The budget’s boost to instant asset write-off is now law

Posted by Team AVS on 14 May, 2019 0 Comments

Federal Budget night announced an increase in the instant asset threshold, and also an extension of which businesses could access the measure. Now the Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019 has achieved Royal Assent.

The instant asset write-off threshold increased from $25,000 to $30,000 from Budget night to 30 June 2020.

The threshold applies on a per asset basis. As a result, eligible busi

Scammers impersonate ATO phone numbers

Posted by Team AVS on 8 May, 2019 0 Comments

The Australian Taxation Office (ATO) is warning about the continuation of unprecedented numbers of pre-recorded phone calls experienced last year which impersonate legitimate tax office phone numbers.

Assistant Commissioner Gavin Siebert said that scammers have adopted ‘Robocall’ technology to target taxpayers across the country. “Scammers are sending pre-recorded messages in record numbers and are manipulating caller identification so t

Tax office to double audits of dodgy rental deductions

Posted by Team AVS on 26 Apr, 2019 0 Comments

Rental property owners are being warned to ensure their claims are correct this tax time, as the Australian Taxation Office (ATO) announces it will double the number of audits scrutinising rental deductions.
In the 2017–18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions.
Assistant Commissioner Gavin Siebert says that this year, the ATO has made rental deductions a top priority. “A random sample of

Accessing your income statement or payment summary information online

Posted by Team AVS on 18 Apr, 2019 0 Comments

You may not receive a payment summary from your employer if they are reporting through Single Touch Payroll (STP).

Your payment summary information will be available in ATO online services through myGov. It is called an 'income statement'.

If you use a registered tax agent, they will receive the information they need to complete your tax return. This has not changed.

Not all employers are reporting through STP. You will continue to get a

The tax deductions available for interest, dividends and other investment income

Posted by Team AVS on 10 Apr, 2019 0 Comments

The tax rules allow investing taxpayers to claim some deductions related to some of the expenses and costs that are generated when earning interest, receiving dividends or gaining other investment income.

Remember, interest from a bank or other financial institution is part of your assessable income for the year. Even if the funds earning the interest are not subject to tax, the interest that this money earns is.

For example, if you won som

Federal Budget 2019: What it means for you

Posted by Team AVS on 3 Apr, 2019 0 Comments

The Treasurer Josh Frydenberg’s first budget has lots of goodies with few “baddies”. This was to be expected with the next federal election only weeks away and the Coalition Government trying to make up ground in the polls.

The Treasurer’s “wow” factor was a return to a budget surplus of $7.1 billion for the 2019-20 fiscal year.

Without increasing taxes, the Coalition Government, if re-elected, promises to deliver on

The consequences of illegal early access to super

Posted by Team AVS on 28 Mar, 2019 0 Comments

Taking super out of any fund early, or encouraging others to do so, without meeting a condition of release, is illegal.

When talking with members, advise them to beware of promoters offering to help them withdraw their super early. These promoters claim your members can withdraw their super early and put the money towards anything they want - this is not true.

Members need to be aware there are serious consequences for withdrawing their sup

Rental travel expenses mostly off the table

Posted by Team AVS on 20 Mar, 2019 0 Comments

The ATO recently highlighted significant non-compliance with the rules prohibiting taxpayers claiming travel expenses related to residential rental properties.

Late last calendar year, the ATO revealed that it had identified 26,000 taxpayers who had incorrectly claimed deductions for travel to rental properties during tax time 2018, despite recent changes to the law in this area.

New rules, introduced just over a year ago, mean that investo

Removing tax-deductibility of non-compliant payments

Posted by Team AVS on 12 Mar, 2019 0 Comments

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment.

If the PAYG withholding rules require a business to withhold an amount from a payment that the business makes to a worker, the business must:

withhold the amount from the payment befo

When valuations of property are important for tax

Posted by Team AVS on 4 Mar, 2019 0 Comments

There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not arm’s-length or when no actual cash changes hands.

A common example of this is in respect of property, and especially for transactions when a valuation is necessary for tax purposes.

For example, let’s say that Humbert transfers his rental property to his daughter Dolores for no consideration. The tax law, specifical

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