Entries by Juilee Sathe

Explanatory Memorandum – October 2019

Small business income tax gap: ATO update New figures released by the ATO estimate that almost 90% of income tax from small businesses is paid voluntarily or with little intervention from the ATO. “This shows that the vast majority of small businesses in the tax system are trying to do the right thing,” Deputy Commissioner […]

Client Alert – October 2019

Small business income tax gap: ATO update New figures released by the ATO estimate that almost 90% of income tax from small businesses is paid voluntarily or with little intervention from the ATO. “This shows that the vast majority of small businesses in the tax system are trying to do the right thing”, Deputy Commissioner […]

SG amnesty resurfaces in Parliament

The proposed SG amnesty is now back on the table after more than a year of uncertainty around the proposed policy. On Wednesday, the government introduced Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 into Parliament, picking off from the previously lapsed bill that had sought to introduce the SG amnesty. The SG amnesty provides for a […]

Non-compliant payments to workers: is your tax deduction at risk?

Recent changes to tax law give employers greater reason than ever to be extremely careful in complying with their tax withholding obligations. The changes were made by the Treasury Laws Amendment (Black Economy Taskforce Measures No. 2) Bill 2018 – and, as the name suggests, the new rules are primarily designed to target businesses operating off-grid in the […]

Super “Opt Out” Choice For High Earners

Are you a medical professional or company director hired by multiple organisations who make compulsory super guarantee (SG) contributions on your behalf? Or perhaps you’re simply a high-income professional with an extra employment arrangement on the side, like a university teaching gig or consulting arrangement? If you have more than one “employer” for super purposes, you […]

Explanatory Memorandum – September 2019

Warning to watch out for myGov and ATO tax scams The government’s Stay Smart Online website (www.staysmartonline.gov.au) warns taxpayers that there is a surge in scammers impersonating trusted bodies like myGov and the ATO to trick people into giving them money or personal details. These scams can take the form of emails, text messages and […]

Client Alert – September 2019

Warning to watch out for myGov and ATO tax scams The government’s Stay Smart Online website warns there has been a surge in scammers impersonating myGov and the ATO to trick people into giving them money or personal details. These scams can take the form of emails, text messages and fake myGov login pages. In […]

ATO provides voluntary disclosure update

The ATO has encouraged SMSFs and their auditors to voluntarily disclose contraventions of superannuation law to avoid administrative penalties, stating that over 900 funds have used its voluntary disclosure service in the past three years.  In an update published on Monday, the ATO said trustees should work with auditors and other professionals to rectify a […]

Explanatory Memorandum – August 2019

ATO will inform certain tax agent clients their information is “Tax ready” If tax agent clients’ employers report through Single Touch Payroll (STP) and the clients are linked to ATO online services through myGov, the ATO will send them a myGov Inbox message to let them know: their end of year payment summary (income statement) […]