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 […]

Board of Taxation’s Initial Report on Income Tax Residency Rules for Individuals

The Board of Taxation has released its initial report on income tax residency rules for individuals, recommending a two-step model to be introduced as a simplified residency test. In response, the government has asked the Board to further consult on the proposed measure. In its self-initiated review, the Board considered: • whether the existing Australian individual income […]

ATO website updates: July 09, 2018

Here is the latest ATO updates as of July 09, 2018. • Secure and private information – Webpage on information the ATO collects and related issues including privacy and disclosure. In order to administer tax and superannuation laws, we collect information about you. We may get this information from you or from other parties, such as: your […]

ATO website updates — July 06, 2018

• Does your business buy or sell cryptocurrency? — Updated web guidance available for the tax treatment of cryptocurrencies. We have updated our web guidance to help you to comply with your tax obligations. We have recently updated ato.gov.au to include additional information on the tax treatment of cryptocurrencies. The updated web content includes new guidance on: loss or […]

ATO website updates — July 05, 2018

• Energy and Resources Working Group minutes 22 March 2018 — Minutes from the Energy and Resources Working Group meeting held 22 March 2018. • Removing the capital gains discount at the trust level for Managed Investment Trusts and Attribution MITs — Details of the measure which will apply to payments made from 1 July 2019. • GDP adjusted PAYG […]

Personal Income Tax Cuts

Changes to the individual income tax rates will commence from 1 July 2018 in multiple stages. The changes originate from the 2018 federal budget. The first phase is to introduce a low and middle income tax offset. The second and third phase will introduce progressive tax cuts over the next seven income tax years. Included […]