Bookkeeping - 7/16 - CS Accountants
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Bookkeeping Tag

With the end of the financial year just around the corner, it’s time to reflect and put finances in order for the coming year, whether you're a business owner, employee or individual investor.

 

 

The Commissioner has announced that the ATO will obtain details of entities receiving taxable payments from various local government Councils and Shire authorities throughout New South Wales, Victoria, Queensland, Western Australia, South Australia, Tasmania, and the Northern Territory. The data-matching program covers the 2011 to 2014 financial years.

 

On 6 November 2013, the government confirmed it would proceed with introducing an annual Australian aggregated turnover threshold, so that very large businesses with turnover of $20 billion or more will no longer be eligible for the research and development (R&D) tax incentive. These businesses will be eligible to claim their R&D expenditure under general tax law provisions, for example, as deductions at the corporate tax rate for business expenditure.

Australian taxpayers are being cautioned to make sure they declare income sourced in Japan, with the exchange of tax information and cooperation increasing between the two countries. The Australian Tax Commissioner met with the Commissioner of the Japanese National Tax Agency this month to discuss the use of a bilateral treaty to undertake joint compliance projects as well as multilateral cooperation.