Blog
Proposed expansion of STP to smaller employers
Single Touch Payroll (‘STP’) commenced on 1 July 2018 for approximately 73,000 employers who have 20 or more employees. There is currently legislation before Parliament to expand STP to all employers from 1 July 2019 and it is estimated that there will be more than 700,000 employers who ..
Fast-tracking tax cuts for small and medium businesses
The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income year based ..
Increase in Private Health Insurance excesses
Legislation has been passed by Parliament to implement the Private Health Insurance ('PHI') reforms announced by the Government in October 2017. The measures are designed to simplify PHI and make it more affordable for consumers by improving the value of PHI either in the form of low ..
More help for drought-affected farmers
As part of the next phase of its drought assistance policy (which includes various other measures), the Government announced that farmers will be able to immediately deduct the cost of fodder storage assets. Previously, these types of assets (such as silos and hay sheds used to store ..
Increased scrutiny of home office claims
Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for 'other work-related expenses', which includes home office expenses. Reportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has recently advised that it wi ..
Crowdfunding donations to help drought-affected farmers
The ATO is currently offering various support measures to individuals and businesses from drought-affected communities to help with managing their tax and super obligations or who are struggling with their mental health. It has also recently provided a summary of the potential tax impact of ma ..
Black economy recommendations will impact day-to-day business
Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy (i.e., the 'black economy') in light of the Black Economy Taskforce recommendations and recent Federal Budget announcements. Two of these key recommendations are outlined below. Removi ..
The Company Tax Rate Saga
In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company tax and franking rates for sma ..
Suburban scammers pushing illegal early access to super
The ATO has become aware of people in some suburban areas of major cities attempting to encourage others to illegally access their super early (generally for a fee) to help them to purchase a car, to pay debts, to take a holiday, or to provide money to family overseas in need. The ATO advises ..
Single Touch Payroll Update
Single Touch Payroll (STP) officially commenced for larger employers on 1 July 2018, and the ATO has provided some further guidance for affected entities. The ATO is writing to employers who started reporting through STP before 1 July 2018, providing them with information about how their emplo ..
Recent Posts
- ATO watching for foreign income this Tax Time
- "Outrageous" deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- The ATO hits the road
- Motor vehicle registries data matching program protocol
- ATO guidance regarding 'downsizer contributions'
- ATO Updates
- Company loans to shareholders under review
- Scammers impersonating tax agents
- Expansion of the TPRS