PAYG withholding: new penalties for non-compliance
In 2017, a government taskforce on the black economy reported concerns that some Australian businesses are making payments to employees and contractors that are not being properly recorded. In response, the government has acted to deny deductions…
Selling an inherited property? Here are the rules
People who want to delay the sale of a dwelling they receive as a beneficiary of a deceased estate, so they can renovate or wait for the property market to pick up, will not get much sympathy from the Australian Taxation Office when it comes…
Playing to Win in the Gig Economy
What is the gig economy?
The gig economy is characterised by freelance and project-based work. Its players inhabit a constantly changing workscape and juggle a pastiche of jobs.
In some circumstances, gig economy workers have very little…
Dealing With An Excess Super Contributions Determination
Just when most people thought they had finalised their income tax obligations for 2017-18, the ATO has begun issuing determinations for individuals who exceeded their concessional super contributions cap. Concessional contributions include…
I'm Hiring! Getting the Most from the Gig Economy
What is the gig economy?
The gig economy is a labour market made up of an ad hoc workforce, including freelancers, contractors, sole traders and casual employees, who are engaged in short-term or project-based work. It includes workers whose…
Explanatory Memorandum December 2018
Work-related tax deductions down for 2018
The ATO has reported a decline in the overall value of work-related deductions for tax time 2018. In his opening statement to Senate Estimates on 24 October 2018, ATO Commissioner Chris Jordan said…
Client Alert - December 2018
Work-related tax deductions down for 2018
The ATO has reported a decline in the overall value of work-related deductions for tax time 2018. In his opening statement to Senate Estimates on 24 October 2018, Commissioner Chris Jordan said taxpayers…
Guidance on Superannuation measure for downsizer contributions
The ATO has released a ruling and a guidance note on the measure allowing downsizer contributions to be made into superannuation funds.
The ruling discusses these contributions and how the measure interacts with other income tax and superannuation…
ATO's Use Of Real-Time Data For SG Compliance
As technology improves, there's a continual move towards real-time data for enhanced and timely administration of the tax system, particularly in the superannuation sector.
The ATO is leveraging this real-time data and event-based reporting…
Director Identification Numbers Coming Soon
Being a director of a company comes with many responsibilities, this could soon increase with a government proposal to introduce a "director identification number" (DIN), a unique identifier for each person who consents to being a director.…