I just got asked what happened in tax last week that a practitioner should know about. How about:
– Instant asset write off for small businesses back to $1,000 from 1 January 2014. And the $5,000 immediate depreciation for cars goes from the same date as well.
– If you want to get a remission of an Administrative Penalty for something like a failure to lodge penalty, these are your best arguments:
“An entity has a genuine, yet mistaken, belief that lodgment was not required as opposed to an indifference to, or a rejection of, their obligation
An entity understood their obligation to lodge but circumstances beyond their control affected their ability to lodge
The amount of penalty imposed by law causes an unjust result
There were credits available to offset the amount of the tax-related liability payable, or
There was extraordinary cooperation during an examination.”
– If you do a lot of depreciation schedules you have a new “effective life” ruling so have a read of the new effective lives effective from 1 July 2014.
– Very Small Businesses will not need to make PAYG Instalments in more situations.
– And employers and SMSF Trustees need to start planning for SuperStream.
That would be enough for this week…
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