The Taxpayers Guide 2014-2015: a Wealth of Tax Information

Cover Page --
Chapter 1: Introduction --
Copyright --
Preface --
Acknowledgements --
Taxpayers Australia --
Superannuation Australia --
TAI Practitioners & Advisers Ltd --
Products & Services --
Tax Education --
1.000 CONTENTS --
1.050 Glossary of abbreviations --
1.500 2014-15 Federal Budget --
Chapter 2: Registered Tax Agent Regime --
2.000 Registered Tax Agent Regime --
2.100 The Tax Practitioners Board --
2.150 Tax agents and consumer protection --
2.200 Services covered by the Tax Agent regime --
2.210 Tax agent service --
2.220 BAS service --
2.230 Exceptions to being classified a tax service or BAS service --
2.300 Tax Agent and BAS agent Registration --
2.310 Tax agent registration --
2.350 BAS agent registration --
2.360 Requirements for registering other entities as tax agents and BAS agents --
2.400 Requirements to remain registered --
2.500 Termination of Registration --
Chapter 3: Tax rates and offsets --
3.000 Assessment notice --
3.010 Personal income tax rates 2013-14 --
3.011 Income tax ready reckoner 2013-14 --
3.012 Income tax ready reckoner with LITO 2013-14 --
3.020 Personal income tax rates 2014-15 --
3.021 Income tax ready reckoner 2014-15 --
3.030 Reduced tax-free threshold --
3.040 Income derived by minors --
3.050 Medicare levy --
3.060 Medicare levy surcharge --
3.070 Above average special professional income --
3.100 Tax offsets for individuals and Family benefits --
3.110 Consolidated dependant (invalid and carer) tax offsets --
3.120 Baby Bonus (maternity payment) --
3.130 Child care tax rebate --
3.140 Family tax benefit --
3.150 Schoolkids Bonus --
3.160 Medical expenses tax offset --
3.170 Zone and overseas defence forces tax offsets --
3.180 Mature age worker tax offset --
3.190 Senior Australian and pensioner tax offset --
3.200 Former pensioner tax offset and senior Australian tax offset. 3.210 Beneficiary tax offset --
3.220 Private health insurance tax offset --
3.230 Delayed income tax offset --
3.240 Medicare levy surcharge lump sum in arrears tax offset --
Chapter 4: Tax administration --
4.000 Tax administration --
4.020 Issues to be addressed by taxpayers --
4.060 Australian taxation office --
4.070 Lodging tax returns --
4.080 Elections and notifications --
4.100 Rulings --
4.110 Public Rulings --
4.120 Private Rulings --
4.145 Private Ruling application checklist --
4.150 Oral Rulings --
4.160 Product Rulings --
4.170 Class Rulings --
4.180 Practice Statements --
4.200 Objections --
4.270 Self-amendments and Tax Office amendments --
4.300 Reviews and appeals --
4.305 Process for Federal Court tax disputes --
4.360 Small Taxation Claims Tribunal --
4.380 Settlement of taxation disputes --
4.400 Tax audits --
4.405 Audits and access --
4.410 Know your rights --
4.420 Taxpayers' Charter --
4.430 Lodging a complaint against the Tax Office --
4.450 Inspector-General of Taxation --
4.460 Privacy Commissioner --
4.485 Accounting working and advice papers --
4.500 Anti-avoidance rules --
4.510 Income tax anti-avoidance rules --
4.520 GST anti-avoidance rules --
4.530 FBT anti-avoidance rules --
4.600 Penalties --
4.630 Reasonable care --
4.650 Calculation of penalties and interest --
4.660 Interest --
4.680 Fines --
4.700 Tax records --
Chapter 5: Tax collection systems --
5.000 Tax file number system --
5.040 Applying for a tax file number --
5.050 Tax file number privacy rules --
5.100 Australian business number --
5.200 PAYG withholding --
5.300 Types of withholding --
5.400 Payers' obligations and other matters --
5.410 Declarations and PAYG withholding variation --
5.420 Payers' obligations --
5.500 HELP and SFSS --
5.510 Higher Education Loan Program --
5.520 Student Financial Supplement Scheme. 5.600 PAYG withholding tax tables --
5.700 PAYG instalments --
5.730 Amount of PAYG instalments --
5.800 Activity Statements --
5.840 Completing an Activity Statement --
5.850 Common problems with Activity Statements --
Chapter 6: Companies --
6.000 Companies --
6.100 Definition of a company --
6.150 Public unit trusts taxed as companies --
6.200 Debt/equity provisions --
6.300 Loans, payments and debt forgiveness --
6.350 Loans: Pre-December 1997 --
6.400 Carry forward losses --
6.500 Tax consolidation --
6.600 Bad debts --
6.700 Lodgments --
6.800 Dividend imputation system --
6.820 Franking account tax return --
6.850 Distribution statement --
6.900 Anti-avoidance rules --
Chapter 7: Trusts --
7.000 Trusts --
7.150 Comparison of trust structures --
7.170 Trustee distribution resolutions by 30 June --
7.200 Family trusts --
7.300 Trustee beneficiary reporting --
7.350 TFN trust withholding rules --
7.400 Service trusts --
