ATO Updates

From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid…

Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely…

The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some. Two…

From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances will be moved…

Single touch payroll (STP) reporting has changed the way businesses report salary and wages, PAYG withholding and superannuation contribution information to the ATO. For the 2018-19 financial year, only businesses…

In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions and the Australian Taxation Office (ATO) thinks that is too much - one in…

If your business assists employees during an emergency, for example floods, bushfires etc., then fringe benefits tax is unlikely to apply to the assistance you provide. While we doubt anyone…

From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers.…

Does your business have an outstanding debt with the ATO?Effective from 1 July 2017, the Australian Taxation Office (ATO) can disclose to Credit Reporting Bureaus the tax debt information of…

According to ATO, they are changing the way they collect goods and services tax (GST) on some property transactions during the settlement process. From 1 July 2018, buyers who purchase…