Index Annual Taxation Summary Manual Edition 12

Joshua Easton


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15-YEAR EXPEMTION 42

2017/18 INCOME TAX RATES FOR NON-RESIDENT INDIVIDUALS 7

50% ACTIVE ASSET REDUCTION 42

A

ABN NOT QUOTED 104

ABSENCE FROM MAIN RESIDENCE 41

ABSOLUTELY ENTITLED TRUSTS 106

ACCELERATED DEPRECIATION FOR PRIMARY PRODUCERS 72

ACCOUNTING FOR GST ON A CHAS BASIS 91

ACCRUALS OR EARNINGS BASIS 116

ACTIVITY STATEMENTS 107

ACTUAL COST METHOD 16

ADDITIONAL METHOD FOR MONTHLY PAYG INSTALMENTS 108

ADJUSTMENTS AND BAS 36

AGE LIMIT ABOLISHED 63

AGGREGATED TURNOVER 90

AIRLINE FRIGE BENEFITS 100

ALLOWANCES 104

ANNUAL PAYERS 107

ANNUAL REVIEW 75

APPLYING THE CGT SMALL BUSINESS CONCESSIONS 45

ARE YOU IN THE BUSINESS OF PRIMARY PRODUCTION? 66

ASSET BETTERMENT ASSESSMENTS 124

AT THE START OF THE ENQUIRY OR AUDIT 122

ATO ADVISED INSTALMENT AMOUNT 105

ATO ADVISED INSTALMENT RATES 105

ATO and Treasury Roles 3

ATO CHANGES LODGEMENT REQUIREMENTS FOR ORGANISATIONS WITH OVER $20 MILLION GST TURNOVER 109

ATO OBLIGATIONS 121

ATO OBLIGATIONS ON AUDIT COMPLETION 123

ATO POWERS 123

ATO TARGETS 125

AUSTRALIANS WORKING OVERSEAS 24

B

BALANCING ADJUSTMENTS 12

BARTER EXCHANGES AND TRANSACTIONS 12

BECOMING A RESIDENT 85

BENEFICIARY TAX OFFSET 27

BOARD FRINGE BENEFITS 98

BOOKS, DOCUMENTS AND PAPERS 124

BROADLY HELD RESIDENT INVESTMENT UNIT TRUSTS 106

BUSINESS ‘BLACK HOLE’ EXPENDITURE 50

BUSINESS AND EMPLOYMENT DEDUCTIONS 15

BUSINESS INCOME 9

BUSINESS VEHICLES 40

C

CALCULATING A CAPITAL GAIN OR LOSS 44

CALCULATING DEPRECIATING 48

CALCULATING GST 29

CAPITAL –V- REVENUE 9

CAPITAL GAINS CHECKLIST 46

CAPITAL GAINS TAX RELIEF FOR COMPULSORY ACQUISITIONS OF PART OF A MAIN RESIDENCE 41

CAPITAL GAINS TAX ROLL-OVER RELIEF FOR CHAGNE STO ENITITY STRUCTURE 80

CAPITAL LOSSSES 45

CAR PARKING FRINGE BENEFITS 96

CASH OR RECEIPTS BASIS 115

CAUTION 131

CEASING TO BE A RESIDENT 85

CENTS PER KILOMETRE METHOD 16

CGT ASSETS 39

CGT INDEX NUMBERS 45

CGT INDEXATION FACTORS 44

CGT WITHHOLDING REGIME 47

CHANGES TO ASSET PROTECTION 78

CHANGES TO FOREIGN PROPERTY INVESTORS 88

CHANGES TO IN-HOUSE PROPERTY FRINGE BENEFITS 98

CHANGES TO IN-HOUSE RESIDUAL FRINGE BENEFITS 100

CHANGES TO PAYG INSTALMENTS THRESHOLD 107

CHANGES TO SUPER EFFECTIVE 1 JULY 2017 64

CHANGES TO THE INCOME TAX DEDUCTION RULES FOR CAR EXPENSES 16

CHECKLIST OF ASSESSABLE ITEMS 13

CHECKLIST OF DEDUCTIBLE ITEMS 20

CHOICE OF DEPRECIATION METHOD 48

CHOICE OF SUPERANNUATION FUND 61

COMMENT ON RECENT DEVELOPMENTS (STATE GOVERNMENT TAXES) 132

COMMERCIAL DEBT FORGIVENESS 114

COMMON FRINGE BENEFITS 94

COMPANIES 73

COMPANY RATES OF TAX – 2017/18 8

COMPANY SECRETARY 76

COMPENSATION PAYMENTS 12

COMPLIANCE IN FOCUS 38

COMPULSORY ACQUISITIONS 41

COMPUTER SOFTWARE 49

CONNECTED ENTITIES 91

CONSOLIDATED GROUPS – INDICATIVE ANNUAL COMPLIANCE DEADLINES 119

