Client Alert – Protecting your super reforms from 1 July 2019 To protect the super balances of all Australians being eroded by unnecessary fees and costs, the Federal Government has introduced the “Protecting Your Super” reforms which passed parliament on 18 February 2019. This new legislation will apply from 1 July 2019. It includes cancelling insurance for inactive members,…
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. “While many of these claims will be legitimate, we don’t think that half of…
What are you really entitled to? The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and…
The ATO has provided a concession from single touch payroll for payments by small employers to closely held payees. Single touch payroll (STP) was extended to cover all employers on 1 July 2019. For directors of their own company or for family businesses employing family members, there are some practical problems with STP – sometimes…
The 1 July changes 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 to the ATO to try and unite the unclaimed super with its owner. These changes do not apply to self-managed superannuation…
How to Prepare for a Tax Office Visit The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy. A consistent theme this tax time is overclaiming and under-reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches,…
Timing of resolutions of your Trust Trustees (or directors of a trustee company) need to consider and decide on the distributions they plan to make by 30 June 2019 at the latest (the trust deed may actually require this to be done earlier). Decisions made by the trustees should be documented in writing, preferably by…
Client Alert: important Changes you need to know about the ATO and your MyGov Account MyGov Account Users This client alert is for those clients who have a “MyGov” account. If you don’t have a MyGov account then this client alert does not apply to you. For those clients who have registered and use “MyGov”…
Around 3.8M small businesses, including 1.6M sole traders, in Australia We employ around 5.5 million people and contribute $380bn to the economy. Small business is also in debt to the ATO to the tune of $15bn. This tax time, the ATO has stated they are looking closely at taxpayers: setting up or changing to a…
Work-related deductions for you Last financial year, over 8.8 million taxpayers claimed $21.98 billion in deductions for work-related expenses. It’s an area under intense review by the ATO. If you claim work-related deductions, it’s important to ensure that you are able to substantiate any claim you make. To claim a deduction, you need to have…