Sunday 18 Aug 2019
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Latest Accounting News
Hot Issues
Up to 9 in 10 ‘other’ expenses adjusted as ATO reveals dodgy claims
Downsizer Super Contribution
Tax payers to receive beefed up tax returns.
10 top global corporations since 1998
Catch-up Contributions
Life Insurance
Community tip-offs trigger ATO visits
Australia at a glance
2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Small business clients need to be ready for STP by 30 September
Big four firm outlines new financial year checklist for SMSFs
Alert - Online Share Accommodation
ATO flashes warning over $7.2bn car expenses claims
Vital statistics for our great nation.
3 out of 4 tax dob-ins are about business
Tax on compensation received for inappropriate advice
‘Extra care’ crucial in avoiding ATO spotlight this tax time
ATO clears up FAQs about Single Touch Payroll
GST reporting: common errors and how to correct them
LRBAs, guarantees in need of review after property market falls
Victorian Property Valuation Cycle
Australia - toward EOFY 2019
Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
Biggest personal tax cuts in a decade a priority for Government
Government rules out GST changes following ATO report
ATO issues warning after ‘unprecedented’ spike in impersonation scams
Crypto transactions in ATO sights with new data-matching program
Government to establish $2 billion fund for small business lending
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Articles
Prescribed Private Funds
Work Related Deductions – Personal Care Services
Fringe Benefits Tax – Meal Cards

Deductibility of Interest to Acquire Units in Hybrid Trust

Migration Skills
Depreciation of Computer Software
Investment Property Deductions Disallowed
FBT and Laptop/Portable Computers
Tips When Selling A Property
2008 Company, Trust or Partnership Tax Return Checklist
2008 Individual Tax Return Checklist
2008 Superannuation Fund Tax Return Checklist
Apportionment of Home Office Expenses Affirmed
Investment Property Deductions Disallowed
Depreciation of Computer Software
After Budget Night May 2008, depreciation claims will reduce.

The new Federal Government is sending mixed messages about our computer industry and how development of our IT skills should be funded.

 

On the one hand, computer programming skills will give priority to potential migrants but claims for software expenditure are deferred by almost double.

 

Write-offs for tax depreciation purposes have been extended from two and a half to four years.  Any newly held software assets after 13 May 2008 including in-house software that a taxpayer develops or holds in some way can be written off for tax purposes only over four years. 

 

An upgrade to old software, provided it does not create a new or different depreciating asset, will not be affected.  We can see that all taxpayers will struggle with this concept - What is old?  What is new?  What is an upgrade?  What is a depreciating (intangible) asset?  How will anybody understand or know what to do?

 

Hopefully the Australian Taxation Office will give guidance in due course

 

 



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