Epoch News
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...
ATO take ‘gloves off’ on overseas income
Five years ago the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged under-reporting as an issue. However, this time, the gloves are off. How you are taxed and what you are taxed on...
Rental property expenses – what you can and can’t claim
It's not uncommon for landlords to be confused about what they can and can't claim for their rental properties. What often seems to make perfect sense in the real world does not always make sense for the Australian Taxation Office (ATO). In general, deductions can...
The $11.1bn small business tax shortfall
Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated 'tax gap'. These new figures give visibility to tax compliance issues within the small business sector and indicate where we can expect ATO...
Personal income tax changes – what are you really entitled to?
The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they can access the $1,080 they now believe is owing to them. To date, more than 1.3 million returns have been processed with more than $3...
No FBT tax break for Uber-style ride sharing
When an employee uses a taxi service for travel to or from work or if the employee is sick, it is generally exempt from Fringe Benefits Tax (FBT) under the FBT taxi travel exemption. The question is, what about Uber and other ride sharing services, do they also...
Understanding the $10k cash payment limit
From 1 January 2020 the Government intends to restrict the value of cash payments a business make or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/or $25,200*. Payments of $10,000 or...
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...
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...
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...