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04-Jun-2019 Anderson & Associates

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Big Tax Law Changes – No tax deductions if you don’t meet your tax obligations

There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia.

04-Jun-2019 Anderson & Associates

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New Minimum Wage Rate from 1 July 2019

The Minimum Wage Panel on 30 May 2019 handed down its minimum wage decision for 2019.

31-May-2019 Anderson & Associates

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ATO reminds SMEs about paying super for backpackers

The ATO has reminded businesses that employ backpackers that they may need to pay superannuation guarantee for them.

31-May-2019 Anderson & Associates

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Cryptocurrency: record keeping requirements and data matching program

The Commissioner has published a gazette notice setting out the record keeping requirements for cryptocurrency owners and traders. The data obtained from cryptocurrency designated service providers is being used to identify the buyers and sellers of crypto-assets and quantify the related transactions.

31-May-2019 Anderson & Associates

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Ombudsman calls on ATO to cease small business recovery action

The Ombudsman has called for the ATO to immediately cease debt recovery action where tax disputes were before the AAT. The ATO states that its long standing policy on debt recovery for cases in dispute at the AAT is to only pursue disputed debt in "exceptional circumstances" and that there are only ''very rare cases''.

31-May-2019 Anderson & Associates

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Payment summaries and Single Touch Payroll this tax time

For the first time, as a result of the introduction of Single Touch Payroll (STP), taxpayers may need a myGov account in order to get the payment summary details they need to complete their 2019 tax returns.

31-May-2019 Anderson Associates

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Requirement registered to lodge 2019 tax and other returns

The Notice of Requirement to Lodge a Return for Income Year Ended 30 June 2019 has been registered. This covers income tax returns and other lodgements.

31-May-2019 Anderson & Associates

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STP exemptions and deferrals – ATO reminders

With reported unpreparedness for (STP), mainly among small businesses, the ATO has reminded businesses about the STP exemptions and deferrals that are available.

31-May-2019 Anderson & Associates

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Super death benefit for de facto partner upheld

The Federal Court has dismissed an appeal against a decision to pay a superannuation death benefit pension to a deceased’s de facto partner instead of a lump sum to his estate. It was not satisfied that the Tribunal had misunderstood its task or failed to take into account all the circumstances of the relationship.

23-May-2019 Anderson & Associates

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BUSINESSES: 2019 Tax Planning + How a Coalition Federal Election win will affect You

Now that the Federal Election has been won by the Coalition, our combined focus needs to be on how you can save tax before 30 June 2019!

23-May-2019 Anderson & Associates

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INDIVIDUALS: 2019 Tax Planning + How a Coalition Federal Election win will affect You

Now that the Federal Election has been won by the Coalition, many people are wondering about how this affects their tax position this year.

While the Coalition have promised company tax cuts and individual tax cuts, the majority of these are planned for a few years’ time.

08-May-2019 Anderson & Associates

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Monthly update for Individuals

The following information is new on ato.gov.au since the last update

06-May-2019 Anderson & Associates

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Thoughts for the year ahead – Tax + Wealth in 2019

There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election.

07-Mar-2019 Anderson & Associates

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Single Touch Payroll reporting for small businesses: get ready!

Legislation has recently passed to bring in STP reporting for all small employers from 1 July 2019.

18-Feb-2019 Anderson & Associates

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Thoughts for the year ahead – Tax + Wealth in 2019

There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election.

01-Feb-2019 Anderson & Associates

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GST on Property Developments involving Government

The ATO is reviewing GST payments for arrangements where property developers acquire land from government entities.

31-Jan-2019 Anderson & Associates

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ATO issuing excess Super Contributions Determinations

The ATO has begun issuing determinations for individuals’ excess concessional contributions to super for the 2017–2018 financial year.

31-Jan-2019 Anderson & Associates

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Genuine Redundancy Payments

The Federal Government intends to align genuine redundancy and early retirement scheme payments with the Age Pension qualifying age.

31-Jan-2019 Anderson & Associates

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Home office running expenses and Electronic Device expenses

The ATO has released updated guidance on tax-deductible home office and electronic device expenses.

