The Taxpayers Guide 2014-2015 E-Book

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 4380

Veröffentlichungsjahr: 2014

Beschreibung

Answer your questions and maximise returns with this easy-to-follow tax guide The Taxpayers Guide 2014 - 2015: 26th Edition is the complete guide to understanding the Australian tax system. Packed with tax-saving strategies and helpful advice, this clear, easy-to-follow guide is essential reading for taxpayers wanting to pay what they owe, but not a cent more. You'll find invaluable information, excellent advice and practical strategies for maximising returns, fully revised and updated for the 2014 - 2015 tax year. With handy reference tools like tax tables, rebates and offsets at your fingertips, you'll be able to solve both complex and everyday tax problems quickly and easily. This book brings together almost a century of expertise from Taxpayers Australia in one comprehensive volume. Taxpayers Australia is a not-for-profit educational organisation dedicated to educating taxpayers on issues relating to tax and superannuation. This guide is the organisation's one-stop resource for understanding the tax system, providing plain-English guidance toward saving money and avoiding common traps. Comprehensively indexed and organised for easy navigation, the book provides the answers and insight you need in order to: * Understand income tax rates and deductions for individuals and contractors * Simplify superannuation and planning for retirement * Decipher capital gains, investments and trusts * Solve small business issues and straighten out payroll taxes Australia's complex tax system presents many opportunities to miss out on savings. This comprehensive tax resource clarifies complicated guidelines and laws to help you sort out what you really owe. If you're tired of overpaying but wary of questionable advice, look to one of Australia's most trusted tax guides--The Taxpayers Guide 2014 - 2015.

Leseprobe

The Taxpayers′ Guide

2014 & 2015

First edition first published 1989 by Wrightbooks

This edition first published 2014 by Wrightbooksan imprint of John Wiley & Sons Australia, Ltd42 McDougall Street, Milton, Qld 4064

Office also in Melbourne

© Taxpayers Australia Inc 2014

All rights reserved. Except as permitted under the Australian Copyright Act 1968 (for example, a fair dealing for the purposes of study, research, criticism or review), no part of this book may be reproduced, stored in a retrieval system, communicated or transmitted in any form or by any means without prior written permission. All enquiries should be made to the publisher at the address above.

All information provided in this publication is of a general nature only and is not personal financial or investment advice. It does not take into account your particular objectives and circumstances. No person should act on the basis of this information without first obtaining and following the advice of a suitably qualified professional advisor. To the fullest extent permitted by law, no person involved in producing, distributing or providing the information in this publication (including Taxpayers Australia Inc (hereinafter referred to as “Taxpayers Australia”), each of its directors, councillors, employees and contractors and the editors or authors of the information) will be liable in any way for any loss or damage suffered by any person through the use of or access to this information.

ISBN: 9780730315155

While every care has been taken to trace and to acknowledge copyright, John Wiley & Sons Australia, Ltd apologises for accidental infringements that may have occurred.

Cover design by Justin Cohen

Design and typesetting by Taxpayers Australia Inc

Printed in Australia by OPUS Group

10 9 8 7 6 5 4 3 2 1

Preface

The Taxpayers' Guide 2014 & 2015

The annual Taxpayers' Guide has been published by Wrightbooks since 1989. Packed with tax-saving tips and strategies, and information about the traps to be avoided, the guide helps taxpayers understand the rules so they pay exactly the right amount of tax and not a cent more!

The Taxpayers' Guide 2014 & 2015 brings you up to speed on the important changes announced since the new government came to power in September 2013, including those announced in the May 2014 Federal Budget. We provide full details of the Temporary Budget Repair Levy (the “debt tax”), including details of the associated increases in other rates that are linked to the levy, including FBT. We also look at how the debt tax might impact on trustees and superannuation as well as exploring the hidden impact for small businesses with the abolition of the mining and carbon taxes. Are you better or worse off now than a year ago? What will the Budget changes mean to your tax position, your pension or your superannuation in the years to come? Find out in The Taxpayers' Guide 2014 & 2015.

Popular regular features of the guide, including the tax rates, tax calendar and the deduction checklist, are present once again.

Whether you run a small business, or you're a property investor, a share trader or simply want to know what deductions you are entitled to as part of your job, The Taxpayers' Guide can help you understand and minimise your obligations. And if you're an accountant, tax agent or any other professional who needs to know how the tax law works, this book gives you a one-stop shop, easy to use and easy to follow overview of the key points you must know to help your clients.

The Taxpayers' Guide goes to press after 30 June each year to ensure it incorporates the most recent changes and rulings, making it the most up-to-date publication of its kind and a powerful resource for taxpayers.

