DRIVE A2B November 2017

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TAXATION UPDATE TRANSITION PAYMENTS NOT TAXABLE The Australian Taxation Office (ATO) has made determinations on the taxability of payments from both the Victorian Fairness Fund and the Victorian Transition Assistance. FAIRNESS FUND Yes - Income Tax applies. The Fairness Fund provides targeted financial support for licence holders facing significant financial hardship. The payments are assessable income because they are designed to provide financial support to licence holders that are experiencing: • a lack of current income or the loss of a future income stream that is significantly impacting on household spending capacity, • significant difficulty in meeting ongoing debt obligations related to the licence(s) held, or • a lack of available funds to meet financial commitments. You can claim a tax deduction for costs incurred for seeking legal or professional tax advice in relation to the taxation of the payment. TRANSITION ASSISTANCE No - Income Tax does not apply. The Transition Assistance payment is intended to assist eligible licence holders transition to the new legislative framework following the cancellation of their existing taxi-cab and hire car licences. The payments are not ordinary income because the payments are made as consideration for the cancellation of taxi-cab or hire car licences which brings those assets to an end. The payment should be included in the calculation of the capital gain or capital loss that is made by the licence holder on the cancellation of the taxi-cab or hire car licence(s). Full details can be found in the ATO Fact Sheets uploaded onto DRIVEA2B Facebook. VEHICLE CHEAP RATES finance EASY CAR LOANS BEST SERVICE FAST APPROVALS We are accredited with over 30 banks and other lenders GAP COVER up to $30,000 available CHEAP FINANCE RATES FOR taxis limos vans buses vha vehicles all cars 9561 8876 95 Garden Road, Clayton (near Ikea) www.yarrafinance.com yarrafinance experts in commercial finance proudly serving the taxi industry 14 DRIVE A2B magazine · November 2017
from $ 700 WEEKLY SET PRICE CARS 24 hours | 7 days per week from $ 375 DAY or NIGHT SHIFT 12 hours/day | 7 days per week All cars are fully maintained and fully insured. TAXiLINK drivers enjoy additional work only provided to the TAXiLINK fleet. Make more money driving with us. P 9543 8700 | M 0400 111 411 1313-1315 North Road, Huntingdale www.taxilink.com.au
Page 1 and 2: DRIVE Voice of the Victorian Point-
Page 3 and 4: CONTENTS WHAT’S INSIDE 6 Hardship
Page 5 and 6: TIPS FOR TAXIdrivers I’m not sure
Page 7 and 8: “I have never been opposed to cha
Page 9 and 10: FAIRNESS FUND The Fairness Fund is
Page 11 and 12: ATTENTION HIRE CAR OPERATORS All ac
Page 13: inadequate. Just $100,000 is paid f
Page 17 and 18: “It’s an agreed fact the vehicl
Page 19 and 20: PROUDLY SUPPORTING THE VICTORIAN HI
Page 21 and 22: ACCIDENT COVER FOR THE VICTORIAN CO
Page 23 and 24: IFIED vehicles Over 40% of global c
Page 25 and 26: ARE YOU PUTTING A TAXI ON THE ROAD?
Page 27 and 28: RUMOUR MILL What we hear Are these
Page 29 and 30: Life boat ethics will sink our indu
Page 31 and 32: Driver Adverts want a driver? want
Page 33 and 34: TRANSPORT IMPACTS all aspects of ou
Page 35 and 36: 7 Wash 8 Shoes 9 Avoid your clothes
Page 37 and 38: advertise HERE Only $215 for your b
Page 39 and 40: WINNIPEG, CANADA Committee hearings
Page 41 and 42: AAMI VICTORIA DERBY DAY Saturday, 4
Page 43 and 44: Conundrum corner Sudoku Rules - Fil

DRIVE A2B November 2017

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