Lodgement Obligations In this post we have outlined the remaining lodgement obligations up to the end of the financial year 2012. 21 April 2012 Due date for lodgement and payment of the March 2012 monthly activity statement. 28 April 2012 Due date for lodgement and payment of the Business Activity Statement for the quarter [...]
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Interest Deductibility Under Split Loan Facility Arrangements
February 22, 2012
In order to determine whether interest incurred on a loan is deductible, the ATO will generally look at the purpose and use of the borrowed money. For example, interest incurred on a home loan for the taxpayer’s main residence will generally be non deductible, because the purpose and use of the borrowed money is for [...]
Read moreSmall Business Depreciation
February 17, 2012
Tax Update – February 2012 Recent Updates On Small Business Depreciation Draft legislation has been released for public consultation to allow small businesses using the small business depreciation regime to: a) claim up to $5,000 as an immediate deduction for motor vehicles, with the remainder of the motor vehicle cost to be pooled in the [...]
Read moreGreetings for the Festive Season – Closure period
December 21, 2011
The GR&B office will be closed from 1pm on the 22nd December 2011 and will reopen on the 9th of January 2012. The staff at Gotsis Rubic & Barbariol wish you and your families a very happy holiday season. We look forward to helping you with your tax and providing the best service possible in 2012 If [...]
Read moreAnnual PAYG Installments
July 13, 2011
The Australian Taxation Office (ATO) has started issuing the PAYG Annual Instalment notices. The amount nominated in the PAYG notice is based on the untaxed income (business income, rents, interest, investments etc.) shown on your last income tax return. The amount nominated is due by the 21st of October, 2011. If your untaxed income for [...]
Read moreLodgement Calendar 2011
July 7, 2011
14 July 2011 Employers to provide payment summaries (Group Certificates) to the employees. 21 July 2011 Clients who lodge activity statements monthly: June 2011 activity statement is due for lodgement and payment. 28 July 2011 Quarterly PAYG instalment notice (Form R, S or T) for the quarter ended 30 June 2011 is [...]
Read moreATO Audit Hot Spots for 2011
July 1, 2011
For the 2011 tax year the Australian Tax Office (ATO) will be focusing its compliance activities for individuals on four areas; Work-related expense claims: Occupations the ATO will be focusing on will be employee school teachers, employee engineers and mechanics. Purchase-related costs for rental properties: The ATO will be focusing on costs associated with the purchase of rental properties. Personal Superannuation [...]
Read more2011 Individual Tax Return Changes
July 1, 2011
A number of changes have been made to the individual tax return for the 2011 year. Outlined below are some of the more important changes that will impact taxpayers lodging their 2011 tax return. Personal Income Tax rates have been marginally reduced from 1 July 2010. The Low Income Tax Offset has been increased to $1,500, up from $1,350. The Tax Free Threshold [...]
Read more2010 TAX RETURN
February 19, 2011
It is February 2011, two months into the New Year and a number of people have yet to lodge their 2010 Income Tax Return. If this applies to you, please take this opportunity to read up on some changes that may impact you when you do lodge your return. Remember, if you are expecting a tax [...]
Read moreDecember BAS and January IAS Due Dates
February 19, 2011
Just a short note to let you know that Business Activity Statements (BAS) and/or Installment Activity Statements (IAS) are due for lodgement and payment by 28th February, 2011. No further extension will be granted by the Taxation Office. If you lodge your IAS monthly, the January 2011 Statement is due for lodgement and payment by 21st February, [...]
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