Taxpayers Australia is a not-for-profit organisation that has been fighting for a fairer, more efficient tax system for all Australians since 1919.

Join today at www.taxpayer.com.au to enjoy all the member benefits outlined on page 5 or pick and choose the products and services to suit you, whether that be seminars, webinars, technical journals or helpline calls.

Wrightbooks

an imprint of John Wiley & Sons Australia, Ltd

July 2014

Acknowledgements

Meet the team

All research, writing and editing of the Taxpayers' Guide is carried out by Taxpayers Australia’s expert technical staff. The publication of the Taxpayers' Guide would not be possible without the exceptional knowledge, skill and dedication of the Taxpayers Australia team. Specifically, the contributors to the Taxpayers' Guide are as follows:

Design and typesetting: Leonnie Gleeson

Cover design: Justin Cohen

Publishing production: Justin Cohen

Taxpayers Australia

Our mission statement

To be the voice of the Australian taxpayer, committed to a fairer and more transparent system for all Australian taxpayers.

What we do

► We promote excellence in tax education

► We work for a better tax system

► We give the unrepresented a voice

► We promote a better understanding of tax

► We support our members

Join Taxpayers Australia

For more than 95 years we have been the independent voice of Australian taxpayers. Tax advisers, tax agents, business people, investors, students, financial planners and all sections of the public are members of Taxpayers Australia.

We support taxpayers to understand the system and to minimise their tax liabilities through the delivery of the latest tax and superannuation developments and we represent our members' views through the media, the ATO and the government.

Taxpayer Australia Members Benefits

►

Tax Summary

— a free copy of this book, as soon as it’s published

►

The Taxpayer

— all 11 copies of our in-depth magazine covering the latest in tax and superannuation (including full access to our archive of back issues)

►

Webinars and events

— members enjoy discounted access to all our face to face events, webinars and podcasts

►

Helpline calls

— receive up to six calls per annum to help you solve those tricky tax conundrums

Superannuation Australia

What we do

► Advocate for a fairer and simpler superannuation system

► Educate about developments in superannuation

► Support SMSF trustees and advisers

► Provide extensive SMSF resources

Subscribe to Superannuation Australia

The world of superannuation is complex and only getting more complex. Subscribe to Superannuation Australia and receive a comprehensive set of tools and resources that will make the task of understanding superannuation and running your own SMSF (or advising SMSF trustees) easier and less time consuming.

Superannuation Australia benefits

Join as a member (or subscribe to individual products at non-member rates) and you get the following:

►

DIY Superannuation Manual

— A plain English guide to setting up and running a SMSF, an invaluable tool whether you are an adviser or run your own SMSF. In printed and electronic format. (

Sample of DIY Superannuation Manual available at

www.taxpayer.com.au/diypreview

)

►

Superannuation Quarterly and Superannuation Strategies

— in-depth quarterly publications keeping you abreast of developments in superannuation and ideas on how to maximise the value of a SMSF

►

Webinars and Events

— members enjoy discounted access to all our face to face events, webinars and podcasts

►

Helpline Services

— 3 free calls for members to assist with those difficult questions (additional calls can be purchased)

►

Coming 2015

— New section of the website and products directed to SMSF trustees

TAI Practitioners & Advisers Ltd

What is TAI Practitioners & Advisers Ltd (TAI PAL)?

TAI PAL is a recognised tax agent association, accredited by the Tax Practitioners Board (TPB), that provides its members with support to help them meet increasing regulatory demands. TAI PAL is committed to assisting its members meet the educational and regulatory requirements that enable them to uphold high standards of service and consumer protection.

TAI PAL offers its members a series of benefits that include:

► Provision of a practising certificate so your clients know you are a member of a professional body

► The use of a designation to promote your membership of the organisation

► Access to the Monthly Tax Update (PDF), which is a product providing tax professionals with timely analysis on developments

► TAI PAL Fellows also have access to the video presentation of the Monthly Tax Update, which entitles them to a minimum of five and a half hours of continuing professional development hours per year

► An exclusive members only professional indemnity offering brokered through our preferred provider, Fenton Green & Co

TAI PAL is continuing to negotiate further member benefits for tax professionals.Keep an eye on the web site of the organisation.

Membership of TAI PAL

To be a member of TAI PAL you must also be a member of Taxpayers Australia Inc (includes subscribers to Taxpayers Australia and/or Superannuation Australia).

