Vehicle-related expenses and even the make and model of the car you drive can attract extra scrutiny from the ATO, an accountant has warned, citing the example of a manufacturing business. Speaking on the podcast of sister publication, My Business, Alexander Laureti of LMS Advisory revealed that a manufacturing business had its fringe benefits tax […]
In all the hoopla over the US corporate tax cuts, introduced late in 2017, a change to the way the US Treasury views income earned offshore went almost unnoticed in the world of private clients. But for American citizens operating businesses in Australia, or Australian companies with a large individual US shareholder, the bite is […]
If you’re aged 60 or over, you usually won’t pay any tax on super benefits you withdraw. However, if you’re under 60 your benefits will be taxed. To understand how much tax you’ll pay, it helps to remember that your super benefits are split into two components: The “tax free” component of your benefits is not taxed […]
The ATO has released a wide range of case studies of taxpayers cheating the tax system as it signals its hard-line stance ahead of tax time 2019. The first case involves 56-year-old Peter Garven, who was sentenced in the Sydney District Court to three years and three months’ jail time for fraudulently obtaining and attempting […]
In December last year, the government finalised the regulations for the work test exemption measure which enables individuals aged 65 to 74 to make voluntary contributions to superannuation for an additional 12-month period from the end of the financial year in which they last met the work test. In order to be eligible, they have […]
From 1 July 2019, Single Touch Payroll (STP) reporting will become mandatory for all employers. Small businesses (i.e. those with fewer than 20 employees) have previously been exempt, but will now need to take action to ensure they’re ready. These small businesses have a three-month transition period between 1 July and 30 September to get their […]
Recently, AMP reported that its superannuation support team has seen a surge in questions about the rules for accessing super. It says people are especially unaware about the retirement rules that apply in the 60-to-64 age range. Here, we break down the requirements by age group and clarify what you must do to “retire” and access […]
The tax office has amended its Australian business number application process to ensure applicants are entitled to an ABN, giving it greater visibility over an applicant’s history. According to an ATO spokesperson, the tax office has implemented changes to the ABN application process to make it easier for applicants to determine that they are entitled […]
Class provides detailed analysis of newly established SMSFs, delivering revealing insights on key characteristics and trends. Background- The Class SMSF Benchmark Report, released for March 2019, is a statistical analysis of approximately 170,000 Self Managed Super Funds administered on Class Super, representing around 28% of the estimated number of SMSFs in Australia today. The quarterly […]
IN BRIEF The new Australian Single Touch payroll system is coming into effect in 2019, making way for a more efficient and secure system of payroll filing. While the impact for businesses already using online accounting software will be minimal, those employing desktop software or spreadsheets will notice the difference. Australia’s Single Touch Payroll (STP) […]