoenix Businesses with the help of NSW and Federal Police. They have visited over a dozen locations spanning Sydney as part of an investigation into potential phoenix-like activity.

Government Moves To Perfect Single Touch Payroll System by announcing they are aware that many businesses will not be able to meet the July 2016 start date of the program. It will consult with the Treasury and ATO to organise targeted pilots in July 2016 as an alternative to a full roll-out.

Farmer Depreciation has been allowed in the May Budget, meaning that Australian Farmers are able to claim tax on capital expenditure on water facilities, storage for livestock feed, and fencing.