Why Do you Need to Lodge a Tax Return? 2018

  If any of the following applies to you then you must lodge a tax return. Reason 1 During 2017–18, you were an Australian resident and you: paid tax under the pay as you go (PAYG) withholding or instalment system, or had tax withheld from payments made to you (excluding mining payments). Reason 2 You […]

Revised ATO Guidance on Small Business Company Tax Rate

Practical Compliance Guideline PCG 2018/D5 The ATO has updated its preliminary guidance on the compliance approach to whether small business taxpayers use the appropriate company tax rate for the 2015/16, 2016/17 and 2017/18 income years. Draft Practical Compliance Guideline PCG 2018/D5 extends the application of, and replaces, draft PCG 2017/D7, which dealt with how small business taxpayers who […]

Prepare for Tax Time

To prepare for tax time, we recommend the following Update your client list – It is important that you undertake regular reviews of your client list to add any new clients and to remove those you no longer represent. Lodging a final return or advising a further return is not necessary does not remove the client […]

ATO Website Updates — July 25, 2018

Here is the latest ATO Updates as of July 25, 2018 • International transfer pricing — introduction to concepts and risk assessment — Explains the basic concepts underlying international transfer pricing and when a business may face a transfer pricing review or audit. • Draft ruling published on fringe benefits tax and benefits provided to religious practitioners — The […]

ATO website updates — July 20, 2018

Here are the latest ATO Update as of July 20,2018. • Tips for keeping good records — tips, tools and services for small business taxpayers to keep good records. • Individuals and sole traders — updated information on ATO online services for individuals and sole traders. • Single Touch Payroll (STP) — compilation of news, events and fact sheets on the […]

Tax Revenue Trend Shows Reliance on Personal Income Tax

A report analysing the trends in Australia’s federal tax system since 2001 has been issued by the Parliamentary Budget Office. Among other things, the report identifies a fall in company tax receipts as a significant change owing to investments being concentrated in capital intensive industries which have greater carried forward losses to offset income. The […]

ATO website updates — July 17, 2018

Here is the latest ATO Updates as of July 17, 2018. • CRT Alert 065/2018 — reminder to superannuation funds to check their portal file status screen to check for ATO compassionate release notices. From 1 July 2018, the ATO took over release of superannuation on compassionate grounds and funds will receive a simultaneous electronic copy of […]

ATO Phoenix Hotline Introduced

A new “Phoenix Hotline” is available for employees, creditors and the general public to report suspected phoenixing behaviour directly to the ATO. The Phoenix Hotline is available on 1800-807-875 or online at ato.gov.au/reportphoenixactivity. The hotline is part of the government’s wider response to combat phoenix activities of directors and their companies who seek to avoid their […]

ATO Reminders on Superannuation Around Tax Times

  The ATO has reminded taxpayers to check for lost super and to consider claiming deductions for personal after-tax super contributions. Taxpayers should check their super while they are using ATO online services through myGov. They can click on the “Super” tab next to the “Tax” tab to, for instance, find lost super. Taxpayers under […]

ATO website updates – July 11, 2018

  • Illegal early release of super – Information for SMSF trustees on illegal early release of super schemes. • No changes this year: SMSF independent auditor’s report form – Notice that the SMSF independent auditor’s report form has not changed. • PAYG withholding variation for income stream beneficiaries who turn 60 during the financial year – Rules for calculating varied […]