Reform Of The ABN System

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In Australia, there are currently around 7.7m ABNs with over 860,000 new ABNs issued in 2017-18. The ABN system was originally introduced in 2000 as a way to provide businesses with a unique identifier when dealing with the government and to support the introduction and administration of GST. Over the years, the ABN has become a de facto licence to do business and a key business credential used by other businesses and consumers in general.

Despite this expanded role, the ABN system has not changed substantially since 2000, ABNs can still be obtained easily and quickly using intentionally simple processes to facilitate small businesses. There is concern that this ease of application has led the ABN system to being used for nefarious purposes by operators in the black economy.

This view was affirmed by Black Economy Taskforce which found that ABNs were being used to provide a false sense of legitimacy to dodgy businesses with the potential to deceive consumers and other businesses. 

As a way to tackle this issue, the government has proposed changes to the ABN system to ensure that it remains fit to support the expanded range of purposes it is used for. It is currently consulting on changes including adjusting ABN entitlement rules, imposing conditions on ABN holders, and introducing a renewal process including a renewal fee.

The potential changes to ABN entitlement rules stem from the Taskforce finding that not everyone obtaining an ABN is entitled. This includes: inappropriate use of ABNs in phoenixing schemes; individuals working as employees but applying for ABNs as independent contractors; individuals incorrectly obtaining ABNs to avoid “no ABN withholding”, and individuals fraudulently claiming GST input tax credits.

In response, the taskforce recommended that certain groups (such as apprentices and individuals on tourist visas, as well as workers in certain industries) be excluded from obtaining an ABN. Another avenue to restricting ABNs that is currently being developed by the ABR and ATO include an application experience based on the applicant’s risk profile which may involve stronger entitlement checks before an ABN can be obtained.

In terms of potentially imposing conditions on ABN holders, the Taskforce had initially recommended that ABN holders should only be allowed to continue to hold their ABN if they comply with government obligations (ie tax obligations). Which would allow businesses and individuals to better identify compliant businesses and act as a deterrent to those wanting to engage in black economy behaviour. However, the government emphasised that the design of the ABN cancellation process would need to be fair and transparent and only occur where the business had not taken appropriate steps of rectify issues.

Finally, the government is also consulting on the proposal to make ABNs subject to periodic renewal for a fee as recommended by the Taskforce. While a renewal process would not directly address those who use the ABN system to engage in fraudulent behaviour, it would indirectly address fraudulent behaviour by prompting ABN holders to have a closer engagement with the ABN system. The fee would also assist the ABR to better support data needs and discourage people from holding an ABN when they do not need one or are not entitled to one.

 

Superannuation Payout upon Death

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Do you ever wonder what happens to your superannuation after you die? This is particularly important if you have a Self-Managed Superannuation Fund (SMSF).

To assist SMSF members to understand the requirements of the superannuation and taxation laws, the article – by Monica Rule (an SMSF expert) has provided answers to common questions asked by SMSF clients.

Can my superannuation savings remain in my SMSF after my death?

Death is a compulsory payment situation under the superannuation law.   It means, the deceased’s superannuation cannot remain in their accumulation and/or pension account.  It must be paid out of their SMSF either to their dependants or their legal personal representative.

In what form does the deceased’s superannuation need to be paid?

The form of payment will depend on what is allowed by the deceased’s SMSF trust deed.  However, the law allows the deceased’s superannuation to be paid either as a pension and/or a lump sum death benefit.  Under the superannuation law, only the deceased’s dependants such as a spouse, a child under the age of 18, a child up to age 24 who was financially dependent on the deceased prior to their death, and a child of any age with a disability can receive the deceased’s superannuation as a pension. Other dependents such as an adult child and the legal personal representative can only receive the death benefit as a lump sum.

What happens to the deceased’s retirement pension upon death?

If the deceased’s pension is a reversionary pension, then it can continue to be paid to the nominated beneficiary, such as their spouse. If it is a non-reversionary pension, then the pension will cease upon their death, and can be paid out to the surviving spouse either as a new death benefit pension and/or a lump sum death benefit.  Paying the deceased’s pension to their spouse will satisfy the compulsory payment situation as it is no longer in the deceased’s superannuation account.

Is it only the reversionary pension that can be “reverted” to my spouse? What about Transition to Retirement Income Streams (TRIS)?

