October Newsletter

From the Australian Taxation Office

Asset Write-Off Threshold Officially Reduced to $1,00010th September 2014 – The Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 has been passed by Parliament.The repeal of the provisions allowing small business asset write-off concessions applies from the 1st January 2014 for most taxpayers.Those taxpayers who have lodged their 2013/14 income year return under the previous law should now seek amendments to reduce their depreciation claim. The ATO does not intend to apply penalties or the shortfall interest charge if taxpayers request & amend their assessments within a reasonable period of time.

Instant asset write-off threshold reduced to $1,000 from $6,500
Motor Vehicle Accelerated Depreciation discontinued

Claiming work-related expenses?
This year the ATO are using extensive data analysis to identify areas requiring attention across all work-related expense claims, regardless of occupation.
The ATO are paying particular attention to work-related expense claims relating to:

overnight travel
transporting bulky tools and equipment
the work-related use of computers, phones or other electronic devices.

If you are claiming a work-related expense deduction, you will need to satisfy the following:

they must have spent the money
the expense must be related to their job
they must have a record to prove it.

SGC Rate Frozen now until 2012

(Based on government media release 2 September 2014)The superannuation guarantee rate will be paused at 9.5 per cent until 1 July 2021.
After this the superannuation guarantee rate will increase 0.5 per cent each year until it reaches 12 per cent from 1 July 2025.

These dates are from the ATO website and do not take into account possible extensions. You remain responsible for ensuring that the necessary information is with the ATO in time.BAS/IAS Monthly Lodgement – September Activity Statement: 21^st October, 2014 final date for lodgement and payment.BAS/IAS Monthly Lodgement – October Activity Statement: 21^st November, 2014 final date for lodgement and payment.

1st Quarter of FY 2015: BAS Lodgement – September Quarter (including PAYGI) 28th October, 2014 final date for lodgement & payment

Remember if a registered BAS agent, such as Austi Bookkeeping Pty Ltd lodges your quarter 1 FY 2015 BAS, the final date for lodgement and payment is 25th November 2014.

Due date for super guarantee contributions, for 1st Quarter of FY 2015, July to September 2014 – contributions to be made to the fund by 28th October, 2014.

If you do not pay minimum super contributions for quarter 4 by this date, you must pay the super guarantee charge and lodge a Superannuation guarantee charge statement – quarterly with the ATO by 28 November 2014. The super guarantee charge is not tax deductible

Refer to the ATO for details regarding any SGC charges applicable if not paid by due date.

Author: Diane Oliver

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