Proposed key tax policies coming up to the 2019 Federal Election
With an election just around the corner, political debate has turned to what tax policies the elected party will look to reform. References:Shadow and Assistant Shadow Treasurer’s joint media release, 13 May 2018A Fair go for AustraliaLeader of Opposition’s media...
GST Withholding on Property – New Rules from 1 July 2018
New legislation has been implemented to combat “phoenix developers” who construct new houses, claim GST credits on development costs, sell the new houses, and disappear before paying the GST on sale to the ATO. The GST Withholding measures require the purchaser to...
Cash and hidden economy
A recent interview with Tax Commissioner Chris Jordan revealed the ATO will be targeting businesses that deal in cash. As a part of its cash and hidden economy operation, the ATO has compiled “data-maps” of cash-only businesses and those that do not frequently or...
ATO scrutinising car claims this tax time
Assistant Commissioner Kath Anderson said over 3.75 million people made a work-related car expense claim in 2016/17, totalling around $8.8 billion. “We are particularly concerned about taxpayers claiming for things they are not entitled to, like private trips, trips...
How the ATO uses data matching
The ATO receives data from a range of sources, including banks, financial institutions and other government agencies. They validate this data and match it against their own information to identify where people and businesses may not be reporting all their income. When...
Superannuation guarantee amnesty introduced
The Government has introduced a one‑off, twelve month amnesty for historical underpayment of Superannuation Guarantee (SG) which commenced 24 May 2018. The Bill incentivises employers to come forward and "do the right thing by their employees" by paying any unpaid...
Are you ready for GST on low value goods?
If you’re running a foreign business that supplies low-value goods to Australia, you may be caught in the GST net from 1 July 2018. The previous $1,000 low-value threshold will no longer apply and those businesses that meet the $75,000 registration threshold will need...
2018-19 Federal Budget
PERSONAL TAXATION Personal tax offsets The Government announced a tax relief for low and middle income earners. The non-refundable low and middle income tax offset from 2018–2019 to 2021–2022, is designed to provide tax relief of up to $530 for each of those years....
Super Guaranteed
Are you paying the right amount of super for your employees? This can be a complex exercise, with the threshold changes in the recent years and the contribution base which changes every year according to indexation factors. As an employer you are required to make...
Airbnb and home sharing: Taxing implications
Do you rent out a part of your home, or a holiday home, on Airbnb, Stayz or another sharing site? Perhaps you see this as a way of making a little extra income to help the household budget or to save for that holiday. But what you may not be aware of are the long term...