60,000 tax cheat tip-offs Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year.   Common problem [...]

Who owns the assets of a trust? It’s not uncommon for people to put assets such as their family home into a trust, particularly professionals working in litigious fields or family groups wanting to protect assets. A recent case highlights some of the tax problems that can occur.   The taxpayer in this case had [...]

Laundry expenses hung out to dry The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims.   “Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many of these claims will be [...]

New pay rates from 1 July New pay rates came into effect from 1 July 2019 with the minimum wage increasing by 3% from the first full pay period. The new national minimum wage is now $740.80 per week or $19.49 per hour. The national minimum wage applies to employees who aren’t covered by an [...]

Super, insurance and exit fees: The 1 July changes From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner.   These changes [...]

Single touch payroll exemption for directors and family members The ATO has provided a concession from single touch payroll for payments by small employers to closely held payees.   Single touch payroll (STP) was extended to cover all employers on 1 July 2019. For directors of their own company or for family businesses employing family [...]