Category Archives: News

2013/14 CGT improvement threshold

For the 2013/14 income year, the improvement threshold is $136,884 (up from $134,200 for the 2012/13 income year). This threshold is used for working out when a capital improvement to a pre-CGT asset is a separate asset and for capital improvements to CGT assets where a rollover may be available.
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Taxi cents per kilometre rates

The current taxi cents per kilometre earnings rate (for the 2012 income year) is $1.27/km (up from $1.24/km for the 2011 income year). This rate is the average amount of gross income earned by a taxi for the total kilometres travelled by the taxi in a year, including GST. Taxi operators and drivers can use…
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Are you sure your ‘independent contractors’ are not ‘employees’?

Two recent cases have highlighted how important the distinction between 'independent contractors' and 'employees' is: in one case, it was held that a plumbing business did not meet its superannuation guarantee obligations in respect of five of its plumbers that it had treated as independent contractors; and in a case between a taxi driver and…
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Taxpayer slammed on (lack of) record keeping

The AAT has upheld the application of a 50% penalty to a taxpayer for ‘recklessness’ in claiming deductions that couldn’t be substantiated. Facts In the 2011/12 tax year, the taxpayer made the following claims for tax deductions in relation to his work as a car salesman: work-related car expenses of $23,065; work-related clothing and laundry…
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