A reversionary pension can revert to your spouse and continue to be paid.  However, under the current law, a transition to retirement income stream (TRIS) cannot revert to your spouse unless your spouse has met a condition of release such as having reached the age of 65 or reached their preservation age and retired.  This does not mean, however, that a new death benefit pension cannot commence from the SMSF and be paid to your spouse.  In addition money in the deceased’s accumulation account can be paid as a death benefit pension to the surviving spouse. The surviving spouse needs to ensure that all their pension accounts (i.e. their own retirement pension plus the death benefit pension) do not exceed the current transfer balance cap of $1.6 million.

Is there a time period in which the deceased’s superannuation must be paid?

The deceased’s superannuation must be paid “as soon as practicable”.  The Tax Office will normally allow up to six months for payment. If it takes more than six months, then the SMSF trustee may need to explain the reason for the delay.  The Tax Office may accept reasons such as the death benefit nomination being challenged by beneficiaries, or the uncertainty of eligible beneficiaries.  But if the trustee just took their time to pay out the death benefit without good reason, then the Tax Office may take compliance action against the SMSF.

Can assets be used to pay a death benefit?

A lump sum death benefit can be paid using assets.  However, a pension cannot be paid using assets.  If a pension is either partially or fully commuted, then the commutation amount can be paid as a lump sum death benefit using assets.  The pension recipient needs to ensure that the minimum pension payment requirements are met prior to the commutation.

Under the individual trustee structure, how long does the surviving spouse have before the second trustee needs to be appointed?

Once an SMSF becomes a single member SMSF, it has six months to restructure.  This means, if the surviving spouse wants the SMSF to remain under an individual trustee structure, a second trustee will need to be appointed prior to the expiration of the six-month time period.

Is the remaining trustee able to make decisions for the SMSF prior to the appointment of the second trustee?

The remaining trustee can make decisions for the SMSF during the six-month period, which includes paying the deceased’s superannuation to their dependants or legal personal representative.

Is the deceased’s transfer balance cap transferable to the surviving spouse?

The deceased’s transfer balance cap (currently $1.6 million) is not transferable to their spouse upon their death.  If their spouse is accessing a retirement pension from the SMSF and will also receive the deceased’s pension, then they need to ensure that the total of both pensions does not exceed the transfer balance cap (currently $1.6 million).  They can do this by either reducing their pension by putting money back into their accumulation account or paying out some of their pension as a lump sum superannuation benefit prior to receiving the deceased’s pension.  The spouse cannot put the deceased’s superannuation into their accumulation account.

When does the deceased’s pension count towards the surviving spouse’s transfer balance cap?

If the deceased’s pension is reversionary, then the amount counted towards the spouse’s transfer balance cap is the amount in the deceased’s retirement pension account on the date of death. This is counted towards the spouse’s transfer balance cap twelve months from the date of death.  If the pension is non-reversionary then the amount paid to the spouse will count on the date it is paid.

It is important for SMSF members to take an interest in the superannuation law.  By understanding the law, members can ensure their superannuation is passed onto their loved ones with a minimum of fuss.

Please note this not an advice. It is merely outlining the current tax laws in related to SMSFs. Clients should seek their own advice.

 

It Follows: Higher Education Debts

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It might seem like a horror movie cliché, a monster that follows you wherever you go, but did you know that your higher education debts under the Higher Education Loan program (HELP), Trade Support Loan (TSL) or the Higher Education Contribution Scheme (HECS) debts follow you wherever you go in the world?

Prior to 2017, individuals could incur these higher education debts and move overseas with no repayment obligations. However, these debts are now required to be repaid regardless of where you are in the world, as long as your worldwide income is over a certain threshold. This applies regardless of whether your debt was incurred before or after 2017. As long as you have a higher education debt to the Commonwealth of Australia, you are required to repay the debt regardless of where you reside

If you have a higher education debt and plan on going overseas, you will need to update your contact details and submit an “overseas travel notification” if you intend to go overseas for 183 days or more in any 12 months. 

This includes for any reason such as holiday, study or work. The 183 days is counted cumulatively and does not have to be taken all at the same time. For example, you could go on a holiday for a few months in one country, come back to Australia for a few months and then travel to another country. As long as it exceeds 183 days in total in any 12 months period you will have to submit an “overseas travel notification”.

