Single Touch Payroll reporting for small businesses: get ready! – Legislation has recently passed to bring in STP reporting for all small employers from 1 July 2019.
Super guarantee compliance: time to take action – The government’s latest initiatives targeting non-compliance with SG obligations give businesses plenty to think about.
Proposed increase for small business instant asset write-off – Prime Minister Scott Morrison recently announced the intention to increase the instant asset write-off for small businesses from $20,000 to $25,000.
ATO warns about new scams in 2019 – While the ATO regularly contacts people by phone, email and SMS, there are some tell-tale signs that you’re being contacted by someone who isn’t with the ATO.
ATO refers overdue lodgments to external collection agencies – External collection agencies will focus on income tax and activity statement lodgments.
Government consultation on sharing economy reporting – The ATO and other government agencies currently have limited information about the income of “gig workers” in the sharing economy.
Extra 44,000 taxpayers face Div 293 superannuation tax – Individuals with income and super contributions above $250,000 are subject to an additional 15% tax on their concessional contributions.
Company losses “similar business test” Bill passes – A more relaxed “similar business test” will be available to work out whether a former company’s tax losses and net capital losses can be used as a tax deduction for a new business.
Tax clinic trial to reduce tax regulatory burden – The Federal Government has allocated $1 million to set up 10 tax clinics at Australian universities under a trial program.
New “work test” exemption for recent retirees – From 1 July, a new 12-month exemption from the work test for new retirees aged 65–74 with total super below $300,000 will give many older Australians extra time to boost their super.
ATO issuing excess super contributions determinations – The ATO has begun issuing determinations for individuals’ excess concessional contributions to super for the 2017–2018 financial year.
Reviewing the tax treatment of granny flats – Homeowners may have to pay CGT where there is a formal agreement for a family member to reside in their home; the Board of Taxation will review this treatment.
Resolving tax disputes: government to help small businesses – The Federal Government intends to make it easier, cheaper and quicker for small businesses to resolve tax disputes with the ATO .
Small business tax offset: avoiding errors when claiming – The ATO has issued tips for avoiding common errors when reporting net small business income and claiming the small business income tax offset for unincorporated small businesses.
Home office running expenses and electronic deviceexpenses – The ATO has released updated guidance on tax-deductible home office and electronic device expenses.
Genuine redundancy payments – The Federal Government intends to align genuine redundancy and early retirement scheme payments with the Age Pension qualifying age.
GST on property developments involving government – The ATO is reviewing GST payments for arrangements where property developers acquire land from government entities.
Work-related deductions down for 2018– The ATO has reported a decline in the overall value of work-related deductions for tax time 2018.
ATO identifies 26,000 incorrect rental property travel expense claims– The ATO has identified 26,000 taxpayers who have claimed deductions during tax time 2018 for travel to their investment residential rental properties.
Small business corporate tax rates Bill is now law– Eligible corporate taxpayers will pay 25% in 2021–2022, rather than from 2026–2027.
GST reporting: common errors and how to correct them – Some businesses are making simple mistakes reporting their GST.
Government announces super refinements– The Government will amend the super tax laws to address some minor but important issues, as part of the ongoing super reforms.
CGT on grant of easement or licence – Taxation Determination TD 2018/15 considers the CGT consequences of granting an easement, profit à prendre or licence over an asset.
First Home Super Saver scheme and downsizer super contributions: ATO guidance – The ATO has issued guidance to provide information about how the First Home Super Saver and downsizer contribution schemes work.
ATO scam alert: fake demands for tax payments – The ATO has warned taxpayers and their agents to be on high alert for tax scams.
Super transfer balance cap – ATO Assistant Commissioner Superannuation Tara McLachlan has given a speech on “Administration issues under the transfer balance cap”.
Australian Small Business White Paper – The Institute of Public Accountants (IPA) and the IPA Deakin SME Research Centre have recommended a range of tax reforms.
Tax time 2018 – The ATO expects that 200,000 people could miss out on a tax refund this year because they haven’t lodged a tax return.
Combating the black economy – Electronic sales suppression tools that misrepresent or hide business income are now banned.
Bringing forward business tax cuts and small business offset – The Government and Labor have agreed to bring forward planned small business tax cuts; reductions in the corporate tax rate and small business offset have also been accelerated.
Residential rental property travel expenses – Non-business travel costs connected to residential rental properties are not deductible; the ATO has released new guidance.
Taxing compensation received for inappropriate advice – The ATO has published information about how tax applies for people who receive compensation from financial institutions.
Excess super contribution determinations – The ATO has started issuing excess concessional contributions determinations for 2017–2018.
Claiming work-related expenses – ATO education campaign to help correctly claim work-related expenses using its guides and toolkits.
ATO data analytics and prefilling – a closer look at the methods that help to process tax returns and correct mistakes.
Standard deductions and “push returns” – The Parliamentary Standing Committee on Tax and Revenue’s report on taxpayer engagement with the tax system recommends transitioning towards a standard tax deduction and a “push return” tax system.
Illegal phoenix activity – public examinations of more than 45 entities have commenced in the Federal Court.
Banking Royal Commission sets out possible super contraventions – closing submissions on super entities set out the relevant evidence in relation to the 17 entities examined.
