Good News for hard working individuals Depending on income, the legislation passed on Thursday 4th July 2019 will give individuals a tax cut between $255 and $1,080 (up to the tax amount you already paid). Please note that you are NOT required to do anything to be eligible for the tax cut. The tax returns […]
Defer Income » Where practical for Small Business Entities and depending on whether it returns on a cash or accruals basis, you may wish to consider deferring the issue of invoices and/or the receipt of cash until after 30 June 2019. Please note that the ATO will generally require you to pay tax on income […]
Bring forward Deductions » Work-related expenses; » Professional memberships; » Donations to deductible gift recipients; » Income protection insurance. Rental Property » Ensure all payments are made before year-end and that you retain records of all income and expenses relating to the property during the 2019 income year. » If you have the available […]
Individuals: Scammers steal over $800,000 during November ATO steps in to protect honest workers and suppliers Registering foreign investments on the ATO Land and water register Businesses: CRT Alert 089/2018 – New way for employees to complete onboarding forms Removing tax deductibility of non-compliant payments Changes to receiving ABN advice GST: GST and financial institutions […]
Deferral of income Subject to cash flow considerations and anti-avoidance rules, consider deferring income to the following year, particularly if: income in the following year is likely to be lower, and tax rates for the following year are expected to be lower. Capital gains Where appropriate, consider realising capital losses by year’s end so that […]
Extension of instant asset write-off It was announced, and expected to become law, that the instant asset write-off for small business will be extended 12 months to 30 June 2019. Entities with an aggregated annual turnover less than $10m will be able to immediately write-off an asset costing less than $20,000. The change in the […]
Individuals: CRT Alert 049/2018 – Housing affordability measures update The draft Law Companion Rulings and Frequently Asked Questions for the First Home Super Saver (FHSS) Scheme and Downsizing contributions into superannuation measure have been published. The ATO Online Portal, an alternative solution for large super funds to report downsizing contributions, won’t be available by 1 […]
Individuals Employers not paying super? Talk to us If a super fund has reason to believe an employer is not meeting their superannuation guarantee (SG) obligations they can report this to the ATO after first contacting the employer. Businesses Simplified fuel tax credits Even though rates changed during the March quarterly BAS period, if you […]
Individuals ATO is contacting individuals about ATO-held unclaimed super Tax Professionals AIST 2018 conference recap The ATO hosted a booth at the Australian Institute of Superannuation Trustees (AIST) Conference of Major Superannuation Funds (CMSF) at the Brisbane Convention and Exhibition Centre in March 2018. Ian Colhoun presented on Single Touch Payroll (STP) and James O’Halloran […]
Individuals: Annual vacancy fee for foreign investors An annual vacancy fee now applies for foreign owners of residential dwellings where the dwelling is not occupied or genuinely available on the rental market for at least six months per year. Businesses: Improving the integrity of GST on property transactions On 9 May 2017 the […]