7.500 Trading trusts --
7.600 Calculating trust income --
7.700 Taxing trusts and beneficiaries --
7.800 Other CGT consequences --
7.900 Trust losses and bad debts --
7.950 Deceased estates --
Chapter 8: Partnerships --
8.000 Partnerships --
8.100 Definition of partnership --
8.110 Jointly derived income --
8.120 Existence of a partnership --
8.200 Tax treatment of a partnership --
8.300 Partnership changes --
8.400 Tax returns --
Chapter 9: Comparison of structures --
9.000 Comparison of structures --
9.020 Overview of structures --
9.050 Tax rates --
9.300 Early stage venture capital limited partnership --
9.400 Clubs, societies and associations --
9.500 Bodies corporate --
Chapter 10: Small business entity framework --
10.000 SBE framework --
10.100 Overview --
10.200 Eligibility --
10.230 Grouping provisions --
10.300 Small business entity concessions --
10.400 Accounting methods & transitional measures (STS taxpayers). 10.500 Simplified trading stock rules --
10.600 Simplified depreciation rules --
10.700 Prepayments --
Chapter 11: Assessable income --
11.000 Assessable income --
11.005 Characteristics of assessable income --
11.010 Calculating taxable income --
11.020 Residency --
11.030 Deriving income --
11.050 Employment income and allowances --
11.060 Non-cash business benefits --
11.100 Frequent flyer, REWARD PROGRAMS and club benefits --
11.200 Lump sum payments on termination of employment --
11.210 Employment termination payments --
11.240 Genuine redundancy and early retirement scheme payments --
11.250 Invalidity payments --
11.260 Unused annual leave --
11.270 Unused long service leave --
11.300 Investment income --
11.400 Interest --
11.500 Rental income --
11.600 Royalty income --
11.700 Dividends --
11.740 Franking credit trading rules --
11.760 Other assessable income --
11.770 Profit-making undertaking --
11.780 Land sold under conditional or instalment contracts --
11.790 Income from leasing arrangements --
11.800 Life policy bonuses --
11.850 Employee share schemes --
11.860 Former Division 13A rules --
11.900 Exempt income --
11.910 Organisations exempt from income tax --
11.950 Non-assessable non-exempt income --
Chapter 12: Capital gains tax --
12.000 Capital gains tax --
12.010 Step 1: Did a CGT event happen? --
12.020 The CGT events --
12.050 Step 2: Did the CGT event involve a CGT asset? --
12.070 Step 3: Does an exemption or concession apply? --
12.090 Step 4: Is there a capital gain or capital loss? --
12.160 Step 5: Calculating the capital gain or capital loss --
12.190 Step 6: Does a rollover provision apply? --
12.200 Step 7: Maintain appropriate CGT records --
12.250 Special CGT rules --
12.300 Exemption for main residence --
12.350 Joint tenants and tenants in common --
12.450 Rolling over assets --
12.455 Involuntary disposals. 12.460 Marriage breakdown --
12.465 Strata title conversions --
12.466 Superannuation funds --
12.468 Scrip for scrip rollover --
12.470 Tax relief for demergers --
12.472 Demutualisation --
12.475 Business reorganisation --
12.510 Asset transfers between certain group companies --
12.515 Value shifting --
12.525 Small business CGT concessions --
The four small business CGT concessions --
12.535 Capital losses transferred within a wholly-owned group of companies --
12.550 Partnerships and CGT --
12.600 Trusts and CGT --
12.650 CGT and estate beneficiaries --
12.675 Listed investment companies and CGT --
12.700 CGT and foreign residents --
12.750 Leases --
12.800 Investments: Shares, rights and options --
12.840 Controlled foreign companies and CGT --
12.900 Renewal or disposal of statutory licences --
12.925 Liquidators' distributions --
12.950 Compensation --
Chapter 13: General deductions --
13.000 Checklist of employment-related claims --
13.100 Substantiation --
13.120 Written evidence --
13.140 Overtime meal allowances --
13.145 Minor work expenses (300 threshold) --
13.160 Travel expenses --
13.180 Travel claims within Australia 2014-15 --
13.187 Claims by long distance truck drivers --
13.190 Overseas travel allowances --
13.200 Travel claims: Overseas 2014-15 --
13.205 Travel claims: Overseas 2013-14 --
13.210 Summary of substantiation requirements --
13.220 Car expenses --
13.225 Car expense substantiation --
13.260 Log book method: Worked example --
13.265 Exemptions from substantiation --
13.280 Disposal of car --
13.290 Car parking expenses --
13.300 Work-related clothing --
13.400 Superannuation deductions --
13.500 Entertainment expenses --
13.600 Home office expenses --
13.700 Self-education expenses --
13.800 Donations and gifts --
13.900 Tax-related deductions --
13.950 Carry forward tax losses --
Chapter 14: Business deductions.