What's New @ Rogerson Kenny Business Accountants
July 2009
New Tax Checklists
Please click below to view our tax checklists for the 2009 financial year.
2009 Individual Checklist2009 Company Checklist2009 Self-Managed Superannuation Fund ChecklistNew Tax Rates and Thresholds from 1 July 2009
Changes are highlighted in bold.
| Taxable Income ($) |
Tax Payable |
| 0 - 6,000 | Nil |
| 6,001 - 35,000 |
15% of excess over $6,000 |
| 35,001 - 80,000 |
$4,350 + 30% of excess over $35,000 |
| 80,001 - 180,000 |
17,850 + 38% of excess over $80,000 |
| 180,001 + |
$55,850 + 45% of excess over $180,000 |
Work-Related Expenses: Back on the ATO's Radar
The Australian Taxation Office (ATO) is launching a work-related expenses program telling people what they can claim in their 2009 returns.
The Tax Office looks closely at tax returns from last year and identifies particular occupations where:
- average amounts of claims are high;
- there is an increase in the number of people making claims; and
- there are a lot of people making claims for the first time.
- truck drivers;
- sales and marketing managers;
- sales representatives; and
- electricians.
- claiming motor vehicle expenses associated with transporting bulky tools when not entitled;
- failing to keep appropriate records to support claims for internet and mobile phone use;
- over-claiming home office expenses such as rent, rates and electricity;
- not keeping an up-to-date log book when required for claiming motor vehicle expenses; and
- claiming the living-away-from-home allowance when they're not entitled to it.
Taxpayer Alerts: Inappropriate Loss Schemes
The ATO is closely reviewing three arrangements that attempt to falsely generate claims for inappropriate tax losses. Althought the ATO expects to see an increase in tax losses in the current economic environment, they will be carefully scrutinising claims to ensure that taxpayers only claim losses to which they are entitled.
Re-characterising capital losses as revenue losses:
The ATO warns it is paying close attention to people who attempt to claim losses as shre traders on a revenue account where previously they claimed to be long-term investors eligible for the CGT 50% discount.
Managed Investment Schemes: Purported Partnership Participation:
The ATO has seen attempts by promoters to sell interests in managed investment schemes (MIS) to groups of individual investors on the basis that they will be "partners" in a partnership and will be able to claim upfront deductions for their interests in the MIS.
The ATO reminds taxpayers they can only rely on a product ruling if it is implemented in accordance with the arrangement in that product ruling and warns that partnerships of the type in this alert are not covered by Tax Office product rulings or other tax clearances.
CGT Consequences of Assignment of Default Beneficiary's Capital Interest:
Under this arrangement a taxpayer attempts to create or claim a capital loss arising from the artificial receipt and surrender of an interest in a discretionary trust as a default beneficiary.
Cash-Strapped Small Business - Help from the ATO
The ATO has announced new measures to help small businesses that are struggling to manage their tax debts in the current economic climate.
12 Month GIC-Free Payment Arrangements
Businesses with an annual turnover of less than $2 million with an activity statement debt can apply to the ATO for a GiC-free payment arrangement from now until 30th June 2010. (GIC is the "General Interest Charge" or interest payable on the debt, currently 10.13%.)
They will have the GIC remitted for a maximum period of 12 months, provided that payment arrangement is maintained.
Deferred Activity Statement Payment Due Dates
Small businesses can also request a deferral of payment on their next activity statement.
Businesses with short term cash flow problems that pay quarterly and annually may be granted a deferral of up to two months, with those that pay monthly eligible for up to one month.
Activity Statements still have to be lodged on time, but no interest will apply for the period of the deferral.
Please contact us if you would like us to approach the ATO on your behalf.
Super Guarantee 2009/10: Maximum Superannuation Contribution Base
The maximum superannuation contribution bas for 2009/10 is $40,170. This is the maximum limit on any individual employee's earnins base for each quarter of 2009/10.
That is, the maximum amount of super an employer is required to contribute for a particular employee is 9% of this maximum superannuation contribution base each quarter.
Archived Pages - please click on a month to view its contents
May 2009
- Small and General Business Tax Break "Investment Allowance"
- Small and General Business Tax Break Legislation passes through Parliament
- Survival in Difficult Times for SMEs Paper & Workbook
- 2009 Budget Paper
- Filming @ Rogerson Kenny
June 2009
- Small business tax debts: ATO offers help
- Hanging Tough in difficult times
F. (03) 9802 0590
