KBH Articles & News

APRIL 2019 REPORT

  • Things to get right this FBT season – FBT returns will soon be due and as always, it’s vital to make sure you use the latest rates and rely on the correct information.
  • Tax concierge service available to small businesses – Small business owners who seek a review of an ATO decision but don’t have legal representation can now access experienced tax lawyers and support at significantly reduced cost.
  • ATO small business benchmarks updated – The ATO has released its latest small business benchmarks for over 100 different industries, drawn from more than 1.5 million Australian small businesses.
  • Early recovery of small business tax debts: ATO to be scrutinised – The Australian Small Business and Family Enterprise Ombudsman will look into the ATO’s practices in pursuing early recovery of tax debts from small businesses.
  • Compensation for defective ATO administration: review announced – A former Secretary of the Attorney-General’s Department will lead a review of the Scheme for the Compensation for Detriment Caused by Defective Administration.
  • Single Touch Payroll: low-cost solutions now available – A range of no-cost and low-cost solutions are now coming into the market for small employers’ STP reporting.
  • Super guarantee amnesty not yet law: ATO will apply existing law – Until law giving effect to the proposed superannuation guarantee amnesty is enacted, the ATO will apply the existing law to super guarantee charge statements.
  • ATO finds 90% error rate in sample of rental property claims – The ATO’s next area of focus will be rental income and related tax deductions.
  • Property used for storage an active asset for small business CGT concession purposes – The Administrative Appeals Tribunal has decided that a property used to store materials, tools and other equipment was an active asset for the purpose of the small business CGT concessions.

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