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1 140 Greenhill Road, Unley South Australia 5061 // T: // F: // E: Spring 2014 PAYG Income Tax Instalments Dividend Washing Project Do It Rental Property Expenses Electronic Lodgement Motor Vehicle Claims Minerals Resource Rent Tax Property Planning Austrailia FROM OUR DIRECTOR We welcome you to another issue of Kennotes. In the past weeks we have seen the repeal of the Mining Resource Rent Tax and the subsequent flow on effect of the associated tax concessions that were due to be funded from the Rent Tax have also been repealed. In our newsletter this quarter, we draw your attention to various compliance matters, as the ATO s compliance focus shifts towards small to medium businesses and individuals. This includes foreign income, dividend washing, rental property expenses and motor vehicle claims. We are delighted to congratulate Steven Zammit and his wife Bec on the safe arrival of Amelia Emily and Sarah Lennon, Brett and Stella on the arrival of Amelia Grace during August. All families and babies are well! Spring is the perfect time not to just clean your house but also ensure your finances and wealth creation is progressing. Kennedy & Co together with our associates Murphy Financial Advice, Property Planning Australia and our legal and insurance partners can assist in this area including: Wills and power of attorneys; Income protection insurance; Refinancing of loans; Financial and Wealth planning; Budgeting; Business succession; and Income tax returns. Please contact any of our Directors or staff if you require assistance with any of these items to help you get your finances in order. Nicole Peterson Director

2 PAYG INCOME TAX INSTALMENTS From 1 July 2014, the entry and exit thresholds for PAYG income tax instalments have changed. If you do not meet the thresholds detailed below, the ATO will automatically update their records once your tax return has been lodged and notify you of any changes. Business or Investment Income Adjusted Balance of Assessment Prior Year Threshold Threshold from 1 July 2014 $2,000 $4,000 $500 $1,000 Notional Tax $250 $500 Entities with less than $2 million gross business or investment income and registered for GST are no longer required to remain in the system if they have a zero instalment rate Please note, should you not meet the thresholds but wish to continue to pay instalments towards your year-end tax liability, you may voluntarily re-enter the instalment system. Please contact us to discuss your personal circumstances in relation to this. Business or Investment Income Business income includes income received as sole trader or partnership and investment income is any income received in the form of interest, dividends or distributions. Should you receive such income from a business or investments in addition to your salary and wages totalling $4,000 or more you will breach the new thresholds and subsequently enter the instalment system. Adjusted Balance of Assessment If the outcome of the lodgement of your income tax return for the year ended 30 June 2014 resulted in an assessment of a tax payable greater than $1,000 this will also breach the new thresholds. Notional Tax Notional Tax is a calculation the Australian Taxation Office (ATO) calculate based on the notional assessable income, which is an estimate of your business or investment income based on the growth of the economy. A simple example is shown below 2014 Business Income: $2,000 GDP Adjustment for Financial Year: 4% Marginal Tax Rate: 37% Notional Taxable Income = $2,000 + ($2,000 x 4%) Notional Taxable Income = $2,080 Notional Tax = $2,080 x 37% Notional Tax = $ As the notional tax is greater than the thresholds stated above there will be the requirement to make PAYG income tax instalment payments. Should you require any further information please do not hesitate to contact Kennedy & Co. 2 // KEN*NOTES // SPRING 2014