31-Jan-2019 Anderson & Associates

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New “work test” exemption for recent retirees

From 1 July, a new 12-month exemption from the work test for new retirees aged 65–74 with total super below $300,000 will give many older Australians extra time to boost their super.

31-Jan-2019 Anderson & Associates

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Resolving tax disputes: Government to Help Small Businesses

The Federal Government intends to make it easier, cheaper and quicker for small businesses to resolve tax disputes with the ATO.

31-Jan-2019 Anderson & Associates

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Reviewing the tax treatment of Granny Flats

Homeowners may have to pay CGT where there is a formal agreement for a family member to reside in their home; the Board of Taxation will review this treatment.

31-Jan-2019 Anderson & Associates

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Small business tax offset: Avoiding Errors when claiming

The ATO has issued tips for avoiding common errors when reporting net small business income and claiming the small business income tax offset for unincorporated small businesses.

31-Jan-2019 Anderson & Associates

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Tax clinic trial to reduce tax regulatory burden

The Federal Government has allocated $1 million to set up 10 tax clinics at Australian universities under a trial program.

03-Dec-2018 Anderson & Associates

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ATO Information Sharing of Super Assets in Family Law Proceeding

An electronic information-sharing mechanism to allow super assets to be more swiftly and accurately identified during family law proceedings.

03-Dec-2018 Anderson & Associates

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ATO SCAM ALERT: Fake Demands for Tax Payments!

The ATO has warned taxpayers and their agents to be on high alert for tax scams.

03-Dec-2018 Anderson & Assciates

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CGT on Grant of Easement or Licence

Taxation Determination TD 2018/15 considers the CGT consequences of granting an easement, profit à prendre or licence over an asset.

03-Dec-2018 Anderson & Associates

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First Home Super Saver scheme and Downsizer Super Contributions: ATO guidance

The ATO has issued guidance to provide information about how the First Home Super Saver and downsizer contribution schemes work.

03-Dec-2018 Anderson & Associates

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Government announces Super Refinements

The Government will amend the super tax laws to to address some minor but important issues, as part of the ongoing super reforms.

03-Dec-2018 Anderson & Associates

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Government to Establish $2 Billion fund for Small Business Lending

The Government has announced it will establish new funds to provide longer-term equity funding for small businesses.

03-Dec-2018 Anderson & Associates

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GST reporting: Common Errors and how to Correct them

Some businesses are making simple mistakes reporting their GST.

03-Dec-2018 Anderson & Associates

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Small business corporate tax rates Bill is now Law

Eligible corporate taxpayers will pay 25% in 2021–2022, rather than from 2026–2027.

03-Dec-2018 Anderson & Associates

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Work-related Deductions Down for 2018

The ATO has reported a decline in the overall value of work-related deductions for tax time 2018.

07-Nov-2018 Anderson & Associates

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ATO Expects 200,000 to Miss Out on Refunds by Failing to Lodge

The ATO expects that 200,000 people could miss out on a tax refund this year because they haven’t lodged a tax return.

07-Nov-2018 Anderson & Associates

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ATO Set to Issue Excess Super Contribution Determinations

The ATO has started issuing excess concessional contributions determinations for 2017–2018.

07-Nov-2018 Anderson & Associates

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Australian Small Business White Paper: Tax Reform a Key

The Institute of Public Accountants (IPA) and the IPA Deakin SME Research Centre have recommended a range of tax reforms

07-Nov-2018 Anderson & Associate

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Black economy: Electronic Sales Suppression tools now Banned

Electronic sales suppression tools that misrepresent or hide business income are now banned.

07-Nov-2018 Anderson & Associates

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Bringing Forward Business Tax Cuts and Small Business Offset

The Government and Labor have agreed to bring forward planned small business tax cuts; reductions in the corporate tax rate and small business offset have also been accelerated.

07-Nov-2018 Anderson & Associates

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Residential Rental Property Travel Expenses

Non-business travel costs connected to residential rental properties are not deductible; the ATO has released new guidance.

07-Nov-2018 Anderson & Associates

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Super Work Test Exemption for Recent Retirees

07-Nov-2018 Anderson & Associates

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Taxing Compensation Received for Inappropriate Advice

The ATO has published information about how tax applies for people who receive compensation from financial institutions.