CONSOLIDATION – TAX WHOLLY OWNED GROUPS AS SINGLE ENTITIES 117

CONSTITUTION 75

CONTINUOUS EXISTENCE 75

CONVENTIONAL CLOTHING 18

CORPORATE UNIT TRUSTS AND PUBLIC TRADING TRUSTS 106

COST BASE 44

D

DATA MATCHING 125

DATA MATCHING 2017-08-15 126

DEBT WAIVER FRINGE BENEFITS 96

DECEASED ESTATES 46

DECLINE IN VALUE 48

DEDUCTION FOR PROFESSIONAL COSTS RE – STARTING BUSINESS 19

DEDUCTIOSN FOR CAPITAL WORKS EXPENDITURE 51

DEFINITION OF A FRINGE BENEFIT 93

DEFINITIONS (ASSESSABLE INCOME) 9

DEPENDANT OFFSETS ABOLISHED 26

DEPRECIATION 72

DEVELOPMENTS THROUGH 2017 (TAX REFORM) 134

DIFFERENT MAIN RESIDENCES 41

DIRECT COMPENSATION FOR SERVICES 9

DIRECTORS’ DUTIES 76

DISASTERS AND PRIMARY PRODUCERS 70

DISCOUNT METHOD 44

DISCRETIONARY AND FAMILY TRUSTS 106

DISCRETIONARY TRUSTS 78

DISPOSAL OF SMALL BUSINESS ROLL-OVERS 44

DOUBLE TAX AGREEMENTS 85

DURING AN ADUIT 122

DUTIES OF TRUSTEES 54

E

EFFECTIVE LIFE 48

ELIGIBILITY FOR THE SBE 90

EMPLOYEE –V- CONTRACTOR 103

EMPLOYER CONTRIBUTION VS PERSONAL CONCESSIONAL CONTRIBUTION 57

EMPLOYMENT INCOME EARNED OVERSEAS 86

EMPLOYMENT TERMINATION PAYMENTS (ETPS) 10

EMPLOYMENT TERMINATIONS PAYMENTS 11

ENTERTAINMENT 97

EXCEPTIONS TO MOTOR VEHICLE SUBSTANTIATION RULES 16

EXEMPT BENEFITS 101

EXEMPT CENTERLINK PAYMENTS 24

EXEMPT VETERANS’ INCOME 23

EXEMPTIONS FROM CGT 40

EXISTING AND FUTURE SMSF RULINGS 58

EXPANDTING ACCELERATED DEPRECIATION FOR SMALL BUSINESS 52

EXPENSIVE PAYMENT FRINGE BENEFIT 97

EXTENSION OF SBE BENEFITS 92

F

FAMILY PAYMENTS – KEY ASPECTS 5

FAMILY TRUSTS 78

FARM MANAGEMENT DEPOSITS SCHEME 71

FBT AUDITS 126

FBT EXEMPTIONS FOR WORK-RELATED ELECTRONIC DEVICES 101

FBT REBATE 102

FEATURES OF A COMPANY – SEPARATE LEGALY ENTITY 74

FINANCIAL REPORTS 76

FOREIGN AND TEMPORARY TADX RESIDENTS 41

FRANKING CREDIT TRADING 78

FREQUENT FLYER AND CLUB BENEFITS 12

G

GIFTS 25

GROUPING PROVISIONS 131

GST GROUPING 36

GST MAY 2017 FEDERAL BUDGET CHANGES 38

GST REPORTING REQUIREMENTS SIMPLIFIED FOR SMALL BUSINESS 38

GST-FREE SUPPLIES 31

H

HAS A CAPITAL GAIN OR LOSS OCCURRED? 39

HECS-HELP REPAYMENT THRESHOLDS 7

History (The Australian Taxation System) 2

HOBBIES 24

HOME OFFICE EXPENSES 18

HOUSING FRINGE BENEFITS 98

How LAWS ARE MADE 3

HOW MUCH DO I WITHOLD? 104

HOW TO BE TAX SMART 126

HOW TO PREPARE FOR AN ENQUIRY OR AUDIT 122

HYBRID TRUTS 80

I

IF YOU ARE SUBJECT TO ENQUIRY OR AUDIT 121

IMMEDIATE DEDUCTIVILITY FOR PROFESSIONAL EXPENSES 80

IMPUTATION SYSTEM 77

INCOME FROM LONG-TERM CONSTRUCTION CONTRACTS 111

INCOME MEANS TESTING FOR OFFSETS 26

INCOME RECEIVED IN ADVANCE 111

INDEXCATION METHOD 44

INDIVIDUAL RESIDENCY 84

INPUT TAXED SUPPLY 30

INSTALMENT INCOME – CRASH OR ACCRUALS? 107

INSTALMENT INCOME – SUPERANNUATION FUNDS 106

INTEREST 19

INVESTMENT MANAGER 55

INVESTMENT STRATEGY 54

ITEMS OF EXEMPT INCOME 23

 