3 DIVIDEND WASHING Another hot area the ATO is focusing on is dividend washing. While this term may be foreign to many people, it is simply a method of share trading that has allowed investors to receive two sets of dividends on what is effectively one parcel of shares. Dividend washing occurs when someone sells a parcel of shares on the ASX once they are ex-dividend (i.e new purchases not eligible for dividend) and then re-purchase the shares on the special ASX trading market where they are still cum-dividend (i.e with the right to a dividend). Using this method, the investor would receive a dividend on the parcel sold and the parcel acquired, thereby receiving two dividend amounts and two sets of franking credits on what is effectively the same parcel of shares. As a result, the ATO have introduced a new integrity measure to prevent investors from obtaining two sets of franking credits through this scheme and as such, should you receive a dividend as a result of dividend washing you are not: entitled to a tax offset for the franking credits associated with the dividend received on the shares purchased on the special ASX trading market; and required to include the amount of the franking credits on the shares purchased on the special ASX trading market in your assessable income (however, you must still declare all assessable dividends in your assessable income). Should you have any queries regarding the above or feel that you may have been involved in dividend washing we would strongly recommend that you speak with your broker, financial advisor, or your accountant at Kennedy & Co.. PROJECT DO IT DO YOU HAVE FOREIGN INCOME WHICH HAS NOT BEEN DECLARED Earlier in the year the Taxation Commissioner launched a new campaign, Project Do It, to encourage voluntary disclosure of unreported foreign income and assets. The campaign enables tax payers to report their previously omitted foreign income with reduced penalties and fees. The shortfall penalty will be capped at 10% compared to penalties of up to 75% which usually apply under the ATO s normal rules. The ATO will also ensure that disclosures will not be investigated and referred for criminal investigation amidst a ramping up of ATO auditing and data matching activities. The cut-off date for participating in Project Do it is 19 December 2014, after which more vigorous forms of auditing will be employed by the ATO in relation to foreign sources of incoming. Please contact Kennedy & Co with any queries relating to Project Do It and your foreign income. 3 // KEN*NOTES // SPRING 2014

4 RENTAL PROPERTY EXPENSES Recently, the ATO announced that it will be monitoring claims on rental property expenses. We remind rental property owners to maintain records of their rental property expenses, and be aware of what is claimable, and what is not. Below are three common issues faced by rental property owners that will be addressed as part of the review: Available for Rent If your property is rented out or available for rent for only part of the year, only a portion of the expenses for that property will be deductible. It is important that the expenses are apportioned based on the period when the property was rented out or available for rent for that year. This can commonly occur when the property is used for private holidays, tenants vacate the property, or it is put on the market for sale. Repairs and Structural Improvement Costs It is important to distinguish between repair expenses and structural improvement costs. Although repair expenses can be claimed in full immediately, improvement costs cannot. For example, the cost of replacing a broken rainwater tank tap is deductible immediately as a repair expense, however replacing the entire rainwater tank is a structural improvement and should be depreciated over its useful life. Interest Expenses Interest expenses can be claimed only if it is directly related to the rental property. If only a portion of the loan amount is used to purchase a rental property the interest expense must be apportioned appropriately based on the portion of the loan amount used to purchase the property. In addition, interest incurred on capitalised interest is not deductible so it is important to pay the interest. Should you have any queries or require any further information on maintaining a tax effective rental property please do not hesitate to contact Dom Cosentino at Kennedy & Co. ELECTRONIC LODGEMENT From 1 July 2014, the ATO will phase out paper activity statements. Once the ATO receive an electronic lodgment, the next activity statement to be generated will not be sent as a paper copy, it will be received through an electronic channel. Electronic channels to lodge through include: Tax Agents Portal; Business Portal; or Electronic commerce interface (ECI). For those of you whom the paper copy of the Activity Statement served as a reminder to lodge your statement, following is a due date table: Quarterly Statement July September October - December January March April June Due Date for lodgement and payment 28 October 28 February 28 April 28 July Monthly Activity Statements are due on the 21st of the following month. Should you require any further information please do not hesitate to contact Kimberly Philp at Kennedy & Co. 4 // KEN*NOTES // SPRING 2014

