News

Single Touch Payroll reporting: ATO urges employers to get ready

April 10th, 2018

The ATO is urging employers with 20 or more employees to start preparing now for the Single Touch Payroll (STP) reporting regime, which will be mandatory from 1 July 2018. This reporting change for employers means they will report payments such as salaries, wages, allowances, PAYG withholding and superannuation contributions information to the ATO directly [...]

Super guarantee: ATO compliance approach to non-payment

April 10th, 2018

The ATO has released a fact sheet explaining its compliance approach to employers who fail to meet their superannuation guarantee (SG) obligations. Broadly, employers are required to make SG contributions of 9.5% of an employee’s ordinary time earnings (provided they have paid the employee at least $450 in a calendar month). Payments are due quarterly. [...]

Goods and services tax on low-value imported goods

April 10th, 2018

From 1 July 2018, goods and services tax (GST) will apply to some offshore supplies of goods valued at $1,000 or less that are purchased by consumers and brought into Australia. The new rules are designed to create a more “level playing field” for local retailers. The ATO has released a ruling covering GST registration [...]

Capital gains tax withholding: updated information for trustees

April 10th, 2018

The foreign resident capital gains tax (CGT) withholding regime requires purchasers of Australian property to withhold an amount from the purchase price (for remission to the ATO) if the vendor is a foreign resident. This regime is designed to assist the ATO in collecting CGT payable by foreign residents. If the vendor is an Australian [...]

ATO releases latest small business benchmarks

April 10th, 2018

The ATO has released its latest small business benchmarks, providing over 100 different industries with average cost of sales and average total expenses. These benchmarks can not only assist businesses with tax compliance (eg by prompting them to double-check their records if their expenses are outside the benchmark range for their industry), but also provide [...]

“Transition to retirement” pensions to become simpler

April 10th, 2018

In welcome news for superannuation members, the government has announced plans to simplify the payment of transition to retirement income streams (TRISs) so that they will always be permitted to automatically revert to a dependant upon the death of the original pensioner. This is designed to address a trap in the current legislation that is [...]

Court finds pay-as-you-go amounts “withheld” from salary payments

April 10th, 2018

The Federal Court has ruled that pay-as-you-go (PAYG) amounts were “withheld” from a taxpayer’s salary payments so that she was entitled to a tax credit, despite the amounts never being remitted or notified to the ATO by her employers. This case illustrates the importance of records and documentation in tax matters. The Court examined evidence [...]

ATO embarking on e-Audits

April 10th, 2018

The ATO has recently published information about the “e-Audit” technology it uses as part of its tax compliance activities. These audits involve the ATO performing computer tests on a taxpayer’s own electronic records to verify that the data is accurate and complete and that the taxpayer has complied with relevant tax laws. If a taxpayer [...]

Windfarm grant was an assessable recoupment

February 27th, 2018

The Full Federal Court has dismissed a taxpayer’s appeal and held that a Commonwealth grant of almost $2.5 million for the establishment of a windfarm was an assessable recoupment (Denmark Community Windfarm Ltd v FCT [2018] FCAFC 11). In May 2011, the taxpayer was given a renewable energy grant for 50% of the project costs [...]

ATO now issuing excess transfer balance determinations

February 27th, 2018

The ATO has advised that is now sending out excess transfer balance (ETB) determinations to individuals who have exceeded their superannuation transfer balance cap and not taken steps to remove the excess amount. TIP: The transfer balance cap, currently set at $1.6 million, is a limit on the total amount of super that can be [...]


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