07-Nov-2018 Anderson & Associates

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Transfer balance cap: ATO highlights admin issues

ATO Assistant Commissioner Superannuation Tara McLachlan has given a speech on “Administration issues under the transfer balance cap”.

02-Oct-2018 Anderson & Associates

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$20,000 instant asset write-off for SBEs extended by 12 months

The Government will extend the current instant asset write-off ($20,000 threshold) for small business entities (SBEs) by 12 months to 30 June 2019. This applies to businesses with aggregated annual turnover less than $10 million.

02-Oct-2018 Anderson & Associates

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ATO Data Analytics and Prefilling

A closer look at the methods that help to process tax returns and correct mistakes.

02-Oct-2018 Anderson & Associates

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Banking Royal Commission: Possible Super Contraventions

Closing submissions on super entities set out the relevant evidence in relation to the 17 entities examined

02-Oct-2018 Anderson & Associates

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Claiming work-related expenses

ATO education campaign to help correctly claim work-related expenses using its guides and tool kits.

01-Oct-2018 Anderson & Associates

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Cryptocurrency and Tax: Updated Guidelines

The ATO has updated its tax guidelines for cryptocurrency transactions.

01-Oct-2018 Anderson & Associates

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Illegal phoenix activity: public examinations in Federal Court matter

Public examinations of more than 45 entities have commenced in the Federal Court.

01-Oct-2018 Anderson & Associates

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Parliamentary committee recommends standard tax deduction, “push return” system

The Parliamentary Standing Committee on Tax and Revenue’s report on taxpayer engagement with the tax system recommends transitioning towards a standard tax deduction and a “push return” tax system.

01-Oct-2018 Anderson & Associates

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SMSF Association Technical Day Speech

ATO Assistant Commissioners’ update on SMSF issues and practical considerations

01-Oct-2018 Anderson & Associates

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The ATO as SMSF Regulator: Observations

Observations from the ATO Deputy Commissioner, Superannuation, at the National SMSF Conference in Melbourne.

30-Jul-2018 Anderson & Associates

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ATO gives small businesses the chance to seek independent review of ATO audit position

The ATO is running a 12-month pilot to extend its independent review service to certain small business taxpayers.

30-Jul-2018 Anderson & Associates

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ATO warns about scammers at tax time

Taxpayers should be on “high alert” for tax-related scams at tax time.

30-Jul-2018 Anderson & Associates

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Government launches new service to simplify business registrations

The new stand-alone service provides a simpler and clearer way to register a business.

30-Jul-2018 Anderson & Associates

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GST exemption for offshore sellers of hotel bookings to be removed: draft legislation released

The proposed new rules will ensure offshore sellers of hotel accommodation in Australia calculate their GST turnover in the same way as local sellers.

30-Jul-2018 Anderson & Associates

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Illegal early access to super: ATO warning about scammers

Taxpayers are urged to be aware of scammers who promise to organise access to retirement savings for a fee.

30-Jul-2018 Anderson & Associates

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Illegal phoenix activity costs billions; new Phoenix Hotline

The ATO estimates the annual direct impact of illegal phoenix activity and establishes a hotline for reporting phoenix behaviour.

30-Jul-2018 Anderson & Associates

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Income tax residency rules for individuals: Board of Taxation recommends reform measures

The Board of Taxation’s recently published report makes recommendations to modernise and simplify the rules.

30-Jul-2018 Anderson & Associates

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Retirement income covenant needs more flexibility: KPMG

KPMG has released a submission in response to the Treasury position paper on the proposed retirement income covenant announced as part of the 2018–2019 Budget.

30-Jul-2018 Anderson & Associates

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Super funds deliver healthy returns for 2017–2018

Funds in the “growth” category continue to provide strong positive returns.

30-Jul-2018 Anderson & Associates

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Tax gap for individuals is $8.8 billion, says ATO

The ATO has estimated the size of the “tax gap” between the tax the ATO collects and the amount it would collect if all taxpayers fully complied with the law.

30-Jul-2018 Anderson & Associates

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Transacting with Cryptocurrency: updated ATO info

The ATO has updated the information on its website dealing with capital gains tax and cryptocurrency.

