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Did you know we can help with ……

• ATO targets disclosure of foreign sources of income – The ATO has reminded taxpayers to correctly report foreign sources of income when required.
• Investment loan interest payment arrangement – The ATO has warned that interest deductions may not be available under an “investment loan interest payment arrangement”.
• ATO reporting requirements for builders and contractors – Details of payments made to contractors in the building and construction industry will need to be reported to the ATO.
• Deduction for property expenses denied – The Administrative Appeals Tribunal has made a decision concerning a taxpayer’s claim for various property expenses.
• Pitfalls of “late” super payment – The Administrative Appeals Tribunal has denied a taxpayer’s request that the Commissioner reallocate excess super contributions to another year.
• Doctor found to be a share trader – The Administrative Appeals Tribunal has held that a medical doctor was engaged in a share trading business.
• FBT rates and thresholds for 2012–13 – The ATO has released important FBT rates and thresholds for the 2012–13 FBT year.
• Car expenses – rates per km for 2011–12 – The “cents per kilometre” rates for calculating tax deductions for car expenses for the 2011–12 income year have been released.

If you want to read more about these tax changes click here.