Forsyths Newsletter December 2015
Binging on Christmas expenses It’s easy to fork out too much at Christmas. If you are splurging on clients, to be a legitimate business expense and therefore deductible, the expense has to be related to how your business generates income. So, excessive expenses may draw the attention of the regulators and the deduction denied. When selling a gift voucher it is important to know when to report the GST for the gift voucher on your activity statement. If you sell a gift voucher which can be redeemed for a choice of goods or services up to that value, you report the GST for that gift voucher when the gift voucher is redeemed, not when the gift voucher is sold. Christmas Party Time
Gst And Gift Vouchers
The Treasury paper gives several options for change from revamping the guidelines to outright denying all tax deductions. Scrapping the tax deductions would deliver the government an extra $30 million in annual revenue. Annual ATO Office closure The ATO (including contact centres) will be closed from midday, Friday 23 December 2016 to 8am (AEDT), Tuesday 3 January 2017. During this time ATO social media channels will also cease responding to enquiries.Government Reviews Tax Deductibility Of Non-Compulsory Work Clothes
The federal government is reviewing the rules and regulatory requirements in the tax act, which deals with tax deductions for expenses for non-compulsory uniforms.ATO Services Over The Festive Period
The following ATO systems will also have scheduled outages from Friday 23 December 9pm AEDT to 7am AEDT, Tuesday 3 January- Access manager, ABR, AUSkey, ATO Online Services for Individuals, ATO App (some features), DASP, Data Transfer Facility (DTF), Electronic Commerce Interface (ECI), Employer Tick, Portals, Standard Business Reporting, Supertick, Superseeker, E-Commerce.
Forsyth’s Christmas Message
From all the team we would like to take this chance to thank you for your support and to wish you all a safe and Merry Christmas, a Happy New Year and a Prosperous 2017.