Reportable payments system to be extended (28/09/2018)

As a way to combat the rise in black economy, the government is planning to extend the Taxable Payments Reporting System (TPRS) to entities that provide road freight, IT, security, investigation, or surveillance services. The TPRS is a transparency measure that was first applied to the building and construction industry. It required businesses to report […]

Improvements to GST risk assessment (21/09/2018)

The Inspector-General of Taxation (IGT) has recently released his review into the verification of GST refunds by the ATO. The review was initially conducted as a response to concerns raised by taxpayers which had their GST refunds delayed as a part of the ATO risk assessment program to verify certain details before refunds are issued. […]

Corporate tax rates: recent changes give certainty (14/09/2018)

There’s finally some certainty about the corporate tax rate(s). Legislation has recently passed Parliament and the fate of other proposed changes has also been finalised. The rate of 27.5% applies to corporate tax entities known as “base rate entities”. These are companies which carry on a business and have an aggregated turnover of less than […]

Super guarantee underpayments: employer amnesty

Do you run a business that’s maybe fallen a little behind on super guarantee (SG) payments for your employees? Perhaps you’ve had some cash flow issues in the past or forgot to make the payments one quarter. Well don’t despair, the Government has announced a one-off amnesty to run until 24 May 2019, which will […]

Are you an Australian resident?

Before you head off overseas to work or start a business, you should consider the Australian residency tests. Leaving Australia for a period of time doesn’t mean that your Australian tax obligations are no longer relevant. Australian tax is based on the concept of “residency”. If you’re considered to be a resident of Australia then […]

Reform of the ABN system

  In Australia, there are currently around 7.7m ABNs with over 860,000 new ABNs issued in 2017-18. The ABN system was originally introduced in 2000 as a way to provide businesses with a unique identifier when dealing with the government and to support the introduction and administration of GST. Over the years, the ABN has […]

Garnishee orders may bring home the bacon

A garnish is an enhancer, something to dress up a plate – think of a sprig of parsley. A garnishee is something entirely different, although it can enhance an otherwise dire situation for a creditor and bring home the bacon. It’s a third party who is ordered by the court to release money to remedy […]

ATO Website Updates – August 23, 2018

Here’s the latest ATO Website Updates as of August 23, 2018. • Funds can accept downsizer contributions — reminder that as of 1 July 2018 superannuation funds are able to accept downsizer contributions. • Corporate tax transparency data will be published again later this year — ATO to publish tax information of certain corporate tax entities as required by […]

ATO Website Updates- August 17, 2018

Here are the latest ATO Website Updates as of August 17, 2018. • Are you across the 2016 and 2017 Super reforms? — information on the 2016/2017 super reforms for large super funds. • What you need to provide for a GST streamlined assurance review — information for those taxpayers who have been selected for GST streamlined assurance reviews. […]

Online Accommodation Providers to be Data Matched

Individuals that have or may be engaged in providing accommodation services through an online platform will have that data collected by the ATO. The data will range from the 2016/17 to 2019/20 financial years. The details provided to the ATO will be linked via Australian bank information to the necessary taxpayers where applicable. For many […]