No administrative penalties if admit to fraudulent SMSF scheme before 30 April 2017
In a previous Top Tax Tips, we referred to a self-managed superannuation fund (SMSF) scheme that attempts to divert personal services income to a SMSF so that the income will either be exempt from tax (if in pension phase) or at least concessionally taxed (i.e. taxed at 15% as opposed to the individual’s marginal tax rate).
Please note that anyone who may have entered into such a fraudulent scheme will not be subject to administrative penalties if they make a voluntary disclosure to the ATO before 30 April 2017.
Although you may not have been involved in such a scheme, we are obliged to alert you in case you are ever contacted to enter into such schemes. After all, forewarned is forearmed!
Claim fuel tax credits at the new rate that applies from 1 February 2017
Please ensure that fuel tax credit (FTC) claims are made at the correct rate because the fuel tax credit rates have increased from 1 February 2017. FTCs are calculated on the amount of fuel tax payable and the type of fuel (petrol, diesel, kerosene, blended fuels) used. FTCs are available for vehicles with a gross vehicle mass exceeding 4.5 tonnes that travel on public roads. FTCs may also be available for eligible business usage of machinery, plant, equipment and light vehicles travelling off public roads or on private roads.
We would be pleased to assist with making FTC claims as well as reviewing whether correct rates for claiming FTCs have previously been made.
GST tips for exporters & importers
Exporters need to carefully manage their international distribution process lead times to ensure that they don’t lose out on the concessional GST treatment afforded to exports (i.e. many exports are GST-free which means that no GST is payable on the sale price of exports but the exporter can claim GST credits on the purchase price) if more than 60 days pass before exporting goods (measured from the earlier of the date the supplier either receives payment for the goods or issues an invoice for the goods).
In contrast, businesses that import goods into Australia will usually have to pay GST to the Department of Immigration and Border Protection before the goods are released (unless is the goods are subject to a deferred GST scheme where the payment of GST is deferred).
How can Nexia Edwards Marshall NT help you?
For any questions or to discuss any of the above in relation to your personal situation, please contact Sarah McEachern or your Nexia Edwards Marshall NT Advisor.