Once you’ve submitted the notification and have moved overseas, or if you’re already living overseas and have a HELP, HECS or TSL debt, the next step is to report your worldwide income to ATO every year through an Australian tax return. Lodgments are usually due by 31 October each year, but it may be extended if you use a tax agent. For the 2018-19 year, your worldwide income will need to exceed $51,957 before the ATO will raise a compulsory repayment (overseas levy) in relation to your higher education debt. The repayment rate depends on how much worldwide income you earn and range from 4% to 8%.

For the 2018-19 year, if your worldwide income is at or below $12,989 you do not have to report your worldwide income but you will need to lodge a “non-lodgment advice form” to notify the ATO of your situation. If you find yourself in financial hardship while overseas and cannot afford the compulsory repayment even though you earn above the minimum repayment threshold, you can apply to the ATO to defer the payment.

Remember, you have options when you report your worldwide income to the ATO, you can choose between one of three assessment methods that work the best with your situation, the self-assessment method, the overseas assessment method, or the comprehensive tax-based assessment method. If it all seems too complicated you can always reduce your debt before you head overseas by making voluntary repayments.

Need guidance?

If you’re going overseas and you have a higher education debt, we can help you get your house in order and lodge your returns with the ATO while you’re away. We can also help you work out which assessment method is the best for your situation if you’re already overseas and you’re not sure what the best method is.

Super Guaranteed

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Are you paying the right amount of super for your employees? It’s that time of the year again, where the Australian Bureau of Statistics (ABS) release the indexation factors that are critical in determining various superannuation thresholds. While the super guarantee is still frozen at 9.5%, the maximum contribution base will increase to $54,030 per quarter (or $216,120) for 2018-19. Employers are not required to provide the minimum super guarantee for the part of employees’ wages above the maximum contribution base.

Besides the part employees’ wages above $216,120, you as an employer, are required to make minimum contributions of 9.5% of an employee’s ordinary time earnings by quarterly due dates to their nominated superannuation funds if you pay the employee $450 or more (before tax) in a calendar month. This is irrespective of whether an employee is full-time, part-time, casual, a family member, company directors, those who receive a super pension or annuity while still working, or temporary residents.

You should note that the ATO considers certain contractors that are paid mainly for their labour to be employees for super guarantee purposes. This is the case even if the contractor quotes an ABN. According to the ATO, you as an employer must make super guarantee contributions of 9.5% on what you pay your contractors if they are paid:

  • under a verbal or written contract that is wholly or principally for their labour;
  • for their personal labour and skills which may include physical labour, mental effort or artistic effort; or
  • to perform the contract work personally.

If you’re not paying the right amount of super for your employees and some contractors, beware, the ATO uses sophisticated data analytics to identify employers at high risk of non-compliance. 

It also takes a differentiated approach to compliance and penalties depending on the compliance history of the employer and how actively they engage to meet their superannuation obligations. Therefore, it pays to be in the good books of the ATO as they may take a more accommodating approach should your business have any discrepancies in super guarantee payment to your employees.

However, employers who are unwilling to meet their super guarantee obligations should expect the ATO to take firm compliance action including the imposition of penalties such as the super guarantee charge, a Part 7 penalty (up to 200%) for late lodgement of the super guarantee statement or failing to provide information when requested, and an administrative penalty (up to 75%) may also apply for an employer who makes a false and misleading statement.

Need help?

If you’re having issues with working out the right super amount to pay to your employees or if you would like to determine whether that person working for you is considered to be an employee or a genuine contractor, we can help.

 

‘Mess’ of 125 taxes suffocating business: Tax Institute

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An “unnecessary array” of taxes and inefficiencies has been presented to the government, but the road to reform continues to be hindered by the political system, according to the Tax Institute.

Facing a parliamentary standing committee, Professor Robert Deutsch, the Tax Institute’s senior tax counsel, welcomed the opportunity to showcase a number of issues in the tax system that impede business investment, touching on a wide range of issues including tax rates to complex small business concessions.

“First, the incredible and, in our view, unnecessary array of taxes that apply to a range of different tax bases and in respect of different tax years, at both the Commonwealth and state/territory levels, give rise to complexity and unnecessary additional costs to business that should be avoided,” said Professor Deutsch.