5 MOTOR VEHICLE CLAIMS RECORDS YOU NEED TO KEEP IF MAKING A CLAIM FOR MOTOR VEHICLE EXPENSES There are four methods by which you can claim work-related car expenses. You may calculate your claim using multiple methods and choose which method gives the greatest deduction. The four methods are outlined below: Cents per kilometre method. This is the simplest method of calculating a work-related motor vehicle deduction. You determine the number of business kilometres travelled, up to 5,000, and multiply by the set rates depending on the engine capacity of vehicle you are claiming the deduction for. In order to claim under this method, no written substantiation is required, however, you do need to demonstrate how you were able to work out your business kilometres. Logbook method. This method requires the most work to be done but can result in the greatest deduction depending on your motor vehicle use. In order to claim under this method you need to have kept a valid logbook for the year and it must have covered at least 12 continuous weeks. The logbook will be used to determine a business-use percentage which is then used to calculate the deduction under this method. The expenses that can be claimed under the logbook method include the running costs and depreciation of the car, excluding any capital costs. A new logbook must be kept every 5 years or when you change jobs. If you change cars you can continue to use old log book for the new car if you make an election to do so, but cannot claim for both the new car and the old car using the one log book. Evidence of all car expenses must be kept, except fuel and oil costs which can be estimated based on odometer readings, which need to be recorded at 30 June each year. 1/3 of actual expenses method. This method allows for claiming of one-third of all car expenses (excluding capital costs) provided the number of business kilometres travelled throughout the year exceeded 5,000. Written evidence for all car expenses must be kept, except for fuel and oil which can be estimated. You do not need written evidence of the kilometres travelled but you must be able to provide a reason for the estimation of the kilometres travelled. 12% of original cost method. This method allows a deduction each year of 12% of the original cost of the car or the market value at time of leasing, subject to the luxury car limits. Your car must have travelled more than 5,000 business kilometres during the year. You do not need written evidence of the kilometres travelled but you must provide a basis on which you calculated your business kilometres. For all methods of claiming it is important to note what constitutes work travel. Travel between home and work is generally not work travel, even if multiple trips are made in the one day, this includes making incidental trips on the way to or from work such as to collect or post mail, or if you have worked from home prior to going into work, being on call. However, this travel can be claimed for people who are required to carry bulky tools that are used for work but cannot be left at the workplace. Travel between two places of work is deductible. Travel whilst performing you job as an employee is deductible. This includes situations such as attending conferences and meetings, delivering or collecting items, travelling from your workplace or home to an alternate workplace (for example, a client s premises) and back to your workplace or home. Should you require any further information please do not hesitate to contact Kennedy & Co. 5 // KEN*NOTES // SPRING 2014

6 140 Greenhill Road, Unley South Australia 5061 T: // F: // E: MINERALS RESOURCE RENT TAX On the 5th of September 2014 The Minerals Resource Rent Tax and Other Measures Bill 2014 ( MRRT ) received royal asset, this includes a number of repeals which may affect you as noted below. Mining Tax Repeal Companies will no longer accrue any further MRRT liabilities going forward from 1 October 2014; however will need to ensure that their MRRT obligations are accrued up to and including 30 September 2014 are met. Obligation may include: Lodging MRRT Instalment Liability Notices; and Lodging MRRT Returns. Company Loss Carry-Back Tax Offset As a result of the repeal, the company loss carry-back tax offset has also been abolished as of 1 July The ATO will contact relevant tax payers regarding their particular circumstances should tax payers who have claimed the offset and are now no longer eligible. Amendments of affected assessments may be required and taxpayers will not be subject to penalties and general interest charges should payments on amendments be paid within a reasonable time. Small Business Concessions The repeal of small businesses asset write-off concessions apply as of 1 January 2014 for most tax payers. For tax payers who have already been assessed for the income tax year under the previous laws, please contact us at your earliest convenience to determine whether an amendment is required to reduce the depreciation claims. Amendments of affected assessments will not be subject to penalties and general interest charges should payments on amendments be paid within a reasonable time. Should you believe any of these repeals apply to your personal circumstances, please do not hesitate to contact Kennedy & Co. PROPERTY PLANNING AUSTRALIA The Property Planning Australia team specialises in developing holistic financing strategies for first home buyers, investors, upgraders and those looking to refinance or access equity. To find out how PPA can help you make the right loan structuring & property planning decision today for your tomorrow, call us on (08) or visit JARGON BOX MAKING SENSE OF YOUR ABC S IN BUSINESS ATO Australian Taxation Office GDP Gross Domestic Product MRRT Minerals Resource Rent Tax ASX Australian Stock Exchange PAYG Pay As You Go ECI Electronic Commerce Interface PLEASE NOTE This newsletter is for the general information and exclusive benefit of clients and associates of Kennedy & Co. It contains brief comments not intended to be the basis for decision making nor to be taken as a substitute for specific advice. Please contact Kennedy & Co to discuss any matters that may be relevant to your individual situation. 6 // KEN*NOTES // SPRING 2014 All Rights Reserved. E&OE Kennedy & Co 2014

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