The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from…
Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer. We…
Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia…
A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. The ATO will alert trustees by text and/or email when changes are made…
Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer. Employers are required to pay 9.5% superannuation guarantee for all eligible employees. But what happens…
Company Directors can be held personally liable for a company’s unpaid employee superannuation. The unpaid superannuation is (after three months) payable to the ATO as a Superannuation Guarantee Charge (SGC)…
The tax outcomes for client gifts, employee gifts and Christmas parties are so complicated and confusing. We’ve simplified things for you below. Client gifts At this time of the year…
December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slowdown and their customers stop paying…
What do you need to know? Single Touch Payroll (STP) requires you to have your payroll transaction data transferred to the ATO each time your employees are paid. This may…
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. What employers need to report will also be extended to include certain salary sacrificed amounts.
Employers with 20 or more employees have been required to use single touch payroll since 1 July 2018. The new rules push all businesses with employees into the single touch payroll system. This includes the situation where payments are made to the owners of the business in the form of salary, wages or directors fees.