ATO Tax Professionals RSS Feed
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Family assistance payments
on June 19, 2019 at 12:00 am
Make sure your clients don't miss out on their family assistance payments. Find out what they need to do. […]
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Submitting a non-lodgment advice
on June 18, 2019 at 12:00 am
If your clients are not required to lodge an income tax return, tell us before the lodgment due date so we can update our records. […]
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SAP early December balancer concessional due date
on June 17, 2019 at 12:00 am
A lodgment concession is available for your early December balancing substituted accounting period (SAP) company and super fund clients. To receive the concession you need to lodge by 31 July 2019. […]
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Tax Time 2019 and more - webcast recording available
on June 13, 2019 at 12:00 am
The recording and transcript for the latest Tax professionals conversations webcast held on 5 June is available. Hear our key messages about tax time this year, and find out about changes that may affect you, your practice and your clients. […]
Budget 2019/20:Govt announced that it will double the Low & Middle Income Tax Offset - everyone with income up to $126k will now benefit with those earning between $40k and $90k getting a $1k offset!!
Disclaimer: All budget measures are subject to getting through Parliament
The ATO is moving to real-time data wherever possible, and the current focus is on superannuation compliance. In short, if you are an employer that pays superannuation late (or doesn't pay), it's not long until the ATO will know this the day after your superannuation payments are due.
Part of this is the new Single Touch Payroll (STP) requirements, where employers will report (among other things) how much super each employee has earned each pay.
If your business is not ready for STP, you have until 30 June to get ready. This means not only getting STP compliant software, but ensuring that your payroll is setup correctly so that you report the right things.
If you need help getting your payroll setup correctly, simply contact our office.
It's common knowledge that providing cars to your employees attracts Fringe Benefits Tax (FBT), but there are alternatives
If the main purpose of providing the car is to provide employees with a car to drive during the day, then consider providing "pooled cars". Cars that do not go home with employees at days end (and therefore aren't available for private use) do not attract FBT
Another option is to simply provide travel allowances instead of actual cars
Budget 2019/20: Govt has announced that it will make a few things easier for SMSF's to reduce the compliance burden. One of which is the complicated rules for calculating exempt income relating to pensions.
Disclaimer: All budget measures are subject to getting through Parliament
The "Division 7A" rules that govern loans from private companies to its shareholders are moving to a new 10-year loan model beginning 1 July 2019. Companies with existing loans would be forced to convert to the new model, which also includes a much higher benchmark interest rate.
Draft transitional rules propose that all existing seven/25-year loans in place at 30 June 2019 would need to adopt the higher rate.
Talk to us today about strategies for restructuring and managing the impact of the reforms on your cashflow.
