Super Guarantee Amnesty Resurrected The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action. Originally announced in May 2018 and running between [...]
When you start using Xero, you’ll wonder how you ever managed without it. We’re big fans here at Acme Accountants and know how happy clients are when they can see their cash flow situation whenever they want, send online invoices, pay bills and run their businesses more effectively. While we set up the basics for [...]
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 [...]
Tax time: Are you in the ATO’s sights? A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the [...]
How to Prepare for a Tax Office Visit The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy. This financial year, the ATO has visited 22 regions with another four in progress. Next financial year they plan on visiting over 10,000 businesses. [...]