The disposal of a capital asset in Australia, in the course of carrying on your business, is a taxable sale and you are required to account for GST on that sale. This applies even if the asset was purchased before 1 July 2000 or the asset is sold to an individual who is not in business (a private sale).

https://www.ato.gov.au/Business/GST/In-detail/Rules-for-specific-transactions/Business-asset-transactions/GST-and-the-disposal-of-capital-assets/

HELP repayments

If your RI is less than $53,345, you make nil HELP repayments in 2014-2015 financial year. The compulsory Help income threshold will decrease down from $53,345 to $50,638 from July 1, 2016 and repayments will start at 2% of RI.
Repayment income = TI + RFB + RSC + exempt FI + total Net investment losses inc. net rental loss. 
http://www.smh.com.au/business/federal-budget/radical-shakeup-to-university-funding-in-budget-will-see-some-fees-soar-20140513-3887c.html

9.5% Super Guarantee for 3 financial years

The good news is that our employers start paying 9.5% SG as from July 1, 2014. The bad news is that this percentage will be frozen for 3 consecutive financial years.

Temporary Budget Repair Levy of 2%

Temporary Budget Repair Levy of 2% is a three year additional levy which will apply on the part of personal taxable income which exceeds $180,000. Temporary Budget Repair Levy will apply from July 1, 2014 and to the 2014-15, 2015-16 and 2016-17 financial years. 
https://www.ato.gov.au/general/new-legislation/in-detail/direct-taxes/income-tax-for-individuals/temporary-budget-repair-levy/ 

NMETO

From July 1, 2019 Net Medical Expenses Tax Offset (NMETO) will be repealed. Disability aid claims, attendant care and aged care expenses claims can be made until June 30, 2019. Otherwise, claims can be made in 2013-2014 Fin Year only if a taxpayer made a claim in 2012-2013; and claims can be made in 2014-2015 Fin Year only if a taxpayer made a claim in 2013-2014.
Claims thresholds are revised after March 31 each year.

local government act

Local government is the third level of government in Australia. It was established by an Act of state parliament.
In Victoria, local government is made up of 79 councils representing over 5.5 million people. Councils are area-based, representative governments with a legislative and electoral mandate to manage local issues and plan for the community’s needs.
Each council varies in size, population, rate base and resources, but all must operate in accordance with the Local Government Act 1989.
Local government is responsible for implementing many diverse programs, policies and regulations set by the Victorian and Australian governments. Councils also have to respond to local community needs. They have powers to set their own regulations and by-laws, and provide a range of services. Local laws developed by councils deal with important community safety, and peace and order issues.
Local laws often apply to noise, fire hazards, abandoned vehicles, parking permits, street stalls, disabled parking, furniture on footpaths, graffiti, burning off, animals in public spaces and nuisance pets.

Reporting obligations

Under Victorian legislation, councils must develop a council plan, strategic resource plan, annual budget and annual report.
The council plan specifies the council’s major goals. A strategic resource plan identifies the resources required to achieve the goals outlined in the council plan.
The annual budget delivers a single year’s financial resources to achieve council plan goals. Councils release draft budgets to consult with communities about the priority expenditure needs.
The annual report includes the council’s financial statements. Reports are independently audited by the Victorian auditor general.
Some important financial indicators used to measure financial performance include whether:

•  a surplus or deficit is delivered 
• there is enough cash to pay for immediate liabilities 
• debt redemption expenses and debt are excessive, relative to own-source revenue 
• a budgeted capital works program is delivered 
•  assets are adequately valued, which will directly affect depreciation.

A copy of the council’s Annual Report must be submitted to the Minister within three months of the end of each financial year. The report should be sent to (check this link): Municipal Association of Victoria

Medicare levy increase to 2%

Medicare levy has increased from 1.5% to 2% this year. And MyGov account is crap, I haven't had problems creating it but linking services was a real pain. It might be because of the year beginning or too many people logged in. Anyway, I have just lodged my Tax Return for this fin year.