02-Jul-2018 Anderson & Associates

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Advisory Board to help clamp down on the black economy

The Government is establishing a new Advisory Board to support its reform agenda to disrupt the black economy.

02-Jul-2018 Anderson & Associates

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Business lending practices in spotlight at Royal Commission

Bank lending practices for small and medium enterprises (SMEs) were in the spotlight when the Financial Services Royal Commission (FSRC) held its third round of public hearings in late May. These hearings focused on the conduct of financial services entities providing credit to SMEs.

02-Jul-2018 Anderson & Associates

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Major ATO focus on work-related clothing and laundry this tax time

This tax time, the ATO will be closely examining claims for work-related clothing and laundry expenses.

02-Jul-2018 Anderson & Associates

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Personal tax cuts now law

The legislation to enact the Government’s seven-year personal income tax reform plan, as announced in the 2018 Federal Budget, passed Parliament on 21 June 2018.

02-Jul-2018 Anderson & Associates

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SMSF compliance: don’t slip up

With the self managed superannuation fund (SMSF) annual return lodgment deadline upon us, minds should have already turned to meeting compliance requirements. The 2016–2017 financial year includes a few twists and turns which trustees should factor in to avoid late lodgement.

02-Jul-2018 Anderson & Associates

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Superannuation system: Productivity Commission draft report

The Productivity Commission has released a draft report that recommends a range of changes to improve Australia’s superannuation system.

25-May-2018 Anderson & Associates

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Government announces introduction of one-off 12 month amnesty for super guarantee underpayment

The government has announced that it is introducing a one-off, 12 month amnesty for historical underpayment of the super guarantee.

10-May-2018 Anderson & Associates

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ATO assessments issued for excess super pension balances

The ATO has started issuing excess transfer balance (ETB) tax assessments to self managed super fund (SMSF) members, or their agents, who had previously received an ETB determination and rectified the excess.

ATO closely examines work-related car expenses

The ATO is concerned about taxpayers making mistakes or deliberately lodging false claims for work-related car expenses, and has announced it will be closely examining claims for these expenses in 2018 tax returns.

10-May-2018 Anderson & Associates

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Banking Royal Commission wraps up evidence on financial advice

The Banking Royal Commission has wrapped up its two weeks of hearings focused on financial advice.

10-May-2018 Anderson & Associates

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Businesses, get ready: GST on low value goods

From 1 July 2018, GST will be imposed on the supply low value goods from outside of Australia to Australian consumers. Businesses need to be ready for this change.

10-May-2018 Anderson & Associates

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CGT main residence exemption to disappear for non-residents

A person’s Australian tax residency status may be about to assume a whole new meaning.

10-May-2018 Anderson & Associates

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Data matching finds taxpayers with unnamed Swiss bank accounts

More than 100 Australians have been identified as “high risk” and will be subject to ATO investigation because they have links to Swiss banking relationship managers who are alleged to have actively promoted and facilitated tax evasion schemes.

10-May-2018 Anderson & Associates

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Financial Complaints Authority takes shape

Minister for Revenue and Financial Services Kelly O’Dwyer has announced the authorisation of the new financial dispute resolution scheme, the Australian Financial Complaints Authority (AFCA), which will start accepting complaints from 1 November 2018

10-May-2018 Anderson & Associates

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Government to increase civil penalties for white-collar crime

In response to recent Senate Economics References Committee and Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce reports, the Federal Government has agreed to increase the civil penalties for corporate and financial misconduct (white-collar crime), for both individuals and bodies corporate.

10-May-2018 Anderson & Associates

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Residential rental property travel expense deduction changes

Recent changes to Australian tax law mean that individuals, self managed superannuation funds (SMSFs) and “private” trusts and partnerships can longer claim tax deductions for non-business travel costs related to their residential rental properties

09-May-2018 Anderson & Associates

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2018 Budget - Business Taxation

Important annoucements relating to business taxation from the 2018 Budget announcement which may affect you.

09-May-2018 Anderson & Associates

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2018 Budget - Superannuation

Important announcements from the 2018 budget regarding superannuation which may affect you.

09-May-2018 Anderson & Associates

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2018 Budget - Tax compliance and integrity

Important announcements regarding Tax Compliance and Integrity from the 2018 Budget which may affect you.

