A new ruling has been released by the ATO on the deductibility or otherwise of “penalty interest”. The term penalty interest refers to an amount payable by a borrower under a loan agreement when the lender agrees to an early repayment of a loan. The amount payable is commonly calculated by reference to the number of months of interest payments that would have been received but for the early payment. The ATO ruling stresses that the deductibility or otherwise of penalty interest needs to be determined based on case-by-case circumstances. Another consideration the ATO also emphasises is that different provisions
The income year of 2019-20 has just ticked over, which is also the first year in which an individual is able to make additional catch-up contributions to super through the application of unused concessional (before tax) contributions.
In the first quarter of this calendar year, legislation was passed that will supplement the ATO’s current “same business test” for losses with a more flexible “similar business test”. The new test will expand access to past year losses when companies enter into new transactions or business activities.
Judy and Len Case from Kimbolton Wines weren’t sure how best to create a structure that recognised the role of their son and daughter in passing the business, operations and assets down to them. So, they contacted Oreon Partners to help. Find out how we assisted them in creating an effective succession plan.
When completing your tax return, you’re entitled to claim deductions for some expenses, most of which are directly related to earning your income. If an expense relates to both work and personal use, the ATO will expect that you apportion use on a reasonable basis and only claim the work-related portion. Read more about how record-keeping rules differ by expense.
Operators in some Australian industries as well as select government entities are required by the ATO to lodge a taxable payments annual report (TPAR). Learn more about the industries required to lodge these reports, as well as what needs to be reported, the periods covered and the due dates that are required.
The ATO says it recognises that most trusts are used appropriately and for legitimate purposes – but the use of trusts for purposes other than genuine business and family dealings has attracted the ATO’s attention. Learn what the ATO’s Tax Avoidance Taskforce looks for.
Car parking fees incurred in the course of producing assessable income are generally deductible, but special rules apply if the car is used by an employee to commute between home and work or the car is provided to the employee by the employer. Here’s some information about which expenses are allowable for employees and non-employees, as well as what rules apply if the car is provided by an employer.
The Coalition Government has been re-elected in the 2019 Federal Election, so you may be relieved to hear that for at least the next three years we hope to have sustained stability for super. However, there are still some tweaks to the superannuation system which we anticipate will be implemented. With the end of the financial year fast-approaching, now is the time to ensure everything is in place for your SMSF before 30 June.
The federal election has been called for May 18 and both major parties have outlined their superannuation and tax policies. With the federal election only weeks away many of our clients have been asking what the major political parties’ policies are that may impact their SMSF, individual taxation circumstances or personal investments.
Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.
To coincide with the Adelaide 500 motor racing weekend, Oreon Partners proudly hosted a fun-filled corporate event in our grounds with viewing decks, food, drinks and plenty of action. Enjoy our recap video from the weekend.