3rd Quarter 2017

15 JANUARY 2017

• Income tax return for taxable large/medium business taxpayers (all entities other than individuals) due date for lodging, unless required earlier.

• Payment for companies and super funds was due 1 December 2016. 

The ATO have listened to the concerns of small businesses, tax professionals, industry associations and software providers, and are working towards reducing GST compliance costs for small businesses. 

The ATO are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting requirements. 

A capital gain or capital loss on an asset is the difference between what it cost you and what you receive when you dispose of it.

You pay tax on your capital gains. It forms part of your income tax and is not considered a separate tax – though it's referred to as capital gains tax (CGT).

LAND TAX - LAND VALUES

The taxable value of land is the three-year average of the land values provided by the Valuer General. Averaging reduces the impact of land value fluctuations. For the 2015, 2016 and 2017 land tax years, these amounts are $468,000, $559,000 and $621,000 respectively. Therefore, the land tax threshold for 2017 is $549,000.