From 1 July 2017 the following car threshold amounts apply for luxury cars:
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From time to time we receive calls from concerned clients claiming the ATO has rung them demanding payment for outstanding debts immediately. Or some clients received an email from someone posing as the ATO to ask you to click on a link.
These are most likely scammers trying to defraud you of your hard earned money. Do not provide them with any information over the phone, or click on any link in that email. For people who have their tax returns prepared and lodged with the ATO via a tax agent – the ATO will not contact you directly as they are required to contact your tax agent first.
From 1 July 2017, the following key changes to the contribution rules now apply:
When your business is registered for GST, you know that you are able to claim a credit back on your next BAS for the GST you pay to your Supplier. But what happens when the Supplier is charging you GST when they aren’t actually registered to collect GST? You may pay them the extra 10% on their invoice but you are not entitled to claim that credit back from the ATO. If it has already been claimed, you may have to refund it to the ATO at a later date.
So how do you prevent this happening?
Usually we start our businesses up as we have a great idea in mind and would love to share it with the world. It would start in your back yard, garage or study. When it comes tax time you wonder if you need to declare it in your tax return or not.
