Statement from Commissioner Chris Jordan about transition to Single Touch Payroll for small employers
The ATO has provided a tailored approach to comply with STP for small employers. Parliament has now passed legislation to extend Single Touch Payroll (STP) reporting to include all small employers (those with fewer than 20 employees) from 1 July 2019. STP is pay day reporting by employers to the ATO as it happens, this reporting having […]
Downsizer Superannuation Contributions
In an effort to reduce pressure on housing affordability, the government wants to encourage older Australians to sell their home in order to improve housing stock. To achieve this, the government has introduced a new opportunity for older Australians to contribute some of the proceeds from the sale of their home into superannuation. Under the new […]
Reforming The Taxation Of Discretionary Trusts
A key feature of discretionary trusts is the ability to distribute income on a “discretionary” basis, which means no beneficiary has a particular entitlement to any income or capital assets in the trust and the trustees can make distributions at their discretion. Importantly, distributions are generally taxed at the individual marginal tax rate of the beneficiaries, […]
Fairer dealings at the ATO, especially for small business
IN BRIEF ATO Second Commissioner Andrew Mills says the ATO has listened to criticisms and is promoting a “culture of fairness” in how it deals with taxpayers, especially SMEs. The recently implemented Independent Review for Small Business allows small business owners who have been audited by the ATO to ask for a review of the […]
New “work test” exemption for recent retirees
Many superannuation members are surprised – and sometimes frustrated – to learn that Australia’s superannuation system places tight restrictions on who can make contributions after age 65. Generally, individuals aged between 65 and 74 years must satisfy a “work test” in order to make: non-concessional contributions (i.e. personal contributions for which the member does not claim […]