Stop forcing Ukraine into a narrative of Moscow versus Washington

The Guardian, by Oliver Bullough, Tuesday 20 May 2014
Anyone who tells you Ukraine is a battle between Russia and the west is wrong. It is a lazy narrative told by ignorant people, but is helping create a genuine tragedy that we should all be concerned about.
The history of Ukraine's crisis began not in February, with Viktor Yanukovych's flight, but in 1991, with independence. Desperate to break communism, privatisers sold state assets as quickly as they could. They didn't care who got them; they just wanted private property to exist. They thought the new owners would insist on their rights, and thus build a stable society, governed by the rule of law.
It was the west that killed that dream. By moving their wealth offshore – to Austria, the Caribbean or the various UK-owned tax havens – Ukraine's property owners could enjoy western property rights, while benefiting from chaos at home. That turned the privatisers' calculations on their head.
Insiders snatched Ukraine's industries, with particularly powerful business clans in the cities of Donetsk and Dnepropetrovsk. They fought for control of the government in Kiev, but all had the same basic interest: to perpetuate chaos. The longer Ukraine was a mess, the richer they got.

Tax havens

The main feature of an offshore jurisdiction is a tax policy favorable to foreign investment. But it is far from the only one. There are several additional features that make a country to pass from being considered a simple low-tax country to a real tax haven.

1. Personal data of owners and shareholders of companies are not listed in public records, or the use of formal representatives (called nominees) is allowed.
2. There are strict rules on bank secrecy. Data about account holders are only available to the authorities if there is evidence of serious crimes such as terrorism or drug trafficking.
3. Signing treaties with other countries involving exchanges of banking or tax information is avoided. Although this situation is changing in recent years.
4. Stability and monetary policy are promoted. Who would invest in a place with continuous coups d'état, wars or rampant inflation?
5. They have an excellent range of legal, accounting and tax advice services.
6. They often have good tourist and transportation infrastructure.

Countries such as Switzerland, Cyprus and Latvia, for example, have been highlighted for their strict bank secrecy laws. Another example is Ireland, which offers significant tax benefits for artists (writers, singers…).http://www.taxhavensguide.com/offshore.php

Paid Parental Leave Scheme

I worked for a company which had to pay Parental Leave to one of its employee.

1. Each fortnight we got payment from Centerlink.  I had to download and print a letter from Centerlink to file in an employee folder for archiving purposes. 
2. The money were paid into the company account. In accounting software I created 3 new accounts:  Liability Account "Parental Leave Funds" (2 - other Liability), Income Account "Parental Leave Received" (8 - other Income) and Expense Account "Parental Leave Paid" (6 - Expense).
3. Each time the company got the money from Centerlink I credited the Liability Account. Entries: Bank - DR, Parental Leave Funds - CR. In MYOB Banking - Receive Money, Tax Inclusive.
4. Payroll category: I created a new Wages category: Parental Leave (it replaces Salary, thus place tick next to Salary). Also tick Override Wages Expense Account and Select the newly created Parental Leave Paid Account.
   Payroll category: Tick Exempt on Superannuation tab.
5. MYOB: Card of the employee - Payroll Details - Standard Pay - Parental Leave category to the amount that is to be paid each pay period. All the other fields - 0.
6. The money stays in the Liability account and needs to be cleared each time the payment is made. Entries: Parental Leave Funds - DR, Parental Leave Received - CR. In MYOB Accounts - Record Journal Entry. 
7. And the last but not the least, Once the employee returns to work, In MYOB open the employee card  and click Reset to Original Amounts (on top).

From 1 July 2011 a company should provide Paid Parental Leave to all eligible employees who have been with the company for 12 months or more prior to the expected date of the birth or adoption. For these long-term employees, the Family Assistance Office will advance funds direct to business. These funds are sent in three instalments or fortnightly over the 18 weeks. For employees who have been with the company less than 12 months, the Family Assistance Office will make the payments directly to them, unless the company chooses to do so. Employees can apply to the Family Assistance Office up to three months before the expected birth or adoption.

The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013

On 24 October 2013, the Government released a draft of the Minerals Resource Rent Tax (MRRT) Repeal and Other Measures Bill 2013. The Bill was introduced into parliament on 13 November 2013.

The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 removes the Minerals Resource Rent Tax with effect from 1 July 2014. The Bill includes the:

repeal of loss carry back;

reduction in the small business instant asset write off threshold;

repeal of accelerated depreciation for motor vehicles;

repeal of the geothermal exploration provisions;

re-phasing of the change in rate of the superannuation guarantee charge percentage;

repeal of the low income superannuation contribution;

repeal of the income support bonus; and

repeal of the schoolkids bonus.

