As this year’s tax time comes to a close, the ATO has warned that it will scrutinise every individual tax return lodged to seek out incorrect claims. In particular, it will be on the lookout for under reported income as indicated by third party data, and deductions that appear high compared to people with a similar job and income level.
As the ongoing effects of the drought sweeps across the nation, the financial effects are no doubt weighing heavily on the minds of farmers and other primary producers. While the government cannot make it rain, it is doing its bit to ease the financial strain by giving those affected by drought more time to pay their taxes, waiving penalties and interest charges, adjusting PAYG instalments, and promoting tax incentives.
Have you considered the powerful tax and superannuation planning opportunities that the small business CGT concessions can offer your business? They allow you to reduce – or sometimes, completely eliminate – the capital gain from the sale of a business asset, whether it’s held directly by your business entity or in another related structure.
Castletons is one of the very first accountancy firms in Australia to launch a free mobile Tax App. The great news is that the APP can be downloaded free onto your iPhone,iPad or Android devices. It's packed full of some really useful Tax Tables, Calculators and important financial dates, all of which you will be able to access for free, anywhere you have an internet connection on your device.