Welcome to AUS T.A.G.S. (Taxation, Accounting & GST Services) Passionate about Taxation, Accounting & GST Services
Call Now
WELCOME!
We offer expert accounting, tax & business advice to individuals and small to medium businesses. Our aim is to help you to save money and to grow your personal and business wealth.
  Home      About Us      Services       Tax Return       Achievements       Profile       Testimonials       Contact                                    
 
AUS T.A.G.S. News
 

ATO launches Uber and eBay crackdown

The ATO has announced a compliance crackdown focused on Uber drivers and eBay sellers across Australia. With the ride-sharing service operating in full force in Australia, the dispute as to whether GST should be applicable on rides has continued, culminating in drivers clearly warned to register and account for GST from 1 August 2015. In order to target GST and income tax avoidance the ATO has announced it will obtain the details of payments made to drivers through bank accounts held by “ride-sourcing facilitators”. This data will subsequently be matched with tax office records to catch out those drivers not disclosing income and not paying income tax. Mark Chapman, director of tax communications with H&R Block, noted it is now much easier for the ATO to keep tabs on Uber drivers once they have registered. Not just settling for drivers, eBay traders have also been placed under the ATO microscope. Those sellers who sold goods and services of $10,000 or more during the 2014/15 financial year will also have their data obtained by the tax office to ascertain those individuals who have failed to account for income tax and GST. “The whole focus on newer, tech-focused businesses like Uber and eBay shows that after several years struggling to keep up with online business models, the ATO is looking to rapidly make up lost ground to ensure people in these sectors are taxed in the same way as people operating through traditional ‘bricks and mortar’ business models,” Mr Chapman concluded.

BUSINESS

Before you start the journey of selling or closing your business, make sure you understand the end-to-end process. ATO has developed a webcast which details your obligations across various government agencies. The webcast is presented by a panel of experts from the ATO, the Department of Industry and Science, the Australian Securities and Investments Commission and the Fair Work Ombudsman. To see the webcast click here.

PERSONAL

2015 tax-free threshold increase "deferred"

The already legislated increase in the tax-free threshold to $19,400 from 1 July 2015 will not proceed and will instead be "deferred". The deferral of the so-called Clean Energy Future personal tax cuts came about due to the lower than originally anticipated carbon price after 1 July 2015. Legislation will be required to implement this tax-free threshold change. The already legislated increase in the second marginal tax rate from 32.5% to 33% from 1 July 2015 will still go ahead.

Scrapping of planned FTB Part A increase

The Government has announced that it will not proceed with its 2012-13 Budget proposal to provide $1.8bn in funding over 4 years to increase the maximum payment rate of Family Tax Benefit (FTB) Part A by $300 pa for families with one child and $600 pa for families with 2 or more children. For families receiving the base rate of FTB Part A, the increase would have been $100 pa for families with one child and $200 pa for families with 2 or more children. The increased FTB was to have come into effect from 1 July 2013.

FTB Part A change to age of eligibility

The Government announced it will change eligibility for FTB Part A for children aged 16 years and over. FTB Part A will only be paid until the end of the calendar year in which a child completes school. This change will start from 1 January 2014. Individuals who no longer qualify for FTB Part A may be eligible to receive Youth Allowance, subject to the usual eligibility requirements.

Seniors downsizing from family home - means test exemption

The Government will trial a pilot program from 1 July 2014 to provide a means test exemption for Age Pension recipients who are downsizing from their family home. The proposed measure will seek to remove the disincentive for pensioners to move to more age-appropriate housing (including granny flats, retirement homes, but not residential aged care). Under the proposal, the family home must have been owned for at least 25 years with at least 80% of proceeds from the sale (up to $200,000) to be deposited into a special account by an authorised deposit taking institution (ADI). These funds (plus earned interest) will be exempt from pension means testing for up to 10 years provided there are no withdrawals during the life of the account.

HEALTH

Medicare levy increase to 2% confirmed to fund Disability Care

The Medicare levy will be increased by 0.50% to 2% with effect from 1 July 2014, to help fund the Government's proposed National Disability Insurance Scheme (NDIS), now renamed DisabilityCare Australia. Low income earners will continue to receive relief from the Medicare levy through the low income thresholds for singles, families, seniors and pensioners. The current exemptions from the Medicare levy will also remain in place, including for blind pensioners and sickness allowance recipients. If the appropriate bills are passed, the increase will apply from 1 July 2014.

 
Call us today or fill our contact us form
 
   
Business Accounting & Taxation & GST
Principal has been in Public Practice for over 10 years and has accumulated wealth of knowledge and valuable experience in small business. We have helped several of our clients from selecting an appropriate structure to acquiring a franchise. Currently, we offer 20 minutes of free consultation to new business clients with the Principal. So, take this opportunity and make an appointment with us if you are thinking of starting a business or in the process of acquiring a business.
More
 
 
Personal Tax Planning Services
We have helped numerous clients to reduce their tax liability by utilising our valuable knowledge & experience. This resulted in increase of their personal wealth. Call us if you would like to profit from our wealth of knowledge & experience.
More
 
 
 
 
News/Updates

Oct 2015
ATO launches Uber and eBay crackdown
2015 tax-free threshold increase "deferred"
Scrapping of planned FTB Part A increase
 
 
Testimonials
I received my tax back today, thank you for all your help. I can't believe I got it back in 7 working days. I'm off to Cairns and Ayres rock on the $5,580.00 I got back.
 
 
 
Quick Inqiry
 
Have a question about taxes or your return? Get a quick answer.
Ask me Now
 
 
 
Contact AUS T.A.G.S.
 
AUS T.A.G.S.
Suite 3B, Level 1 115 Main Street BLACKTOWN NSW 2148

Tel:  02  9831  2001  
         1300 829 729 (1300 TAX PAX)
Email: info@itaxagent.com.au
 
 
  Home | Privacy | Terms of Use | Contact   © 2010 AUS T.A.G.S. All right reserved
 
Web designed & developed by Sydney Webpedia | Free Naplan Tests