Duncan Dovico - The Bottom Line

AVOIDING THE USUAL GST ERRORS

It is common for businesses to make GST errors in their BAS. The majority of these mistakes are unintentional..

The ATO recently reviewed all of the BAS adjustments made as a result of auditing and revealed that over 80% were the result of inadvertent GST mistakes.

Examples of common mistakes include: clerical errors such as duplications or accidental omissions, sales being incorrectly recorded as GST free, or accidentally recording a GST-free sale as taxable.

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Claiming personal technology as a tax deduction

As personal technology devices such as laptops, smartphones and tablets are becoming increasingly prevalent, the ATO will be focusing its attention on individuals claiming tech items as work-related tax deductions.

Currently, Australians claim almost $19.5 billion each year in work-related expenses, and an increasing number of tech items are being included each year.

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ATO targets false Medicare exemptions

A recently announced ATO initiative will target individuals who are falsely claiming an exemption on the Medicare levy.

Using metadata matching technology, the ATO will aim to ensure that individuals are meeting their tax obligations.

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What is SUPERSTREAM?

SuperStream is a government reform aimed at improving the efficiency of the Superannuation system.

Under SuperStream, Employers must report Super contributions on behalf of their employees by submitting data and payment details electronically in accordance with the SuperStream standard.

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Account based pensions to be deemed

From 1 January 2015, the deeming rules that currently apply to financial investments such as bank accounts, term deposits, shares and managed funds will extend to account based pensions.

This change could see a reduction in the rate of Age Pension for many future retirees who will miss out on the favourable treatment these types of pensions currently receive and careful planning will be needed.

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PRACTICE NEWS

CHRISTOPHER CICUTTO BECOMES AN ASSOCIATE DIRECTOR AT DUNCAN DOVICO

We are delighted to announce that recently Christopher was appointed an Associate Director of the Melbourne Practice.

We all congratulate him on this achievement and we look forward to continuing to work with him.