Practice Update April 2020
Practice Update April 2020 covers following points: Coronavirus: Government announces new tax measures ATO’s support measures to assist those affected by COVID-19 New Laws can make directors personally liable for GST New super guarantee amnesty ATO on property investments New vacant land tax measures Click here for Practice Update April 2020
Read MorePractice Update March 2020
Practice Update March 2020 covers following points: Court confirms ATO’s position on foreign income tax offsets Employer’s requirements and the deductibility of WREs SMS scam targeting natural disaster victims Further STP developments STP and employer clients Valuing car parking fringe benefits Click here for Practice Update March 2020
Read MorePractice Update Jan-Feb – 2020
Practice Update Jan-Feb 2020 covers following points: Lifestyle assets continue to be an ATO audit target Disclosure of business tax debts – Declaration made MYEFO – 2019/20 The ATO’s bush-fire crisis response Click here for Practice Update Jan-Feb 2020
Read MorePractice Update December – 2019
Practice Update December 2019 covers following points: PAYG and deductions for payments to workers STP and superannuation guarantee No CGT main residence exemption for non-residents ATO November 2019 bushfire assistance Security notifications for SMSFs! Click here for Practice Update December 2019
Read MorePractice Update November – 2019
Practice Update November 2019 covers following points: Super Guarantee Opt-Out for High Income Earners Now Law ATO Recommends Updating ABN Details for Natural Disaster Reasons Reporting Asset Disposals for CGT Government Passes Other Superannuation Legislations Super Lookup ‘Status’ will Change if SMSF Annual Returns are Late Taxpayer Liable for excess Transfer balance tax Despite Commutations…
Read MorePractice Update October – 2019
Practice Update October 2019 covers following points: $30,000 Instant Asset Write-Off Federal Court Provides Clarification On the PSI Rules Deductions for a Company or Trust Home-based Business ATO Impersonation Scam Update Using the Cents Per Kilometre Method Measuring the Integrity of the ABR Click here for Practice Update October 2019
Read MorePractice Update September – 2019
Practice Update September 2019 covers following points: “Outrageous” Deductions Rejected ATO Guidance Regarding Incorrect ENCC Determinations ATO Watching for Foreign Income this Tax Time The ATO hits the Road Motor Vehicle Registries Data Matching Program Protocol Click here for Practice Update Sep 2019
Read MorePractice Update August – 2019
Practice Update August 2019 covers following points: Tax Cuts Become Law ATO “puts the brakes” on Dodgy Car Claims Private Health Insurance Statements Now Optional FBT and Taxi Travel ATO Rates and Thresholds ATO Data Matching Program: HELP, VSL and/or TSL debts Click here for Practice Update Aug 2019
Read MorePractice Update July – 2019
Practice Update July 2019 covers following points: ‘Cash in hand’ payments to workers no longer tax deductible Uber drivers not employees Making a Division 293 election ATO targeting false laundry claims Lifestyle assets data matching program Tax time tips for small business Fixing incorrectly issued excees NCCs determinations Car parking threshold for 2020 FBT year…
Read More2018/19 Individual Tax Return Checklist
Tax saving strategies prior to 1 July 2019. A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year. Your Checklist: Claims for deductions Receipts for deductions Car claims and log books Please review the information…
Read MorePractice Update June – 2019
Practice Update June 2019 covers following points: Single Touch Payroll Update Employees and Payment Summaries Cryptocurrency Data Matching Program Tax Office to Double Audits of ‘Dodgy’ Rental Deductions Paying Super to Backpackers New Rules for Immediate Write-offs Click here for Practice Update June 2019
Read MoreSingle Touch Payroll Update
Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and the ATO will also…
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