Dividend washing

occurs when shareholders seek to claim two sets of franking credits on what is effectively the same parcel of shares. https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/Preventing-dividend-washing/
Dividend washing involves arrangements that enable a taxpayer who effectively holds a single parcel of shares to obtain double franking credits. This occurs when an investor, who has access to the Special Market operated by the Australian Securities Exchange, sells shares ex-dividend (seller retaining the dividend with franking credits) and then in 2 days buys cum-dividend shares (ie with dividend rights still attached) in the same company on the Special Market (buyer receiving the dividend with franking credits).
The price paid for shares in this market is usually very close to the price in the normal ex-dividend market, plus the value of the dividend to be paid on the shares. https://www.ato.gov.au/Media-centre/Media-releases/ATO-confirms-dividend-washing-not-allowable-under-tax-law/
The new law will apply from July 1, 2013, to investors who have franking credit tax offset entitlements in excess of $5000. Small shareholders will be excluded. However, experts said that the ATO was relying on a broader anti-avoidance provision to examine share trades which pre-date the new law.
The ATO has been given the go ahead to start chasing investors (including SMSF trustees) after the release of a draft tax determination (TD 2014/D1) which basically outlaws the practice.

Preventing dividend washing 24 March 2014 | Exposure Draft

This draft legislation would amend the tax law to deny an entity the benefits of any additional franking credits that an entity receives as a result of dividend washing.

AUSTRAC and The Anti-Money Laundering and Counter-Terrorism Financing Act 2006

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia's anti-money laundering regulator and specialist financial intelligence unit.
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) received Royal Assent on 12 December 2006, the AML/CTF Act became fully operational from 12 December 2008.

Where Yanukovych and his rich hunting buddies hung out

28 friendsof the ousted president
By Oleksandr Akimenko, Anna Babinets (Slidstvo.info), Natalie Sedletska (RFE/RL)

“We’ve survived, though we are outlaws.” This line from a Russian gangster song became the unofficial anthem of the presidential hunting club whose members included an elite collection of presidents, billionaires and others during the rule of overthrown President Viktor Yanukovych.

CA Preparation: Adjusting Entries

Quiz

Shadow economy

Goods and services are traded for cash, and therefore are not declared for tax.

Shell companies

Exist on paper only, with no real employees or offices AND serve as a vehicle for business transactions without itself having any significant assets or operations.

Ukraine asset recovery meeting must examine banks' role in state looting

Global Witness, 28th April 2014
Efforts to recover stolen assets from the Ukraine need to paired with proactive steps to stop banks enabling state looting, said Global Witness as the international community gathers in London for  the Ukraine Forum on Asset Recovery (UFAR).

Led by the UK, US and Ukraine, representatives from national governments and international financial centres will meet in London for two days to discuss tracing and seizing the proceeds of corruption in the Ukraine following the deposition of former president Viktor Yanukovych. While this initiative is welcome, Global Witness is calling on the international community to do much more to tackle corruption at the source by ensuring that banks refuse money thought to have been acquired through corruption.

“The recovery of stolen assets is difficult, time consuming and expensive. It would be much better if we could stop the money going missing in the first place,” said Robert Palmer, leader of the Money Laundering Campaign at Global Witness.“If the money is so obviously corrupt, banks in London, New York and other big financial centres shouldn’t be handling it and governments shouldn’t be letting them do so. "

A 2011 report from the UK financial regulator found that three quarters of banks in the UK were not doing enough to turn away potentially corrupt funds. Global Witness is calling on governments to take a much tougher line on banks that handle stolen loot, including holding  senior executives to account for these failings.

How Yanukovych Pillaged Ukraine

The Interpreter, the article by Andrew Bowen, March 3, 2014
In Ukraine, the images of Berkut riot police fighting protestors on Kiev’s Maidan have been replaced by ones of the officers on their knees asking for forgiveness. And while Ukraine seeks to compose itself, questions have emerged in the wake of the fall of the government. The unifying objective of ousting Yanukovych has been replaced by confusion surrounding the current situation, whether the East of the country (primarily Crimea) will acquiesce to the new state of affairs (or become the latest suzerainty of Russia), and where Ukraine will find the aid to repair its hemorrhaging economy (currently at an estimated $35 billion over the next two years).

It sounds like the easy life but banking offshore has its pitfalls

Herald Sun, article by Scott Pape, March 12, 2013

Some media reports suggest that as many as 100,000 Australians have offshore bank accounts.  In Australia it's not illegal to have an offshore account, but you do have to declare any income from related overseas accounts.