The ATO have introduced new measures to assist small businesses who may be having trouble meeting their taxation payment obligations due to the economic climate.
Until 30 June 2010, small businesses (turnover less than $2M) can apply for:
– 12 month interest free payment arrangements
– deferred activity statement payment dates*
*Up to two month deferrals for [...]
New arrangements affecting superannuation for individuals took effect from 1 July 2009.
1. The government co-contribution has been temporarily reduced to 100% (down from 150%) with maximum co-contribution of $1,000 for 2009-10 and the two subsequent financial years.
2. The concessional contributions cap has been reduced from $50,000 to $25,000 and the transitional cap for over-50s from [...]
The most common errors detected in tax returns by the ATO are:
Claiming work related expenses without the necessary substantiation.
Not declaring interest and dividend income.
Claiming full interest deduction on a loan which is used for both business and private purposes.
Claiming expenses for an investment property which has not been available for rent.
Not declaring allowances received from employers.
The [...]
Until 30th June all ITP offices are offering FREE tax advice for existing and new clients.
If you have any questions on your tax affairs for the current or future years, make an appointment to see a consultant NOW.
Visit www.itpqld.com.au for your nearest office.
It is not too early to start some basic planning to ensure you get the maximum refund possible in this year’s tax return …
Keep your receipts for all expenses which you wish to claim – work-related, motor vehicle, donations, medical expenses exceeding $1,500 etc. If claiming a vehicle do you need to create a new [...]
