Managing business cash flow
The ATO has issued a reminder to businesses It asserts that paying regular attention to record-keeping and reporting tasks will help firms better manage their cash flow and allow them to plan for the future. The best way to make sure a business has enough cash available to meet its tax and other obligations is […]
ATO support for employers with expansion of STP
STP Phase 2 As part of the expansion of Single Touch Payroll (known as STP Phase 2), from 1 January 2022, employers will need to report additional payroll information in their STP reports including: disaggregation of gross amounts (including separate reporting of paid leave, allowances, overtime, directors’ fees and salary sacrifice amounts); employment and taxation […]
Additional ATO support during COVID-19
ATO COVID-19 support The ATO is providing additional support to taxpayers having difficulty meeting their tax and superannuation guarantee charge obligations for employees because of COVID-19. Available support includes the following: Lodgment or payment support options – for example, payment plans or remitting interest and penalties. Varying PAYG instalments – The ATO will not apply […]
New sharing economy reporting regime
The ‘gigs up’ with a new sharing economy reporting regime Treasury has released draft legislation introducing the long-awaited third party reporting regime (proposed to apply from 1 July 2022). The new regime will initially require ride-sharing and short term accommodation online platform operators to report transactions they facilitate directly to the ATO. This measure was […]
Single Touch Payroll (STP) Phase 2 reporting
Learn what STP Phase 2 means for you Single Touch Payroll (STP) Phase 2 reporting starts 1 January 2022. If you employ staff, you’ll need to be ready for this change. New guidelines that explain the changes are now available to help. STP Phase 2 reporting means changes to the way you report amounts paid to […]
Taxable Payments Annual Reporting
Taxable Payments Annual Reports (‘TPARs’) due 28 August 2021 TPARs are due to be lodged for businesses who have paid contractors to provide the following services: building and construction; cleaning; courier, delivery or road freight; information technology (‘IT’); or security, surveillance or investigation. With specific reference to the TPAR due on 28 August 2021, the […]
ATO loses case on JobKeeper and backdated ABNs
JobKeeper claims and backdated ABNs On 24 March 2021, the Full Federal Court handed down its decision in a decisive case. It concerned the requirement that an entity claiming JobKeeper must have had an ABN on 12 March 2020, or a later time allowed by the ATO. The Registrar of the Australian Business Register had […]
ATO’s taxable payments reporting system update
Taxable payments annual report (‘TPAR’) for the 2020 financial year The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgement requirements under the taxable payments reporting system (‘TPRS’) for 2019/20. The TPRS is a black economy measure designed to assist the ATO to identify contractors who don’t report or under-report […]
Property inspections – are physical inspections necessary?
COVID-19 and tax depreciation reports Where a physical inspection of premises is not performed, this increases the risk of deductions being missed or errors being made. Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and depreciation deductions available to them under the tax law […]
Single Touch Payroll developments
Further STP developments In an indication of the far-reaching changes that Single Touch Payroll (STP) will be bringing, Treasury has recently finished consulting on draft legislation that expands the data that may be collected through STP by the ATO (as announced in the 2019/20 Budget). The legislation, if enacted, will broaden the amounts that employers […]