“On the best estimate we have to date, there are some 125 different types of taxes levied in Australia: 99 at the federal level, 25 at the state level and one at local government level. That is an impressive array of taxes, depending on how you interpret the word ‘impressive’.”

When prompted by Labor MP Matt Thistlethwaite if it was time for Australia to implement a comprehensive overview of the taxation system, similar to what New Zealand has done, Professor Deutsch acknowledged that it was timely, but expressed cynicism of accomplishing true reform.

“I’m very cynical about the prospects for any genuine reform arising from that. I simply make the point that New Zealand, which you’ve drawn our attention to, has a very different political system,” said Professor Deutsch.

“Without a Senate, they can achieve a lot more in the way of tax reform than can we. I say that quite openly and bluntly because with the way the Senate operates, politically it is really at the whim of the crossbenchers, and that seems to be a position that is going to continue for some time.

“Whilst that is the prevailing position, genuine tax reform, no matter how many reviews you have, is very unlikely to happen.”

The corporate tax rate political football

Pointing to the corporate tax rate cuts saga, Professor Deutsch said the long, drawn-out process of securing a rate reduction was a prime example of how the political system would not engender tax reform.

“We are now in a position where the corporate tax rate is being reduced but it’s going to take, even under the current arrangement, a number of years,” said Professor Deutsch.

“I understand why it’s happened, and it’s largely been as a result of a compromise that was reached through the Senate.

“If we wanted to go down that path, that should have been the path that we went down immediately. But, of course, it couldn’t happen and it’s not going to happen immediately. That’s fairly clear now. It will take a number of years, but it’s created a lot of problems for small and large businesses with changes to the franking rate.”

Professor Deutsch was also quick to point out that in considering tax reform, a focus on merely reducing the corporate tax rate was not sufficient.

“The first is that we’re not arguing that a corporate tax cut is a fix for everyone and for all our problems,” he added.

“I think this is part of a much broader jigsaw puzzle that needs to be considered in totality. It’s not just a matter of the corporate tax cut.”

 

HURLEY & CO – XERO HELP INVITE

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DATE: TUESDAY 28 AUGUST 2018

TIME: 10am to 1pm

WHERE: Level 4, 83 Mount Street, Sydney 2060

RSVP: admin@hurleyco.com.au or 9954 3843

              Kate Hurley or Juilee Sathe

 

ALL HURLEY & CO CLIENTS WELCOME

  • Drop in anytime between 10am and 1pm.
  • Bring with you your laptop or use one of ours.
  • Work on your Xero accounting file and ask any questions that you have while bringing your accounts up to date.
  • Escape the boredom of doing it at home or by yourself in your office.
  • Get started using the Receipt Bank App

 

RECEIPT BANK – a free App for Hurley & Co clients

Receipt Bank and Xero work hand-in-hand to bring you a comprehensive accounting solution. Receipt Bank is Xero’s largest and best reviewed app partner and can save people hours on their bookkeeping by scanning receipts straight into Xero.

 

 

 

 

 

 

 

 

TRANSFER BALANCE ACCOUNT REPORT (TBAR) REPORTING

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What is it?

Since 1 July 2017, the ATO has a limit on the amount that can be transferred into the pension phase in superannuation. This is called the Transfer Balance Cap and it is currently $1.6million across all retirement phase pensions in all funds over the individual’s lifetime.

TBAR enables us to record and track an individual’s balance for both their transfer balance cap and total superannuation balance

 

What events are required to be reported?

SMSF only reports to the ATO if one of its members has an event that impacts on their Transfer Balance Cap. Reporting obligation will generally impact at the income level stage of the pension recipient therefore if a member has multiple income streams, reporting will be based on the value and account details on each of those income streams. What is required to be reported to the ATO:

  • Pension commutations
  • Commencement of any new superannuation income streams
  • Cessation of any superannuation income streams
  • Structured settlement contributions received on or after 1 July 2017
  • Value of existing superannuation income streams as at 30 June 2017 (& in most cases up until 1 July 2018)

SMSFs with only accumulation balances in the fund are not required to report any transfer balance events, other than structured settlement contributions until a superannuation income stream commences.

 

What events are NOT required to be reported?

