In this issue of Tax Talk, we cover:
Data Matching Program To Be Expanded to cover individual returns. Information of over 600 million transactions will be cross referenced against tax returns, allowing the ATO to identify omitted income and gains.
Work-Related Car Expense Deductions may be changed under a new Government proposal that reduces the number of methods available to claim such expenses from 4 to 2, keeping ‘cents per kilometer’ and ‘logbook’ methods. More details on this change are in the full Tax Talk issue.
Further Tax Changes For Small Business allow tax offsets for individuals who run small businesses, immediate deductions for some business start-up expenses, and FBT exemptions where employees are provided portable work-related devices.
ATO Notice For Builders And Contractors reminds taxpayers that the taxable payments annual report is due to be lodged August 28th 2015.
Telstra 2014 Share Buy-back participants will need to take into account any shares purchased when lodging their income tax returns.
Employee Share Scheme Changes take effect from 1st of July, meaning there are new rules for the tax treatment of share schemes for employees. If shares are found in a start-up company at a discount, then the discount is except from CGT and income tax.
81 Year Old Pensioner Has Been Duped In A Threatening Tax Scam. The man lost $110,000 to fraudsters impersonating ATO agents, claiming he would be jailed if the “debt” wasn’t payed off.
Drought Affected Communities can access a dedicated hotline (13 11 42) to manage their tax affairs during tough times. Drought-affected Taxpayers will be identified by a joint ATO and Department of Agriculture effort to ensure that affected business owners and communities don’t do it so tough.