Instant asset write-off extension – a Bill has been passed to extend the small business $20,000 instant asset write-off threshold for another 12 months.
SMSF Association Technical Day speech – ATO Assistant Commissioners’ update on SMSF issues and practical considerations.
Cryptocurrency tax treatment – the ATO has updated its tax guidelines for cryptocurrency transactions.
The ATO as SMSF regulator – observations from the ATO Deputy Commissioner, Superannuation, at the National SMSF Conference in Melbourne.
Super sector must address trust deficit – ASIC Chair James Shipton says the superannuation sector must be more mindful of the responsibilities that come with being the custodians of other people’s money.
Call to boost instant asset write-off to $100,000 – Australian Small Business and Family Enterprise Ombudsman Kate Carnell has called for the instant asset write-off for small businesses to be embedded in legislation and extended.
Tax return required for excess super non-concessional contributions – The ATO reminds that taxpayers need to lodge a tax return for any financial year they exceed the non-concessional contributions cap, and may have to pay extra tax.
APRA’s response to Productivity Commission draft report – APRA has agreed with a number of the Productivity Commission’s findings and recommendations on superannuation efficiency and competitiveness.
Protecting Super Bill: Senate Committee report – The Senate Economics Legislation Committee has recommended that the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 be passed.
First Home Super Saver scheme: ATO guidance – The ATO has issued new guidance on the First Home Super Saver (FHSS) scheme, which is now operational.
ATO targeting car sharing platforms – Some people undertaking car sharing activities using third-party platforms might not understand the taxation implications involved.
Delay in extending reportable payments to courier and cleaning services – The ATO is implementing some practical work-arounds for tax measures because of the legislative logjam in Federal Parliament.
GST: supplies of real property connected with Australia – A new ruling sets out the ATO’s view on when supplies of real property are connected with the indirect tax zone (Australia).
Government launches new service to simplify business registrations – The new stand-alone service provides a simpler and clearer way to register a business.
Illegal early access to super: ATO warning about scammers – Taxpayers are urged to be aware of scammers who promise to organise access to retirement savings for a fee.
ATO gives small businesses the chance to seek independent review of ATO audit position – The ATO is running a 12-month pilot to extend its independent review service to certain small business taxpayers.
Transacting with cryptocurrency: updated ATO info – The ATO has updated the information on its website dealing with capital gains tax and cryptocurrency.
Tax gap for individuals is $8.8 billion, says ATO – The ATO has estimated the size of the “tax gap” between the tax the ATO collects and the amount it would collect if all taxpayers fully complied with the law.
ATO warns about scammers at tax time – Taxpayers should be on “high alert” for tax-related scams at tax time.
Income tax residency rules for individuals: Board of Taxation recommends reform measures– The Board of Taxation’s recently published report makes recommendations to modernise and simplify the rules.
Retirement income covenant needs more flexibility: KPMG – KPMG has released a submission in response to the Treasury position paper on the proposed retirement income covenant announced as part of the 2018–2019 Budget.
Illegal phoenix activity costs billions; new Phoenix Hotline – The ATO estimates the annual direct impact of illegal phoenix activity and establishes a hotline for reporting phoenix behaviour.
Super funds deliver healthy returns for 2017–2018 – Funds in the “growth” category continue to provide strong positive returns.
GST exemption for offshore sellers of hotel bookings to be removed: draft legislation released – The proposed new rules will ensure offshore sellers of hotel accommodation in Australia calculate their GST turnover in the same way as local sellers.
Business lending practices in spotlight at Royal Commission – The Financial Services Royal Commission’s third round of hearings focused on the conduct of financial services entities when providing credit to small and medium enterprises.
Personal tax cuts now law – The legislation to enact the Government’s seven-year personal income tax reform plan passed Parliament on 21 June 2018.
GST property settlement online forms – From 1 July 2018, purchasers of newly constructed residential properties or new subdivisions are required to remit GST directly to the ATO as part of settlement.
Major ATO focus on work-related clothing and laundry this tax time –In 2017 around six million people made claims for work-related clothing and laundry expenses, totalling nearly $1.8 billion. The ATO believes many taxpayers are making mistakes or deliberately over-claiming.
Advisory Board to help clamp down on the black economy – The new Government-established Board will include members of the private and public sectors who will provide strategic advice on trends and risks in the black economy.
Superannuation system: Productivity Commission draft report – The draft report recommends a range of changes to improve Australia’s superannuation system.
SMSF compliance: don’t slip up – The 2016-2017 financial year includes a few twists and turns which trustees should factor in to avoid late lodgment.
Deferring derivation of income – tips to defer the recognition of income.
Bringing forward tax-deductible expenses – tips to bring deduction claims forward into 2018.
Issues for businesses – a look at company tax rates, imputation, small business deductions and concessions.
Issues for individuals – the end of the Budget repair levy, tips for claiming work-related expenses, and a reminder about recent superannuation changes.
Issues for property owners – changes for owners of residential rental properties, CGT and GST withholding on property sales, and a proposal to abolish the main residence CGT exemption for non-residents.
Tax compliance and developments – Single Touch Payroll, GST on low value imported goods and contractor payments in building and construction.