For further information visit:www.taxpayer.com.au/taipal

Products & Services

You don't have to be a member to enjoy access to all our products and services. Pick and choose from the following:

The Taxpayer

11 editions each year, keeping you in the know about tax changes, rulings and cases as well as important tax and super developments. Comprising a mix of short but comprehensive and in-depth articles.

Helpline Calls

Buy a package of helpline calls entitling you to up to six calls per annum with one of our tax consultants (calls are 10 minutes duration including research).

Monthly Tax Update

Every month, the latest changes in tax are delivered to your door. Covering income tax, GST, FBT, Superannuation, Tax Administration and State Taxes, we give the lowdown on the latest tax cases, tax legislation and administrative practice. Includes free DVD as well as written material.

Client Newsletter

Reap the benefits of giving something extra. Our monthly Client Newsletter makes it effortless to give your clients your own branded newsletter; stand out from your competitors and ensure your clients turn to you when in need of assistance.

Free e-newsletters

Stay current with the latest tax and superannuation news. Our free e-newsletters are delivered via four subscription categories — Tax Professional, Superannuation, Small Business and Individuals — ensuring convenient access to the information most relevant to you.

Register for our e-newsletters at:www.taxpayer.com.au/subscribe

Tax Education

Workshops & Seminars

Across Australia our team of presenters bring you the broadest, most in-depth coverage of the Australian tax system. Ideal for tax practitioners, accountants and lawyers, our events provide the most up-to-date details on the topics that matter to you, delivered with in-depth supporting notes and worked examples.

Monthly — in Melbourne, Sydney, Brisbane, Perth, Adelaide.

Seminar Notes & Video

If you are unable to attend the sessions, comprehensive notes and a video presentation, which address the key issues, are available for most seminar topics.

Webinars & Podcasts

New from Taxpayers Australia, we present the best in tax education accessible from the comfort and convenience of your own office. Dial-in live to listen to our presenters discuss the latest developments in tax and superannuation or download a podcast and listen later at your leisure. Both webinars and podcasts include in-depth supporting notes.

Bespoke Tax Training

Taxpayers Australia also offers bespoke tax training to suit your requirements. Services offered include:

► Tailored tax training solutions for your organisation, whether a small business or a professional practice.

► Training can include everything from regular tax updates on the latest developments in tax and super to sessions covering specific topics such as estate planning, trusts, FBT, division 7A, small business CGT concessions, SMSF audits etc.

► Trainees receive detailed notes covering the topics addressed.

► Training sessions can be scheduled regularly or as once-off/topic related workshops.

