Boston Blog

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Specialised payment systems data matching program:

The ATO has announced a data matching program in relation to electronic payments made to businesses through specialised payment systems. For the period 1 July 2013 to 30 June 2014, it will collect data from the following businesses:   - Ausfit - BillBuddy - Debit...

Dumb Taxes:

In the days of ancient Rome, it was tradition for the upper class to liberate their slaves after a set number of years. The Roman government, however, looked at this as an opportunity to generate revenue, and they taxed the newly freed slave on his freedom.   In...

Tax Refund Time is here:

That's right, it’s that time of year again when hard working Australians have a chance to get a little something back from the government. That ‘little something’ of course is your tax refund and it is your money to begin with so it only makes sense to get as much...

Quick Budget update:

The 2014-15 Federal Budget is the Government’s blueprint for tackling what they call unsustainable deficits forecast at $29.8bn next year and totalling $60bn over the next 4 years. But the proposals would signal perhaps the most radical reshaping of Australia's social...

Baby Bonus Refund Deadline 30 June 2014:

Did you have a child born between 1 July 2001 and 30 June 2004? Did you claim the baby bonus (aka first child tax offset) each year until the child turned 5 years old? If you didn’t then you could be owed some money from the ATO... And it could be anywhere from south...

Offshore Assets? Declare them now:

The ATO is ramping up its tax collection machine with its latest advice to declare your offshore holdings now, i.e come to us before we come to you. If you hold assets overseas we recommend declaring the income now before the tax office comes knocking on your door......

HECS debt discount gone:

Found some extra cash and want to pay down your student debt and save a massive 5%? Better get in before 1 January 2014 because the upfront payment discount is being abolished. The tax office close over Christmas too so be sure to make payment before 24 December.

Lodgement Deadline 31 Oct:

Tax return lodgement deadline is at the end of this month 31 October for your 2013 tax returns. For all new clients make sure you book in prior to the end of the month so we can add you to our list with the ATO and get you an extension.

RBA cuts interest rate:

The Reserve Bank of Australia has cut its interest rate to 2.75% today which is great news for the economy. On another positive note, the NAB bank has immediately passed on the full .25% reduction to its home loan and business loan customers. Let’s hope that the other...

AMA agrees with Boston on Self Ed caps:

The Australian Medical Association (AMA) agrees with Boston Accounting that the new cap to limit self education expense claims to $2,000 is ridiculous as told in the Courier Mail: “THE Australian Medical Association (AMA) has accused the federal government of failing...