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  • taxpayers can use to deduct certain capital expenditure over time including expenditure on the acquisition of capital assets The effective life of a depreciating asset is limited and its value can reasonably be expected to decrease in value over its useful life Land trading stock and most intangible assets excluding exceptions such as intellectual property and in house software are not depreciating assets There are two options for calculating the decline in the value of an asset under the UCA system Prime cost method Decline is calculated as a of the initial cost of the asset Diminishing value method Decline for each income year is calculated on the balance of the asset s cost that remains after the decline in value for previous income years has been considered MORE Access the Decline in value calculator The ATO allows recalculation of the effective life of an asset if the circumstances of use change and the effective life initially chosen is no longer accurate An improvement to an asset that increases its cost by 10 or more in a year may result in an obligation to recalculate the effective life of the asset The decline in value of certain depreciating assets with

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2798 (2014-01-05)
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  • 1985 All assets you have acquired since this date are subject to the CGT rules including options rights and business goodwill unless specific exclusions apply CGT EXEMPTIONS If you are an individual some assets may be exempt from CGT including Your main residence Your car motorcycle or similar vehicle Assets for personal use that you acquired for 10 000 or less There are other exemptions rollovers and concessions that may

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2812 (2014-01-05)
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  • Excise duty is a tax on certain types of goods that are made in Australia including alcohol tobacco petroleum and alternative fuels Customs duty is imposed at an equal rate on imported alcohol tobacco and petroleum to ensure imported and local goods are treated consistently These goods are referred to as Excise Equivalent Goods EEGs There are specific obligations to consider when dealing with excisable goods and EEGs MORE See

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2813 (2014-01-05)
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  • account holder can receive 935 When you have a first home saver account you will need to keep the money in the account for a minimum period of time Once that time has passed and you make the decision to buy or build your first home you will have to withdraw all the money at once and close the account You will then need to use the money as a

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=3291 (2014-01-05)
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  • an associate of an employer or a third party by arrangement with an employer An employee can be a former current or future employee FBT is separate from income tax and based on the taxable value of the various fringe benefits provided The FBT year runs from 1 April 31 March FBT CATEGORIES The following categories of fringe benefits apply with specific valuation properties applicable to each category Airline transport board Eg a meal Car Eg letting employees use a work vehicle for a private purpose Car parking Debt waiver Entertainment Eg food drink recreation Expense payment Eg reimbursing an expense incurred by an employee such as school fees Housing Living away from home allowance Loan Eg granting an employee a cheap loan Property Residual MORE See the ATO website for more on FBT categories FBT EXCLUSIONS The following are NOT fringe benefits Approved employee share acquisition schemes Employer contributions to complying superannuation funds Employment termination payments Eg company car given or sold to employee when they leave Certain benefits provided by religious institutions to their religious practitioner REDUCING FBT You can reduce the amount of FBT you pay by Replacing fringe benefits with a cash salary Providing benefits that

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2814 (2014-01-05)
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  • credits although the rate varies according to activity You must be registered for GST as well as fuel tax credits to claim fuel tax credits using your business activity statement BAS Cleaner Fuels Grants Scheme Encourages making or importing fuels that have a lesser impact on the environment Eligible cleaner fuels include biodiesel and renewable diesel as well as low or ultra low sulphur conventional fuels like low sulphur premium

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2815 (2014-01-05)
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  • while the other increases Value shifts occur in the form of Indirect value shifting Direct value shifts on interests Direct value shifts by creating rights Without a value shifting regime in place there can be artificial losses and deferred gains Where the General Value Shifting Regime GVSR applies you may need to adjust the tax values of an interest affected by the value shift or adjust a realised loss or

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2816 (2014-01-05)
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  • the economic cost If you do not charge GST for sales but are entitled to claim input tax credits for GST included in the price you paid for supplies the supplies will be GST free For an input tax sale you do not charge GST on the sale of the goods or services to your customers and you cannot claim input tax credits for the GST portion of your business expenses relating to the items acquired to make the supply The reporting periods for GST are called tax periods and can be quarterly or monthly Quarterly tax periods are three months long ending 30 September 31 December 31 March and 30 June Monthly tax periods end on the last day of each calendar month Entities with an annual turnover of less than 20 million generally have quarterly tax periods but can choose to have monthly tax periods Entities with an annual turnover greater than 20 million are required to have monthly tax periods and lodge their activity statements electronically The rules for attributing GST payable and input tax credits to tax periods differ according to whether GST is accounted for on a cash or accrual basis You can account for GST on a cash basis if you meet one of these requirements Are a small business with an annual turnover of less than 2 million This includes the turnover of your related entities Are not running a business but carrying on an enterprise with a GST turnover of 2 million or less Account for income tax on a cash basis Carry on an enterprise that the commissioner has determined can account for GST on a cash basis regardless of your GST turnover Are an endorsed charitable institution regardless of your GST turnover Are a trustee of an endorsed charitable fund

    Original URL path: http://www.colville.com.au/resources/tax_facts?scid=2817 (2014-01-05)
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