1.000 CONTENTS

Copyright

Preface

Acknowledgements

Taxpayers Australia

Superannuation Australia

TAI Practitioners & Advisers Ltd

Products & Services

Tax Education

Chapter 1: Introduction

1.000 Contents

1.050 Glossary of abbreviations

1.060 2014-15 Federal Budget

Chapter 2: Registered Tax Agent Regime

2.000 Registered Tax Agent Regime

2.100 The Tax Practitioners Board

2.150 Tax agents and consumer protection

2.200 Services covered by the Tax Agent regime

2.210 Tax agent service

2.220 BAS service

2.230 Exceptions to being classified a tax service or BAS service

2.300 Tax Agent and BAS agent Registration

2.310 Tax agent registration

2.350 BAS agent registration

2.360 Requirements for registering other entities as tax agents and BAS agents

2.400 Requirements to remain registered

2.500 Termination of Registration

Chapter 3: Tax rates and offsets

3.000 Assessment notice

3.010 Personal income tax rates 2013-14

3.011 Income tax ready reckoner 2013-14

3.012 Income tax ready reckoner with LITO 2013-14

3.020 Personal income tax rates 2014-15

3.021 Income tax ready reckoner 2014-15

3.030 Reduced tax-free threshold

3.040 Income derived by minors

3.050 Medicare levy

3.060 Medicare levy surcharge

3.070 Above average special professional income

3.100 Tax offsets for individuals and Family benefits

3.110 Consolidated dependant (invalid and carer) tax offsets

3.120 Baby Bonus (maternity payment)

3.130 Child care tax rebate

3.140 Family tax benefit

3.150 Schoolkids Bonus

3.160 Medical expenses tax offset

3.170 Zone and overseas defence forces tax offsets

3.180 Mature age worker tax offset

3.190 Senior Australian and pensioner tax offset

3.200 Former pensioner tax offset and senior Australian tax offset

3.210 Beneficiary tax offset

3.220 Private health insurance tax offset

3.230 Delayed income tax offset

3.240 Medicare levy surcharge lump sum in arrears tax offset

Chapter 4: Tax administration

4.000 Tax administration

4.020 Issues to be addressed by taxpayers

4.060 Australian taxation office

4.070 Lodging tax returns

4.080 Elections and notifications

4.100 Rulings

4.110 Public Rulings

4.120 Private Rulings

4.145 Private Ruling application checklist

4.150 Oral Rulings

4.160 Product Rulings

4.170 Class Rulings

4.180 Practice Statements

4.200 Objections

4.270 Self-amendments and Tax Office amendments

4.300 Reviews and appeals

4.305 Process for Federal Court tax disputes

4.360 Small Taxation Claims Tribunal

4.380 Settlement of taxation disputes

4.400 Tax audits

4.405 Audits and access

4.410 Know your rights

4.420 Taxpayers' Charter

4.430 Lodging a complaint against the Tax Office

4.450 Inspector-General of Taxation

4.460 Privacy Commissioner

4.485 Accounting working and advice papers

4.500 Anti-avoidance rules

4.510 Income tax anti-avoidance rules

4.520 GST anti-avoidance rules

4.530 FBT anti-avoidance rules

4.600 Penalties

4.630 Reasonable care

4.650 Calculation of penalties and interest

4.660 Interest

4.680 Fines

4.700 Tax records

Chapter 5: Tax collection systems

5.000 Tax file number system

5.040 Applying for a tax file number

5.050 Tax file number privacy rules

5.100 Australian business number

5.200 PAYG withholding

5.300 Types of withholding

5.400 Payers' obligations and other matters

5.410 Declarations and PAYG withholding variation

5.420 Payers' obligations

5.500 HELP and SFSS

5.510 Higher Education Loan Program

5.520 Student Financial Supplement Scheme

5.600 PAYG withholding tax tables

5.700 PAYG instalments

5.730 Amount of PAYG instalments

5.800 Activity Statements

5.840 Completing an Activity Statement

5.850 Common problems with Activity Statements

Chapter 6: Companies

6.000 Companies

6.100 Definition of a company

6.150 Public unit trusts taxed as companies

6.200 Debt/equity provisions

6.300 Loans, payments and debt forgiveness

6.350 Loans: Pre-December 1997

6.400 Carry forward losses

6.500 Tax consolidation

6.600 Bad debts

6.700 Lodgments

6.800 Dividend imputation system

6.820 Franking account tax return

6.850 Distribution statement

6.900 Anti-avoidance rules

Chapter 7: Trusts

7.000 Trusts

7.150 Comparison of trust structures

7.170 Trustee distribution resolutions by 30 June

7.200 Family trusts

7.300 Trustee beneficiary reporting

7.350 TFN trust withholding rules

7.400 Service trusts

7.500 Trading trusts

7.600 Calculating trust income

7.700 Taxing trusts and beneficiaries

7.800 Other CGT consequences

7.900 Trust losses and bad debts

7.950 Deceased estates

Chapter 8: Partnerships

8.000 Partnerships

8.100 Definition of partnership

8.110 Jointly derived income

8.120 Existence of a partnership

8.200 Tax treatment of a partnership

8.300 Partnership changes

8.400 Tax returns

Chapter 9: Comparison of structures

9.000 Comparison of structures

9.020 Overview of structures

9.050 Tax rates

9.300 Early stage venture capital limited partnership

9.400 Clubs, societies and associations

9.500 Bodies corporate

Chapter 10: Small business entity framework

10.000 SBE framework

10.100 Overview

10.200 Eligibility

10.230 Grouping provisions

10.300 Small business entity concessions

10.400 Accounting methods & transitional measures (STS taxpayers)

10.500 Simplified trading stock rules

10.600 Simplified depreciation rules

10.700 Prepayments

Chapter 11: Assessable income

11.000 Assessable income

11.005 Characteristics of assessable income

11.010 Calculating taxable income

11.020 Residency

11.030 Deriving income

11.050 Employment income and allowances

11.060 Non-cash business benefits

11.100 Frequent flyer, Reward Programs and club benefits

11.200 Lump sum payments on termination of employment

11.210 Employment termination payments

11.240 Genuine redundancy and early retirement scheme payments

11.250 Invalidity payments

11.260 Unused annual leave

11.270 Unused long service leave

11.300 Investment income

11.400 Interest

11.500 Rental income

11.600 Royalty income

11.700 Dividends

11.740 Franking credit trading rules

11.760 Other assessable income

11.770 Profit-making undertaking

11.780 Land sold under conditional or instalment contracts

11.790 Income from leasing arrangements

11.800 Life policy bonuses