  • Any ongoing monthly pension payments made on or after 1 July 2017
  • Investment earnings and losses that occurred on or after 1 July 2017
  • When an income stream ceases because the interest has been exhausted
  • The death of a member
  • Information that individuals report to us directly using a Transfer balance event notification form (NAT 74919). Typically, this is when the following events occur
  • Family law payment split
  • Debit event from fraud, dishonesty, or bankruptcy
  • Structured settlement contributions made before 1 July 2007.
  • Information other funds will report to us, such as a member’s interest in an APRA fund

 

How and when do these events need to be reported?

If a member’s pension balance in their SMSF at 30 June 2017 was greater than $1 million, reporting will be required. Any events that occur within each quarter will be required to be reported to the ATO within 28 days after the end of the specific quarter in which the event occurred.

Where all members of an SMSF have a total superannuation balance (in pension phase) of less than $1 million, the SMSF can report this at the same time as when its Annual return is due.

All super funds, including SMSFs will be required to report transfer balance cap (TBC) events via the TBAR, which can be submitted via one of the three following channels:

  • A paper form
  • An online form
  • Bulk data exchange

Please contact our office for more information.

R&D Tax Incentive Overhaul

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The Research and Development (R&D) tax incentive is an offset designed to encourage eligible companies to undertake R&D activities that are likely to benefit Australia’s wider economy. It provides a tax offset to eligible companies that conduct eligible R&D activities which are classified as experimental activities that are conducted in a scientific way for the purpose of generating new knowledge of information.

Since its implementation, successive governments have undertaken reviews into the effectiveness of the incentive. The 2016 Review of the R&D Tax Incentive and 2018 Innovation and Science Australia 2030 Strategic plan found the R&D tax incentive did not fully meet its policy objectives of inducing business research and development expenditure beyond “business as usual” activities”.

As a response to the reports, the government announced in the 2018 Budget that it will be overhauling the R&D tax incentive to better target the program and ensure its integrity. In short, in draft legislation released, the government has proposed an introduction of an “R&D premium”, which is the rate of the non-refundable offset plus the applicable company tax rate. The premium will depend on the aggregated annual turnover of the company as well as the R&D “intensity” in some cases.

For companies with an aggregated annual turnover of $20m or more, the R&D premium will be based on R&D intensity, calculated as a proportion of eligible R&D expenditure (up to $150m) and total expenditure (which will be based on the tax returns of the company applying for the incentive). The company will be entitled to differing percentage points of the non-refundable offset based on the intensity of the R&D activity varying from 4 percentage points for 0% to 2% intensity, to 12.5 percentage points for intensity above 10%.

For companies with aggregated annual turnover below $20m, the refundable R&D offset will be a premium of 13.5 percentage points above the applicable company tax rate. However, cash refunds from the refundable R&D tax offset will be capped at $4m per year and those amounts that cannot be refunded can be carried forward as a non-refundable tax offset to use in future income years. It has also been proposed that clinical trials will be exempted from the $4m refund cap, provided it satisfies the Therapeutic Goods Administration definition of a clinical trial.

The government said it was “committed to backing R&D investment and the economic opportunities and jobs it generates. At the same time, we need to make sure that the investment of taxpayers’ money is well targeted by encouraging companies to do more, and not just be rewarded for R&D they would have conducted without an incentive…by better targeting R&D investment, these changes will lead to new ideas, products, services and jobs.”

The proposed overhaul has been met with a subdued response from various industry groups, particularly in the technology and digital space which see the proposed changes as potentially being limiting. There is concern that start-ups that incur high R&D costs prior to earning significant income may worse off as the refund cap could reduce their cash flow at a time when they need it the most.

Does your company claim R&D?

If your company claims the R&D tax offset currently and you would like to know how the changes may affect you, we can help. Or maybe you are in the middle of setting up your own digital start-up would like some help in understanding the R&D tax incentive offset, we are here for you.

Tax Time Focus Areas for Individuals

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It’s tax time again, as you gather your receipts and other assorted tax documents, you should also turn you mind to what the ATO is paying close attention to this year. This year, the ATO is focusing on taxpayers who claim “other” work-related expense deductions at label D5 on individual tax returns.

According to the ATO, taxpayers need to be able to show that they spent the money themselves and were not reimbursed, the expense was directly related to earning their income, and they have a record to prove it. Where the expense is for both work and private use, only the work-related portion can be claimed. The ATO urges taxpayers to remember that they are not automatically entitled to claim standard deductions and that all expenses need to be substantiated.

