ATO fires warning ahead of tax time
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 […]
CGT Strategy highlighted with work test exemption
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 […]
Getting Your Small Business Ready For STP Reporting
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 […]
What Does “Retirement” Mean For Super Access Purposes?
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 […]
ATO tweaks ABN application process
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 […]