Telstra’s 2014 share buy-back: its impact on 2014-15 tax returns

telstra share buy-back

In 2014, Telstra announced that it would undertake an off-market share buy-back, with the buy-back results announced on October 6, 2014. The Tax Office says participating shareholders are taken to have disposed of their shares accepted under the Telstra buy-back at that date (CGT event A1). It has released a fact sheet giving advice for Australian […]


Single Touch Payroll put on back burner

Single Touch Payroll

Since the announcement of Single Touch Payroll late in 2014, the government says it has been working closely with both software developers and businesses to help it understand the affects the initiative will have in the real world. Feedback to date has informed government that the proposed start date of July 2016 will simply not […]


ATO increases focus on rental property deductions


The ATO will have an increased focus on rental property deductions this tax time and is encouraging rental owners to double-check their claims are correct before lodging their tax return. In particular, the ATO is paying close attention to: excessive deductions claimed for holiday homes, husbands and wives splitting rental income and deductions for jointly […]


Get set for a 2.5% wage increase


Last week the Fair Work Commission announced a 2.5% increase to minimum wages. The increase will apply from the first full pay period starting on or after 1 July 2015. According to the website, they are working on updating the pay tools with the new pay rates. The increase only applies to employees that […]


Work-related car expense claims simplified


The federal budget has confirmed a foreshadowed change to the way work-related car expense deductions are calculated. Work-related expenses are the most common-claimed tax deductions, with the Tax Office reporting that around seven million Australians make such claims in any tax year – with one of the most common components being car expenses, with nearly […]


Don’t forget: $20,000 write-off = ‘small business’ = less than $2 million ‘aggregated turnover’


The budget announcement of the new $20,000 immediate asset write-off for small businesses is welcome, and the Tax Office has already published guidance on this yet-to-be-enacted accelerated depreciation measure. But it is perhaps timely to remind small business owners that access to the budget’s depreciation boost depends on being classified as a “small business” — […]


Contractor Payments Data Matching Program


The Australian Taxation Office (ATO) will continue to acquire details of entities that receive contractor payments from other businesses for the 2013-14, 2014-15 and 2015-16 financial years. This is the continuation of an ongoing program where data will be obtained from businesses that are subject to compliance activities conducted by the employer obligations area within […]


10 technology mistakes small businesses often make (and how to avoid them)


The technology and working life website Lifehacker says that while technology can streamline business processes, it can also create major problems. Lifehacker has come up with what it says are 10 of the most common mistakes, not necessarily in order, that small businesses make in IT. Thankfully, it also suggests how to avoid them. 1. […]


Federal Budget 2015: Individuals


There were few notable budget impacts for personal taxation. However, a couple of items are worth mentioning: Personal tax rates Personal tax rates will not change, and the 2% Temporary Budget Deficit Levy for taxable incomes over $180,000 will not be extended. The levy will, as expected, cease at the end of the 2016-17 income […]


Federal Budget 2015: Families


Despite the lead-up mutterings that the budget was going to be “dull and boring”, there were a few surprises contained in the pages of the budget papers. The budget announcement which will have the most significant impact on middle Australia is the child care reform package. What does the Budget mean for families? Child care […]