News

Extra 44,000 taxpayers face Div 293 superannuation tax

March 7th, 2019

An extra 44,000 taxpayers have been hit with the additional 15% Division 293 tax for the first time on their superannuation contributions for 2017–2018. This is because the Div 293 income threshold was reduced to $250,000 for 2017–2018 (it was previously $300,000). Individual taxpayers with income and super contributions above $250,000 are subject to an [...]

Government consultation on sharing economy reporting

March 7th, 2019

The government has released a consultation paper seeking views on a possible reporting regime to provide information on Australians who receive income from sharing economy websites like Uber, Airtasker, Menulog and Deliveroo. The ATO and other government agencies currently have limited information about the income of “gig workers” in the sharing economy, and the government’s [...]

ATO refers overdue lodgements to external collection agencies

March 7th, 2019

The ATO has recently started referring taxpayers with overdue lodgement obligations to an external collection agency to obtain lodgements on the ATO’s behalf. External collection agencies will focus on income tax and activity statement lodgements, and referral to an external collection agency doesn’t affect a taxpayer’s credit rating. If your case is referred to a [...]

ATO warns about new scams in 2019

March 7th, 2019

The ATO is warning taxpayers to be alert for scammers impersonating the ATO, using a range of new ways to get taxpayers’ money and personal information. 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. The ATO [...]

Proposed increase for small business instant asset write-off

March 7th, 2019

Prime Minister Scott Morrison recently announced the government’s intention to increase the instant asset write-off already available for small businesses from $20,000 to $25,000. Mr Morrison also said that the instant write-off would be extended by another 12 months to 30 June 2020. These measures are expected to benefit more than three million eligible small [...]

Super guarantee compliance: time to take action

March 7th, 2019

The government’s latest initiatives targeting non-compliance with superannuation guarantee (SG) obligations give businesses plenty to think about. With Single Touch Payroll on the way for small businesses, all employers should take time to review their arrangements for paying employees’ super. The government is proposing a 12-month “amnesty” for employers to voluntarily disclose and correct any [...]

Single Touch Payroll reporting for small businesses: get ready!

March 7th, 2019

Legislation has recently passed to bring in Single Touch Payroll (STP) reporting for all small employers (with fewer than 20 employees) from 1 July 2019. STP is a payday reporting arrangement where employers need to send tax and superannuation information to the ATO from their payroll or accounting software each time they pay their employees. [...]

GST on property developments involving government

February 1st, 2019

The ATO says it is reviewing arrangements involving property developers acquiring land from government entities, specifically where the developer provides development works to the government entity as payment for the land. The ATO is concerned that some developers and government entities are not reporting the value of their supplies under these arrangements in a consistent [...]

Genuine redundancy payments: alignment with Age Pension age

February 1st, 2019

The Federal Government has announced that it will amend the law to extend the concessional tax treatment for genuine redundancy payments and early retirement scheme payments to align with the Age Pension qualifying age. Currently, an individual must be aged below 65 at the time their employment is terminated to qualify for a tax-free component [...]

Home office running expenses and electronic device expenses

February 1st, 2019

The ATO has released an updated version of Practice Statement PS LA 2001/6, its guidance on calculating and substantiating home office running expenses and electronic device expenses that are claimed as tax deductions. The basic principles have been amended to emphasise that you must actually incur the expenses you claim, and that there must be [...]


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