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No need to actually 'downsize' for ‘downsizer contributions’
From 1 July 2018 , individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was their main residence to make superannuation contributions (referred to as ‘downsizer contributions’), up to a maximum of $300,000 per person (i.e., up to $600,000 per couple), witho ..
Inactive ABNs will be cancelled by the ATO
The ATO has recently advised that, in an effort to maintain accurate data, the Australian Business Register (or ‘ABR’) periodically checks its records for Australian Business Numbers (‘ABNs’) and automatically cancels those that appear inactive. Ultimately, a taxpayer’s ABN may be cancelled i ..
Super guarantee payable on ‘public holidays’ and ‘additional hours’
The Federal Court has held that superannuation guarantee contributions were payable with respect to the ‘additional hours’ and ‘public holidays’ component of annualised salaries paid by BlueScope Steel, on the basis that these particular components formed part of ordinary time earnings (‘OTE’). ..
New superannuation rates and thresholds released
The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will ..
Taskforce to help digitise small business
The Government has established a Small Business Digital Taskforce, to be headed by entrepreneur Mark Bouris AM, to ensure more Australian small businesses can thrive in an increasingly digital economy. Mark Bouris said: “When a business begins to digitise and use digital tools, it opens up ..
ATO warning regarding small business record-keeping
According to the ATO, of all of the things that can cause small businesses to fold, "high on that list is poor record keeping". More than half of the businesses they visited in their Protecting honest business campaign needed to improve their record keeping. Issues they found include busines ..
Further 'affordable housing' measures passed
Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and also allowing older Australians to 'downsize' and then contribute the proceeds of the sale of their family home into superannuation. ..
GST News
The Government has released draft legislation on 'improving the integrity of GST on property transaction', as announced in the 2017/18 Federal Budget. They intend to amend the GST law so that, from 1 July 2018, pruchasers will withhold the GST on the purchase price of new residential premis ..
Truck drivers' reasonable amounts for travel updated
Following detailed consultation with the transport industry, the ATO has amended their determination for travel expenses for truck drivers to provide separate reasonable travel allowance expense amounts for breakfast, lunch and dinner for employee truck drivers for the 2017/2018 income year. ..
ATO relief for SMSFs reporting 'transfer balance account' events
The ATO has announced that, from 1 July 2018, SMSF event-based reporting regards events impacting a member's transfer balance account (i.e., via a Transfer Balance Account Report) will be limited to SMSFs with members with total superannuation balances of $1 million or more. This reporting ..
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