Taxing Matters provides a summary of topical tax and business information relating to individuals and business.
Important Tax Dates Individuals and entities required to file a tax return for the 2014 year and who do not use a tax agent are required to file their return by 7 July 2014. Individuals and entities who use a tax agent have until 31 March 2015 to file their 2014 returns.
Low Value Assets Business assets costing less than $500 (including GST if not GST registered and excluding GST if registered) can be fully expensed in the year of purchase for tax purposes and are not required to be capitalised and depreciated.
Deduction for Income Tax Return The costs incurred in preparing an income tax return are fully deductible by the taxpayer for tax purposes regardless of whether the tax payer is an employee, a self-employed person, a partnership, a trust, or a company.
Data Backups Best practice makes a number of recommendations regarding data backups. These include having an organisation policy on data backups, conducting backups daily and keeping them offsite, keeping historical records for an appropriate length of time, and testing backups on a regular basis to ensure that the data backed up can be restored.