Government launches new service to simplify business registrations

August 2nd, 2018

The government has officially launched a new stand-alone Business Registration Service, providing a simpler and clearer way to register a business. The service is available at The service can be used for things such as applying for an Australian Business Number (ABN) or goods and services tax (GST) registration. It is for people starting [...]

SMSF compliance: don’t slip up

July 5th, 2018

With the self managed superannuation fund (SMSF) annual return lodgment deadline upon us, minds should have already turned to meeting compliance requirements. The 2016–2017 financial year includes a few twists and turns which trustees should factor in to avoid late lodgment. The major super changes from 1 July 2017 mean that SMSFs members with a [...]

Superannuation system: Productivity Commission draft report

July 5th, 2018

The Productivity Commission has released a draft report that recommends a range of changes to improve Australia’s superannuation system. With default funds being tied to the employer and nsot the employee, many people end up with another super account every time they change jobs. Currently, a third of accounts (about 10 million) are unintended multiples, [...]

Advisory Board to help clamp down on the black economy

July 5th, 2018

The Government is establishing a new Advisory Board to support its reform agenda to disrupt the black economy. The term “black economy” refers to people and businesses who operate outside the tax and regulatory systems, or who are known to the authorities but do not correctly report their tax obligations. The Advisory Board will include [...]

Major ATO focus on work-related clothing and laundry this tax time

July 5th, 2018

This tax time, the ATO will be closely examining claims for work-related clothing and laundry expenses. Clothing claims are up nearly 20% over the last five years and the ATO believes many taxpayers are making mistakes or deliberately over-claiming. Around a quarter of all clothing and laundry claims in recent years were exactly $150 – [...]

GST property settlement online forms available

July 5th, 2018

From 1 July 2018, purchasers of newly constructed residential properties or new subdivisions must pay the related GST directly to the ATO as part of the settlement. The ATO says property transactions of new residential premises or potential residential land that involve GST to be paid directly to the ATO on or before settlement will [...]

Personal tax cuts now law

July 5th, 2018

The legislation to enact the Government’s seven-year personal income tax reform plan, as announced in the 2018 Federal Budget, passed Parliament on 21 June 2018. Under the plan, a new non-refundable Low and Middle Income Tax Offset (LMITO) will be available from 2018–2019 to 2021–2022, providing tax relief of up to $530 to low-income individuals [...]

Business lending practices in spotlight at Royal Commission

July 5th, 2018

Bank lending practices for small and medium enterprises (SMEs) were in the spotlight when the Financial Services Royal Commission (FSRC) held its third round of public hearings in late May. These hearings focused on the conduct of financial services entities providing credit to SMEs. SMEs are an important sector of the economy – over two [...]

Tax compliance and developments

July 5th, 2018

Single Touch Payroll From 1 July 2018, employers with 20 or more employees will have to run their payroll and pay their employees through accounting and payroll software that is Single Touch Payroll (STP) ready. This is a major reporting change, as employers will report payments such as salaries and wages and allowances, PAYG withholding [...]

Issues for property owners

July 5th, 2018

There have been recent changes to: • the tax treatment associated with residential rental properties (eg travel deduction and depreciation changes); • CGT and GST withholding tax obligations for purchasers of property; • superannuation measures impacting home ownership (eg the first home super saver scheme and the superannuation downsizer incentive); and • stamp duty and [...]

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