Brander Accounting Updates

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New phone and email scams are currently circulating which claim to be from the Tax Office. These scams are designed to trick you into giving away your money, passwords and/or personal details.
The Tax Office never sends emails requesting you to confirm, update or disclose confidential details like your name, date of birth, address or credit card details. If the ATO needs this information, they will mail you a letter to your postal address.
If you receive any suspicious emails claiming to be from the Tax Office, let them know.You can report unsolicited emails claiming to be from the Tax Office by forwarding the entire email to: ReportEmailFraud@ato.gov.au.
You can also check on any communication that you are unsure about by phoning the tax office on 132861 for individuals or 132866 for businesses.

You may be eligible for the ETR if you or your partner incurred eligible education expenses for primary or secondary school studies for a child or a student under 25 years of age.
For the 2009 tax year the maximum claim is 50% of the eligible education expenses up to
- $ 750 for eligible primary school students
- $ 1500 for eligible secondary school students
Parents can obtain more information about the Education Tax Refund (ETR) by emailing info@branderaccounting.com.au

As we approach the end of the calendar year many small businesses are preparing themselves to take advantage of the Governments investment allowance or tax break which will end on 31 December 2009.

Small businesses (i.e. turnover less than $2 million) may be eligible to claim the additional 50% tax deduction on eligible assets costing $1000.00 or more.
Small businesses taking advantage of the tax break must enter into a contract to acquire an eligible asset on or before 31 December 2009 and must have the asset installed on or before 31 December 2010.

Eligible Assets
The business tax break covers new depreciating tangible assets and capital improvements to an existing asset. It cannot be used for repairs. Eligible Assets include the following items:

- Cars, vans trucks and other business vehicles
- Computer hardware ( not software )
- Plant and equipment
- Furniture
- Capital improvements to existing plant and equipment

For further details email info@brandraccounting.com.au

Hello and welcome. This blog is maintained to give our clients up-to-date information on accounting and taxation in Australia.

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