Single Touch Payroll Update

The ATO has reminded employers that legislation has been passed to extend Single Touch Payroll ('STP') to include all employers from 1 July 2019.

This will be a gradual start, and not all employers will start reporting at the same time.

Corporate Secretarial, Financial Accounting, TaxationJPR BUSINESS GROUP21 June 2019stp, single touch payroll, Tax, Taxation, payroll, EOFY

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.

Taxation, Financial Accounting, Corporate SecretarialJPR BUSINESS GROUP6 June 2019Tax, australian tax office, audit

Tax time: Are you right 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 key issues for you, your business and your SMSF.

Corporate Secretarial, Financial Accounting, Superannuation, TaxationJPR BUSINESS GROUP6 June 2019Tax, tax deductions, Taxation, australian tax office, ATO, superannuation

Rental deductions - the ATO cracks down with double the audits

4,500 audits of rental property deductions will be undertaken this year with the focus on over-claimed interest, capital works claimed as repairs, incorrect apportionment of expenses for holiday homes let out to others, and omitted income from accommodation sharing.

Investment, TaxationJPR BUSINESS GROUP2 May 2019investment property, rental property, ato, audit, australian tax office

Tax & Super: Let's look at what a Labor Government would do

One of the more controversial measures announced by the ALP is the reforms to the dividend imputation credit system to remove refundable franking credits from shares. The measure, as announced, would apply to individuals and superannuation funds, and exclude Australian Government pension and allowance recipients, and tax-exempt bodies such as charities and universities

Financial Accounting, Investment, New Business, Superannuation, TaxationJPR BUSINESS GROUP2 May 2019Tax, self managed super funds, superannuation, Taxation, ato, australian tax office, business, small business, SMSF, family business, negative gearing

2019-20 Federal Budget: What's in it for you?

On Tuesday 2 April Federal Treasurer Josh Frydenberg handed down his first budget. So what’s in it for you?

Superannuation, Taxation, New Business, Financial AccountingJPR BUSINESS GROUP4 April 2019federal budget, budget, tax, taxation, government, ato

Benefits during emergencies exempt from FBT

If your business assists employees during an emergency, for example floods, bushfires etc., then fringe benefits tax is unlikely to apply to the assistance you provide. While we doubt anyone would be thinking about FBT during a crisis, it’s good to know that the tax system does not disadvantage your generosity.

TaxationJPR BUSINESS GROUP7 March 2019FBT, Taxation, Tax, ATO

Legislation in limbo

The February 2019 Parliamentary sitting days were the last opportunity before the Federal Budget for the Government to introduce or push through new legislation. Next month, on 2 April, Parliament reconvenes for the Federal Budget and it’s likely that an election will be called very soon after that (18 May 2019 is the last possible date for the election of the House of Representatives). Any legislation that has not passed when the election is called basically goes back to the drawing board and may never be enacted.

Financial Accounting, Superannuation, TaxationJPR BUSINESS GROUP7 March 2019taxation, FBT, superannuation, SMSF, CGT, Capital Gains Tax

Single touch payroll extended to all employers

From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts.

Financial Accounting, Corporate Secretarial, TaxationJPR BUSINESS GROUP7 March 2019payroll, single touch payroll, salary, PAYG, tax, australian tax office, ATO

You’ve been scammed, hacked or breached!

Another year, another scam. While data driven crime is more sophisticated and difficult to address than ever, human error and judgement remains one of the major problems.

Taxation, Financial Accounting, Community, Business DevelopmentJPR BUSINESS GROUP7 February 2019cyberlaw, cyber security, cyber, scam, cyber scam, medicare, ato