As a part of their focus on other work-related expense claims, the ATO will also be closely scrutinising work-related car expenses which around 3.75m individuals claimed in 2016-17 totalling $8.8bn. Assistant Commissioner Kath Anderson said:

“While most people want to do the right thing, we know the rules can be a bit tricky for some and we are seeing a lot of mistakes. We are particularly concerned about taxpayers claiming for things they are not entitled to, like private trips, trips they didn’t make, and car expenses that their employer paid for or reimbursed.”

There are two ways a deduction for car expenses can be calculated under tax law, the cents-per-kilometre method (which limits claims for work-related travel up to 5,000 km) and the log-book method in which a log book is kept for a continuous 12-week period to determine the work-related percentage of the actual expenses incurred.

Around 870,000 individuals claim the maximum amount under the cents-per-kilometre method each year, and the ATO is concerned that there is an erroneous belief among taxpayers that the maximum claim is a standard deduction that does not require evidence of any travel. While it notes that using the cents-per-kilometre method does not require a log book, taxpayers will still need to show evidence of the number of kilometres travelled by using a diary for example, if required.

This year, the ATO is using enhanced technology and data analytics to identify unusual claims, which includes comparing taxpayers to others in similar occupations earning similar incomes. It says its models are particularly useful in identifying individuals claiming things like home to work travel or trips not required as a part of their work.

The ATO is advising taxpayers that it may request proof that the travel for work was required, this is especially significant in circumstances where individuals may claim the transport of bulky tools or equipment as required by their work. It warns individuals this year, it’ll be on the lookout for false logbooks, claiming home to work travel, claiming for expenses paid for by the employer, incorrect claiming of home to work travel where bulky tools are not involved, and claiming expenses for a car which is under a novated lease.

Need help at tax time?

Bring in your receipts and associated tax documents, we can help you navigate the murky water of deductions and get you the maximum claim you are entitled to. If you’re thinking of claiming other work-related expenses or car expenses this year, let us look over your claim to make sure it’s all above board to avoid a future ATO investigation.

Downsize to Boost your Super

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Now all the kids have all flown the coop and you’re left with an empty nest, it might be a good time to consider downsizing to pursue that ultimate retirement dream; fishing beside a river, surfing every morning, or getting up to that fresh country air. Your dream could be one step closer with the measure to allow people to make additional super contributions from the proceeds to selling their home.

From 1 July 2018, people aged 65 or over will make able to make additional non-concessional contributions of up to $300,000 from downsizing their home subject to certain conditions:

  • the principle place of residence must have been held for a minimum of 10 years and located in Australia;
  • contribution must be an amount equal to all or part of the capital proceeds of sale of an interest in a qualifying dwelling in Australia;
  • any capital gain or loss from the disposal of the dwelling must have qualified (or would have qualified) for the main residence CGT exemption in whole or part;
  • contribution must be made within 90 days of disposing the dwelling (a longer time period may be allowed by the Commissioner);
  • a choice is made to treat the contribution as a downsizer contribution and the complying superannuation fund is notified in the approved form of this choice either before or at the time the contribution is made; and
  • the contributing individual has not previously made downsizer contributions or has had one made on their behalf, in relation to an earlier disposal.

The advantage with downsizer contributions is that the contribution is neither a concessional nor a non-concessional contribution, so if you have already reached your concessional or non-concessional contributions caps for the year, you are still able to make a contribution through the downsizer scheme, provided you meet all the conditions.

If you and your spouse jointly own a home, and decide to downsize, you can both benefit from this measure. For downsizing the same home, you and your spouse could potentially contribute a maximum of $600,000 into your individual super funds or SMSF. The other advantage with this measure is that the restrictions on non-concessional contributions for people with total superannuation balances above $1.6 million will not apply. Therefore, the total superannuation balance of the individual will also not affect their eligibility to make a downsizer contribution. However, any downsizer contributions will still be subject to the $1.6 million pension transfer balance cap.

Does this measure seem too good to be true? Well, there is also the Age Pension side you should be aware of. Currently, the family home is totally exempt from the Age Pension assets test, however, downsizer contribution may count towards the Age Pension asset test and any changes in your superannuation balance as a result of using this measure may also count towards the Age Pension Asset test.