K

KEY FEATURES OF FBT 93

L

LABOUR HIRE ARRANGEMENTS 103

LATE LODGEMENT AND/OR PAYMENT 107

LAY-BY SALES 113

LEASE INCENTIVES 12

LIMITED LIABILITY 74

LIVING AWAY FROM HOME ALLOWANCES (LAFHA)

LOANS TO SHAREHOLDERS 77

LODGEMENT AND PAYMENT OF TAX 3

LONG DISTRANCE TRUCK DRIVERS 18

LOST AND UNCALIMED SUPERANNUATION – SREAMLINED ARRANGEMENTS 63

LOW INCOME SUPER TAX OFFSET 61

LOW INTEREST LOANS 96

LOW VALUE ITEMS 49

LOW-INCOME TAX OFFSET (LITO) 26

LUXURY CAR DEPRECIATION LIMIT 50

M

MAIN RESIDENCE EXEMPTION 40

MEDICARE LEVY 5

MEDICARE LEVY SURCHARGE 5

METHODS OF TAX ACCOUTNING 115

MISTAKES AND BAS 36

MORE SIMPLIFIED ACCOUNTING METHODS 33

MOTOR VEHICLE EXPENSES 15

MULTINATIONAL ANTI-AVOIDANCE LAW 128

MULTINATIONAL TAX MEASURES 88

MUTUAL INCOME 25

N

NET MEDICAL EXPENSES TAX OFFSET 28

NON-ASSESSABLE, NON-EXEMPT INCOME 25

NON-CASH BENEFITS 105

NON-CASH BUSINESS BENEFITS 9

NON-COMPULSORY UNIVORMS 18

NON-RESIDENT INDIVIDUALS 7

NOTIFICATION OF AN ENQUIRTY OR AUDIT 122

O

OCCUPATIONAL CLOTHING AND PROTECTIVE GEAR 18

OMITTANCE BAS 36

OTHER RECENT CHANGES (PRIMARY PRODUCTION) 72

OTHER SUPERANNUATION FUNDS 54

OTHER TRUSTS 8

OTHERWISE DEDUCTIBLE RULE 100

P

PARNTERSHIPS 73

PARTNERSHIP INSTALMENT INCOME 106

PAYER OBLIGATIONS UNDER PAYG 105

PAYG INSTALMENTS (PAYGI) 105

PAYG INSTALMENTS AND THE CONSOLIDATED GROUP 119

PAYG TIMETABLE MONTHLY PAYMENTS 108

PAYG WITHHOLDING (PAYGW) 103

PAYG WITHOLDING VARIATION TAA 1953 110

PAYROLL TAX 130

PAYROLL TAX AUSTRALIA 132

PENALTIES AND OFFENCES 123

PERSONAL SERVICES INCOME (PSI) 81

PERSONAL SUPERANNUATION CONTRIBUTIONS INCLUDING SELF EMPLOYED PERSONS 60

PLANT IN RENTAL PROPERTIES 51

POWER TO OBTAIN INFORMATION 124

PREPAID EXPENSES 111

PREPAYMENT OF EXPENSES 17

PREPAYMENTS 91

PRIMARY PRODUCTION 50

PRINCIPAL PLACE OF BUSINESS 75

PRIVATE USE OF TRADING STOCK 114

PROFESSIONAL WORK IN PROGRESS 114

PROHIBITED INVESTMENTS AND BORROWINGS 55

PROPERTY FRINGE BENEFITS 98

PROPOSED INCREASES TO THE UNINCORPORATED SMALL BUSINESS TAX DISCOUNT 8

PROPREITARY COMPANY 75

R

RECENT CHANGES (CONSOLIDATION) 119

RECENT DEVELOPMENTS (GST) 37

RECORD KEEPING (CGT) 46

RECORD KEEPING IN THE PRIMARY PRODUCTION INDUSTRY 67

RECORD KEEPING OBLIGATIONS (SUPERANNUATION) 55

REDUNDANCY AND EARLY RETIREMENT PAYMENTS 12

REGISTERED OFFICE 75

REGISTERING FOR GST 35

REGISTERS AND RECORD KEEPING 75

REGISTRATION 131

REMOTE AREA ACCOMMODATION 98

RENTAL PROPERTIES AND THE 2017 BUDGET 52

