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From the monthly archives: November 2013

We are pleased to present below all posts archived in 'November 2013'. If you still can't find what you are looking for, try using the search box.

What can we buy our company for Christmas? Taking advantage of the instant asset tax write-off

We have until January 1 to install new PCs, printers, storage systems and servers, update a firewall or invest in a large TV for displaying charts on the office wall.

If your business is turning over less than $2 million you can claim an instant asset tax write-off on goods up to the value of $6500 in one year. After January 1 this will only apply to goods up to $1000 in value. see more

Small Business Benchmarks - how does your business rate ?

ATO Small Business Benchmarks have been updated with the 2011 income and activity statement data. 

 

If your business is outside of the benchmark for your industry, this might  indicate you are not properly recording all income, in particular cash income.

 

See how you rate at ATO Small Business Benchmarks.

No enterprise, so GST credits refused

No enterprise, so GST credits refused The AAT has refused an individual's claim for input tax credits as it found no evidence that the individual was carrying on an "enterprise". The individual claimed that before she was required to serve a term of imprisonment, she had tried to start a "services business". She claimed that she had purchased, among other things, two motor vehicles, various office equipment, and business promotional materials. The individual made claims for input tax credits totalling almost $74,000 in respect of the various purchases over four years. However, the individual said the attempts to start the business did not succeed and straddled her term of imprisonment. The individual also claimed that any records she had of the purchases were lost or destroyed, or that she had not been asked to produce documentation by the Tax Commissioner. The AAT said the individual was given various opportunities to produce documents to back her claims before the hearing; however, it noted that her e ...
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Plumbers were full-time casuals, not contractors

Plumbers were full-time casuals, not contractors The AAT has found that individuals working for a plumbing business were employees of the business and that the business was required to provide superannuation contributions for them. The business argued that the workers were independent contractors and that there was no superannuation requirement. After reviewing the individuals' relationship with the business, the AAT was of the view that, effectively, the workers were full-time casuals paid on an hourly rate and not eligible for holiday or sick leave. The AAT considered various factors, including that the individuals all had the same contract (with the same terms) with the business. The AAT said one would expect independent contractors to have differing terms, but the fact that their contracts were the same was "extraordinary". Another key factor was that the hourly rates charged by the workers to customers were largely set by the business. Overall, the AAT concluded that the workers were employees and ...
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