Blog
ATO Reminder - Whats New For Small Business
Instant asset write-off – simpler depreciation rules Small businesses can immediately deduct the business portion of most (new or secondhand) assets if they cost less than $20,000 and were purchased between 7:30pm on 12 May 2015 and 30 June 2017. From 1 July 2017, the threshold will ..
ATO Releases Latest Business Benchmarks
The ATO says that the 2013/14 data is now available for the 'Small business benchmarks'. The ATO uses these benchmarks as a guide on industry trends to identify businesses that may be avoiding their tax obligations by not reporting some or all of their income. The ATO says that usi ..
Warning to employers to withhold tax from some car allowances
The ATO has reminded taxpayers that, in relation to claiming car expenses, the one-third of actual expenses method and 12% of original value method were abolished from 1 July 2015. The cents per kilometre method now uses a standard rate of 66 cents per kilometre for all cars, rather than a r ..
ATO warns over-claiming is easier to detect than ever
In relation to 2014/15 individual income tax returns to be lodged this year, the ATO says it will be focusing on: Unusually high work-related expense claims across all industries and occupations Expenses claimed that have already been reimbursed by employers Claims for private expenses such as ..
Government moves to get Single Touch Payroll right
Under Single Touch Payroll, employers’ accounting software will automatically report payroll information to the ATO when employees are paid. This will eliminate the need for employers to report employee-related Pay As You Go Withholding (PAYGW) in their activity statements throughout the yea ..
ATO Supporting Small Business to Implement SuperStream
As the SuperStream rollout for small businesses continues, the ATO claims that it is helping employers in select industries who need support implementing SuperStream. The ATO has also stated: "With only two quarters left until SuperStream becomes mandatory, now is a good time for employ ..
Reminder of small business tax cuts
The ATO has reminded taxpayers that, from 1 July 2015, a new two-tier company tax system took effect and applies to all companies. This system sees the whole of a company’s taxable income subject to the following rates: 28.5% if the company’s aggregated turnover is below a $2 ..
ATO Data Matching Programs
Editor: The ATO is carrying out two new data matching programs to identify non-compliance with registration, lodgment, reporting and payment obligations, i.e., looking for tax avoiders. Motor vehicles The ATO has announced a new "Motor vehicle data matching program" to collect details o ..
Can you access your super fund for medical procedures?
Editor: The following relates to a newspaper article that appeared recently in a national newspaper and was then subsequently picked up by national TV and radio. As it concerns a taxpayer withdrawing all of the $30,000 balance from her superannuation fund for weight loss, a tummy tuck an ..
How to protect your identity - ATO's (anti) fraud video
The ATO continues to warn taxpayers about the dangers of not protecting important details such as their tax file number, date of birth, current address and driver's license number. So it has put out a video called "Don't let yourself disappear", which shows what can happen when personal inf ..
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