REPAIRS 19

REPLACEMENT ASSET ROLL-OVERS 43

REPLACEMENTS AND LOOSE TOOLS 49

REPORTABLE FRINGE BENEFITS 100

RESIDENCE OF COMPANY 84

RESIDUAL FRINGE BENEFITS 100

RETIREMENT CONCESSION 42

REULATION (SUPERANNUATION) 53

RIGHT OF ACCESS 124

ROLL-OVER RELIEF – SMALL BUSINESS 42

ROLL-OVER TO A COMPANY 43

S

SALE OF DEPRECIATED PLANT 49

SALE OF FORMERLY LEASED EQUIPMENT 12

SAME ASSET ROLL-OVERS 43

SBE DEPRECIATION 91

SBE POOLING ARRANGEMENTS 49

SELF ASSESSMENT 36

SELF MANAGED SUPER FUNDS 57

SELF-EDUCATION EXPENSES 19

SEPARATE CGT ASSETS 40

SHAREHOLDERS 75

SMALL BUSINESS 92

SMALL BUSINESS CONCESSIONS 41

SNAPSHOT OF BENEFITS (SBE) 90

SOLE PURPOSE TEST 54

SOURCE OF INCOME 84

SPECIAL CONSIDERATIONS (PRIMARY PRODUCTION) 69

SPECIAL INPUT TAX CREDIT RULES 33

SPOUSE CONTRIBUTIONS 63

STAMP DUTY 130

STARTING A COMPANY 74

SUBSTANTIATION 15

SUPER SURCHARGE ON HIGH INCOME EARNERS 63

SUPERANNUATION EXCESS CONTRIBUTIONS TAX 62

SUPERANNUATION GUARANTEE (SG) 62

SUPERANNUATION LUMP SUMS 11

SUPERANNUATION SPLITTING 62

SUPERSTREAM 63

SUPPLIES AND GST 29

T

TAX AUDITS – WHAT ARE THEY? 121

TAX AVERAGING AND PRIMARY PRODUCERS 70

TAX CONCESSIONS 55

TAX COST SETTING RULES 118

TAX DEDUCATIONS FOR PERSONAL CONTRIBUTIONS 56

TAX FILE NUMBERS 8

TAX INVOICES 35

TAX OFFSETS DIFFERENT TO DEDUCTIONS 26

TAX REFORM 134

TAX SHARING AGREEMENT (TSA) 119

TAX TIPS FOR PRIMARY PRODUCERS 2017/18 71

TAXABLE SUPPLIES 30

TAXABLE WAGES 130

TAXATION OF SUPERANNUATION BENEFITS 58

TAXATION OF SUPERANNUATION FUND INCOME 53

TAXATION RULINGS 6

TAXPAYER ALERTS 128

TAXPAYERS WITH UNDISCLOSED OVERSEAS INCOME 128

TAXPAYERS’ CHARTER 127

TELEPHONE 19

THE ENQUIRY OR AUDIT PROCESS 121

THE INTERGENERATIONAL REPORT 133

THIN CAPITILSATION 87

THREE STATUTORY TESTS 84

TIME TO ‘RE-THINK’ OUR TAX SYSTEM 133

TIMING OF INCOME AND DEDUCTIONS 115

TRADING STOCK 111

TRADING STOCK 91

TRANSER PRICING 87

TRANSITION TO RETIREMENT 63

TRAVEL CLAIMS WITHIN AUSTRALIA 17

TRAVELLING EXPENSES 17

TRUSTEE RESOLUTIONS 79

TRUSTS 78

TYES OF CGT ASSETS 39

U

UNIT TRUITS 79

USING MORE THAN ONE CONESSION 42

V

VALUE OF TRADING STOCK 112

VOLUNTARY ARGEEMENTS 104

W

WHAT IS A SELF MANAGED SUPERANNUATION FUND (SMSF)? 53

WHETHER TO INCORPORATE 76

WINDFALLS GAINS 24

WITHHOLDING FROM CLOSELY HELD TRUSTS 105

WITHOLDING DEDLCARATIONS & VARIATIONS 110

WORKING HOLIDAY MAKERS 72

Y

YEAR END EXHCNAGE RATES – 30 JUNE 2017-08-15 89

Z

ZONE TAX OFFSET 27