09-May-2018 Anderson & Associates

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Personal tax rates: staged seven-year reform plan starting from 2018–2019

In the 2018–2019 Budget, the Government announced a raft of new measures relating to personal taxation, please find the important announcements below which may affect you.

30-Apr-2018 Anderson & Associates

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What every employer needs to know about Fringe Benefit Tax

10-Apr-2018 Anderson & Associates

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"Transition to retirement" pensions to become simpler

In welcome news for superannuation members, the government has announced plans to simplify the payment of transition to retirement income streams (TRISs) so that they will always be permitted to automatically revert to a dependant upon the death of the original pensioner

10-Apr-2018 Anderson & Associates

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ATO Embarking on e-Audits

The ATO has recently published information about the “e-Audit” technology it uses as part of its tax compliance activities.

10-Apr-2018 Anderson & Associates

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ATO releases latest small business benchmarks

The ATO has released its latest small business benchmarks, providing over 100 different industries with average cost of sales and average total expenses.

10-Apr-2018 Anderson & Associates

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Capital gains tax withholding: updated information for trustees

The foreign resident capital gains tax (CGT) withholding regime requires purchasers of Australian property to withhold an amount from the purchase price (for remission to the ATO) if the vendor is a foreign resident.

10-Apr-2018 Anderson & Associates

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Court finds pay-as-you-go amounts "withheld" from salary payments

The Federal Court has ruled that pay-as-you-go (PAYG) amounts were “withheld” from a taxpayer's salary payments so that she was entitled to a tax credit, despite the amounts never being remitted or notified to the ATO by her employers.

10-Apr-2018 Anderson & Associates

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Goods and services tax on low-value imported goods

From 1 July 2018, goods and services tax (GST) will apply to some offshore supplies of goods valued at $1,000 or less that are purchased by consumers and brought into Australia.

10-Apr-2018 Anderson & Associates

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Single Touch Payroll reporting: ATO urges employers to get ready

The ATO is urging employers with 20 or more employees to start preparing now for the Single Touch Payroll (STP) reporting regime, which will be mandatory from 1 July 2018

10-Apr-2018 Anderson & Associates

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Super guarantee: ATO compliance approach to non-payment

The ATO has released a fact sheet explaining its compliance approach to employers who fail to meet their superannuation guarantee (SG) obligations.

10-Apr-2018 Anderson & Associates

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Superannuation rates and thresholds for 2018–2019

We summarise some of the key superannuation rates and thresholds for the upcoming financial year:

01-Mar-2018 Anderson & Associates

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ATO now issuing excess transfer balance determinations

The ATO has advised that is now sending out excess transfer balance (ETB) determinations to individuals who have exceeded their superannuation transfer balance cap and not taken steps to remove the excess amount.

01-Mar-2018 Anderson & Associates

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Bill to change residential property GST arrangements

A Bill has been introduced into Parliament that, when passed, will require purchasers of new residential premises and new subdivisions of potential residential land to pay the goods and services tax (GST) on the purchase directly to the ATO as part of the settlement process from 1 July 2018.

01-Mar-2018 Anderson & Associates

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Bill to implement housing affordability CGT changes

As part of the 2017–2018 Budget, the Federal Government announced a range of reforms intended to reduce pressure on housing affordability

01-Mar-2018 Anderson & Associates

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Changes to small business CGT concessions

Treasury has released draft legislation to make sure that taxpayers will only be able to access the small business CGT concessions for assets that are used (or held ready for use) in the course of a small business or are an interest in a small business

01-Mar-2018 Anderson & Associates

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Corporate tax avoidance: latest ATO targets

The ATO has provided an update on its latest focus areas and the compliance projects it is undertaking to reduce corporate tax avoidance.

01-Mar-2018 Anderson & Associates

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Moving to combat the black economy

The Black Economy Taskforce was established in 2017 “to develop an innovative, forward-looking whole-of-government policy response to combat the black economy in Australia, recognising that these issues cannot be tackled by traditional tax enforcement measures alone"

01-Mar-2018 Anderson & Associates

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Social security means testing of lifetime retirement income streams

The Department of Social Services (DSS) has released its proposed means testing rules for pooled lifetime retirement income streams.