Coronavirus: Government announces new tax measures
ATO’s support measures to assist those affected by COVID-19 The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth billions of dollars. Some of the key tax measures include: From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 (for […]
Coronavirus Jobkeeper Payment
Federal Government offers $130b in coronavirus wage subsidies for businesses to pay workers The Government has announced a $130 billion JobKeeper payment to help keep more Australians in jobs and support businesses affected by the significant economic impact caused by the Coronavirus. Around 6 million workers will receive a fortnightly payment of $1,500 (before tax) […]
Coronavirus Economic Stimulus Package UPDATE
Supporting Australian workers and business The Commonwealth Government has released the second stage of its stimulus plan to cushion the economic impact of the coronavirus and help build a bridge to recovery. A total of $189 billion is being injected into the economy by all arms of Government in order to keep Australians in work […]
STP and superannuation guarantee
ATO actively using data to warn employers not paying required SG on time In a presentation at the Australian Institute of Superannuation Trustees Chairs Forum, the ATO’s Deputy Commissioner confirmed that as a result of STP, the ATO now has an “unprecedented level of visibility” of super information. In particular, the ATO’s examination of Super […]
Late SMSF annual returns to change Super Lookup ‘status
Super Lookup ‘status’ will change if SMSF annual returns are late The ATO considers the lodgement of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations. Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgement due date and […]
Super guarantee opt-out
Super guarantee opt-out for high-income earners now law From 1 January 2020, eligible individuals with multiple employers can apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap. If appropriate for them, they should submit the relevant ATO form to […]
The ATO hits the road
Could you be a black economy target? The ATO plans to visit almost 10,000 businesses this financial year in all States and Territories, across a variety of industries, as part of their strategy to deal with the black economy (they visited nearly 9,000 businesses in the 2018/19 financial year). According to Assistant Commissioner Peter Holt, […]
STP transition ended for large employers
STP transition year for large employers has ended Single Touch Payroll (STP) reporting started for large employers (20 or more employees) from 1 July 2018. The 12 month transition period for large employers to start STP reporting ended on 30 June 2019. The ATO will contact large employers who have yet to start reporting through STP and […]
Dodgy car claims
ATO “puts the brakes” on dodgy car claims The ATO is making work-related car expenses a key focus again during Tax Time 2019. Assistant Commissioner Karen Foat said over 3.6 million people made a work-related car expense claim in 2017/18, totalling more than $7.2 billion. “We are still concerned that some taxpayers aren’t getting the […]
Backpacker superannuation
Paying super to backpackers The ATO has issued the following reminders to employers, that backpackers on working holidays: are considered temporary residents, and are entitled to superannuation guarantee if they are paid $450 or more before tax in a calendar month; and who leave Australia can claim the super paid to them as a Departing […]
