Tax News

Welcome to Geoffrey Cliff & Associates’ client information newsletters, your monthly tax and superannuation updates keeping you on top of the latest issues, news and changes.

Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice.

LATEST CLIENT NEWSLETTER

Introductory text
The FBT year is fast coming to a close, so a run-down on the basics seems warranted. And remember, the FBT rate goes up on April 1. Also looming on the horizon is the July 1 deadline for all businesses (not just those with more than 20 staff) to adapt their systems to be SuperStream compliant.

Undertaken some self-education courses to improve your outlook? Some of the expenses in doing so can count towards a handy tax break – if there is a connection between your studies and the income from your current employment.

We also take a practical overview of the steps taken to work out any CGT liabilities, and go over the proposed changes planned for employee share schemes.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact our office for personal advice.


Helpful links
An article in December’s newsletter discusses the tax implications of natural disaster, and mentions a helpful form that is available from the Tax Office, the “reasonable estimate for documents destroyed by disaster” form, which is available here. The government’s Disaster Assist website can be found here.

For the story on deductions for interest and borrowing costs on investments, there is extra information available at taxation ruling TR 2004/4 should you wish to brush up on the rules. You may also want to read TR 97/23 regarding how repairs are treated for tax purposes. Finally, in relation to adding interest to the cost base of a CGT asset, review ss110-25(4) Income Tax Assessment Act 1997 (ITAA97) where the interest is not able to be claimed under s8-1 ITAA97.

And the excess superannuation contributions article mentions a form that is required to have contributions disregarded or reallocated. This is available here.

 To view the full Client Newsletter Рclick here.


Useful Links

To view the 2014 Budget – click here.

Deductibility of travelling expenses between residence and place of employment or business – click here.

Deductibility of expenses incurred in travelling between home and work – click here.

Fringe benefits tax, private use of cars, home to work travel – click here.

Capital Gains Worksheet - click here.

To view the Selling or Closing your Business Checklist – click here.

To view the Fringe Benefits Tax (FBT) Checklist 2013 – click here.

Disclaimer: All information provided in the newsletters is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.