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 […]
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 […]
Capital Gains Tax And Death: It’s Not The End Of The World
There is enough pain and anguish when someone dies, so fortunately there is, in most cases at least, no duty on assets that form part of the deceased’s estate and are passed to a beneficiary, or their legal personal representative (LPR). But as with life, the rules regarding death and CGT are not meant to be […]
Tax Time 2019: Your Payment Summary Is Changing
If you’re an employee, there are a few things you need to know this tax time about the ATO’s new “Single Touch Payroll” (STP) system. This system requires employers to report information like salaries, wages, allowances, PAYG withholding and superannuation contributions to the ATO electronically every time they pay their employees. You’ve probably still been receiving […]