KBH Articles & News

SEPTEMBER 2019 REPORT

We are pleased to supply you with the September 2019 edition of Client Alert, which contains information on a number of important taxation developments up to and including 23 August 2019:

  • Warning to watch out for myGov tax scams – The government’s Stay Smart Online website warns there has been a surge in scammers impersonating myGov and the ATO to trick people into giving them money or personal details.
  • ATO has refunded $10 billion so far – The ATO says that $10 billion has been refunded to Australian taxpayers so far this tax time, an increase of over $2 billion from this time last year.
  • ATO watching for undisclosed foreign income this tax time – The ATO reminds taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time.
  • Unusual claims disallowed – Almost 700,000 taxpayers have claimed $2 billion of “other” expenses including non-deductible items such as dental costs, child care and Lego sets.
  • ATO contacting small employers about Single Touch Payroll – The ATO is writing to small employers who have yet to start reporting or apply for a deferral, to remind them of their STP obligations.
  • Disclosing business tax debt information: ATO consultation – The law is being changed to let the ATO report business tax debt information to credit reporting bureaus where businesses avoid their tax debts.
  • Cross-border recovery of taxation debts – An updated practice statement outlines options available for the ATO to recover a tax debt where the debtor is outside Australia.
  • ATO superannuation focus areas – The ATO has released its presentation to the 2019 Association of Superannuation Funds of Australia National Policy Roadshow outlining emerging focus areas for 2019–2020.
  • Compassionate release of super only available in limited cases – The ATO has recently seen a significant increase in queries about compassionate release of super.
  • Personal services income rules: unrelated clients test The Federal Court has set aside an AAT decision that income a business analyst derived through a company was subject to the PSI rules.

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KBH PartnersSEPTEMBER 2019 REPORT