Welcome to SM Wilson & Associates
News From SM Wilson
2012 Price Changes
We have changed our fees charged starting 1 July 2012, please click here for full details of all our fees
Do you own an investment property and have a compounding interest investment loan?
The ATO has issued a tax ruling where rental investors are using some or all of the rental income from their investment property to pay off their own home loan, while adding the interest from the investment loan to the principal and claiming a tax deduction.
The ATO in a determination has advised they would reject such arrangements. The determination will apply to prior year tax returns, potentially costing you thousands of dollars.
Property investors should be conservative and avoid claiming compounding interest on your investment loan as tax deductions
For more information please read TD 2012/1
Are you running a business in the building or construction industry?
From 1 July 2012 you will need to report the total payments you make to each of your contractors on a taxable payments annual report. This report is due on 21 July 2013. The reporting of your contractor payments, is similar to how you currently report payments made to your employees (if applicable)
The ATO's aim of this new procedure is to improve compliance of contractors who are not reporting all thier income or failing to lodge their tax returns
For more information please visit ato.gov.au
2012 ATO Targets
The Australian Tax Office has revealed its targets for the 2011-2012 financial year. They will be targeting the following fields:
- Real Estate employees
- Carpenters and jointers
- Earthmoving plant operators
- fligh attendants
The Tax Office will be paying close attention to plastering and coffee shop industries to ensure they don't abuse tax laws through tax payments, with administrative penalties and prosecutions possible from business reviews
ATO email scam
In the past week our office has been contacted by a number of clients concenered about an email they have received from the ATO. The email they have received states that they have lodged incorrect returns, . This email is a scam and can be ignored. The ATO will not contact you via email, they will telephone or contact you via snail mail (postal). An indication that the email is a scam is the links do not lead back to an ato.gov.au website and they address the email as dear sirs. The ATO will have your name and will never address a letter/email to yourself with Dear Sirs.
For examples of this email scam please go to examples
For more information please go to ATO, there is also a link to reporting the email as a scam
2012 newsletter
-Our 2012 Newsletter has beeen issued.
-If you have not received our 2012 newsletter you may access it here. To sign up for our newsletter please download the form here and forward it to our office.
Next Lodgement Date
-21 March 2012 February 2012 monthly activity statement is due
-21 April 2012 March 2012 monthly activity statement is due
-15 May 2012 - ALL TAX RETURNS are due
-28 April 2012 - Quarter 3 (01 January -31 March) 2011/2012 quarterly activity statement is due - Paper
-26 May 2012 - Quarter 3 (01 January -31 March) 2011/2012 quarterly activity statement is due - Tax Agent