KBH Articles & News

MARCH 2019 REPORT

  • 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.

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KBH PartnersMARCH 2019 REPORT