Record keeping system
GST and insurance transactions

Go to fullsize imageHOW DO YOU ACCOUNT FOR INSURANCE?
GST credits for insurance premiums
Generally, GST is charged on insurance policies other than:
? life insurance (these are input taxed)
? health insurance policies (these are GST-free).
Where GST is included in the insurance premium, include the
price of the premium less the amount of stamp duty at G11
(non-capital purchases).

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AUASB Invites Comments on the IAASB Exposure Draft on Proposed ISAE 3420

Go to fullsize imageTo aid in preparing a submission to the International Auditing and Assurance Standards Board (IAASB), the Auditing and Assurance Standards Board (AUASB) has invited the practitioners and stakeholders to give comments on the IAASB Exposure Draft on the proposed ISAE (International Standard on Assurance Engagements) 3420 ‘Assurance Reports on the Process to Compile Pro Forma Financial Information Included in a Prospectus’.

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CLAIMING DEDUCTIONS

MAKING A CLAIM
Under income tax law, if you carry on a business, you can
generally claim a deduction for expenses you incur in carrying
on the business; however, there are some basic rules:
? you must have actually paid or committed to spending
the money
? the expense must be related to your business – you must
be able to show why you needed to spend the money to
carry on your business.
Common claims

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Adapt risk management to fit environment

Go to fullsize imageBusinesses should "attune their antennas" to risk situations that may need close monitoring so GFC mistakes are not repeated, says Australia's Auditor-General.

Ian McPhee told a Risk Management Institution of Australasia (RMIA) ACT chapter conference that businesses needed to implement sound risk management to avoid failing to monitor the changing environment. Firms that avoided significant fallout from the GFC had more adaptive, rather than static, risk management processes and systems that could rapidly change to reflect changing circumstances.

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CONTRACTORS AND CONSULTANTS

If you are a contractor or consultant and you earn personal
services income, special tax rules may affect what amounts you
include in your assessable income and what deductions you
can claim. Personal services income rules can apply to sole
traders, partnerships, companies or trusts.

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WORKING OUT YOUR INCOME TAX

SELF-ASSESSMENT
Australia’s income tax system works on the self-assessment
principle. This means we initially accept that the information
you provide is accurate and work out the tax you are liable to
pay on this basis. However, we may ask you to show records
to support your information, so it is important to keep the
necessary records to verify your claims

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