Get your Rental Property claims right

Claims for rental property tax deductions contain errors in 90 per cent of cases, the Australian Taxation Office reports. It is planning a blitz on what it calls ‘its next big area of focus’. The ATO says it recently completed investigations of 300 rental property claims and found errors in almost nine out of 10. […]

New PAYG laws to place focus on on-time BAS lodgment

Late last year, new legislation to deny an income tax deduction for certain payments if the associated withholding obligations have not been complied with were passed. Payments that are impacted includes salary, wages, commissions, bonuses or allowances to an employee; director’s fees; payments under a labour hire arrangement; payments to a religious practitioner; and payments for a […]

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, […]