Phone: (03) 9563 4688

Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
Federal Budget 2019 - Overview
How the 2019 Federal Budget affects you
FBT Reminder – Odometer Reading
‘Big awareness push’ underway as STP deadline approaches
GST collection on overseas goods at 300% of forecasts
The problem with getting to 53 years of age.
Lost Beneficiaries
New quarterly STP reporting method for closely held payees revealed
Some Australian figures to help on Budget night.
Employers hit with rolling SG audits as ATO toughens stance
Resources to help understand and implement Single Touch Payroll (STP)
Big fines, prison on the cards as new SG penalties introduced
Extra website resources and tools is one way we offer you and your family more.
FBT Exemption for Various Work Vehicles
Tax payable on expenditure recoupments
ATO identifies SMSF contravention red flags
Who wins dispute about taxable income?
Australia - facts & figures March 2019
Strategies to handle scam phone calls and problem e-mails.
Instant asset write-off threshold upped to $25k
Jail time for GST fraud
Correcting GST Errors
Fuel tax credit rates raised
ATO set to contact clients for overdue TPAR
Reminder on Victoria Property Duties
How Australia is performing.
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
How's Australia going - vital statistics?
Articles archive
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 4 October - December 2007
Quarter 2 April - June 2007
Quarter 1 January - March 2007
Quarter 2 April - June 2006
Quarter 1 January - March 2006
Quarter 4 October - December 2005
Quarter 3 July - September 2005
Quarter 2 of 2006
Articles
2006 - Companies, Partnerships, Trusts and Other Businesses Checklist
2006 - Individual Tax Returns Checklist
2006 - Individual Tax Returns Checklist
.

Income
  • Gross salary, wages, allowances, benefits, earnings, tips and director's fees
  • Income from business activities
  • PAYG payment summary amounts
  • Any non-cash benefits received
  • Lump sum and termination payments (All documentation should be provided, including an ETP payment summary from the employer or fund)
  • Government social security payments, including pensions, unemployment and sickness benefits
  • Capital Gains from CGT asset sales (e.g. shares and real estate).  Information relating to dates of, and costs associated with, acquisition and disposal will be required to determine the capital gain (if any).
  • Annuities, including allocated pensions
  • Income from trusts and partnerships (Statements of distribution should be provided)
  • Rental income e.g. Summary from estate agent and period the property was available for rental
  • Interest and dividends (franked or unfranked) including any tax deducted.  Dividend distribution statement will be required to confirm the dividend received
  • All papers received regarding BHP shares buy back.
  • Foreign source (employment and pension) income and foreign tax paid.
  • Personal services income.  Individual contractors who operate through a company or trust can potentially be taxed personally on the income instead of income being taxed at the company or trust level

Deductions

  • Investment and property expenses.  Carefully detail interest claims
  • Professional subscriptions (not including sporting or social clubs)
  • Expenditure records related to a taxpayer's employment, such as work-related motor vehicles, self-education, protective clothing and uniform expenses
  • Donations of $2 and over, depending on the recipient
  • Superannuation contributions made by self-employed persons and those without employer superannuation support
  • Tax agent's fees and other accounting and tax audit fees associated with managing tax affairs
  • Special deductions (e.g. Australian films, investment shelters and forestry-type schemes)
  • Bank fees (where the credit or deposit represents assessable income)
  • Un-recouped prior year losses
  • Non-commercial losses from "micro" businesses.
  • Sickness and accident insurance premiums, provided the policy would produce assessable income

Rebates

  • Statement from health insurance provider will be required to determine entitlement to private health insurance rebate or exemption from Medicare levy surcharge.
  • Details of superannuation contributions where no tax deduction can be claimed (maximum rebate of $540 for $3,000 superannuation spouse contribution)
  • Details of any income received in a lump sum which was accrued in earlier income years (e.g. assessable pensions)
  • Details of medical expenses where the total exceeds $1,500.  Tax offset of 20% available - Are any costs of a cosmetic nature?
  • Superannuation co-contributions made by eligible employees.  Assessable income must be less than $58,000
  • Any changes in dependants.  Income of spouse will be required.
  • All taxpayers with a dependent child (under 21) or full time dependent student (under 25) should provide full names and dates of birth - Family Tax Benefit might be relevant.
  • Costs of child care since 1st July 2004 from an appropriate supplier

 

 

 

 

 

 



21st-June-2006