Victorian State Government Budget – 27 May 2019 The Victorian state government recently handed down its annual state budget and there are a number of changes that will impact both business and investors. A summary of the key items is as follows. Payroll Tax The government’s three key changes are: Increase in the tax-free threshold…
Budget 2019-20: The pre-election announcements that are now law The Federal Budget announced a series of measures, some of which were legislated before the election was called. There are no guarantees, however, that any policies or announcements not already legislated will come to fruition – that will depend on the Senate composition determining what policies…
ATO doubles rental deduction audits 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 ten is estimated to contain errors. 4,500 audits of rental property deductions will be undertaken this year with the focus…
Scammers impersonate ATO phone numbers The Australian Taxation Office (ATO) is warning about the continuation of unprecedented numbers of pre-recorded phone calls experienced last year which impersonate legitimate tax office phone numbers. Assistant Commissioner Gavin Siebert said that scammers have adopted ‘Robocall’ technology to target taxpayers across the country. “Scammers are sending pre-recorded messages in…
Tax Office to double audits of dodgy rental deductions Rental property owners are being warned to ensure their claims are correct this tax time, as the Australian Taxation Office (ATO) announces it will double the number of audits scrutinising rental deductions. In the 2017–18 financial year, more than 2.2 million Australians claimed over $47 billion in deductions.…
Expenses you can claim You can claim a deduction for your related expenses for the period your property is rented or is available for rent. management and maintenance costs, including interest on loans, can generally be claimed immediately (that is, deducted against your current year’s income). borrowing expenses, depreciation and capital works spending can be deducted…
Single Touch Payroll will change the way you report your tax and super Single Touch Payroll (STP) is a new way for employers to report tax and super information to the ATO. It starts from 1 July 2019 for employers with 19 or less employees. You’ll report the following information through an STP ready solution…
Budget 2019-20 Highlights & Key Points This is a Budget not only designed to showcase the return to surplus (and by default the Government’s economic credentials) but engage voters with initiatives to make them feel like they are more prosperous. A massive infrastructure spend adds to this sentiment and the Government has stated that it…
Other Budget considerations $3.9bn Disaster response funding Australia has seen its fair share of catastrophic disasters this year. In response, the Government has announced the creation of a $3.9bn Emergency Response Fund. The Fund will provide $150m per annum from 2019-20 to 202-24 following a significant and catastrophic natural disaster. This funding is applied where…
Compliance $1bn ATO ‘sugar hit’ to tackle large corporates and high net wealth individuals Date of effect From 2019-20 The Government will provide $1bn over four years from 2019-20, including $6.5 million in capital funding, to the ATO to extend the operation of the Tax Avoidance Taskforce and to expand the Taskforce’s programs and…