News

The ATO has notified taxpayers that, from 19 January 2017, newly registered small businesses have the option to report less GST information on their business activity statement (BAS). Therefore, if you plan to register for GST after receiving this Update, we can help you access the reporting benefits of the simpler BAS early. From 1...

The ATO has released a public taxation ruling covering the ATO’s views on the deductibility of expenditure incurred in acquiring, developing, maintaining or modifying a website for use in the carrying on of a business. Importantly, if the expenditure is incurred in maintaining a website, it would be considered ‘revenue’ in nature, and therefore generally...

A ‘UPE’ (or ‘unpaid present entitlement’) arises where a trust makes a beneficiary entitled to an amount of the trust’s income (and therefore the beneficiary may have to pay tax on their share of the trust’s taxable income that year), but that amount has not been physically paid to the beneficiary. If the beneficiary never...

The ATO is collecting new data from financial institutions and online selling sites as part of its credit and debit cards and online selling data-matching programs, specifically: the total credit and debit card payments received by businesses; and information on online sellers who have sold at least $12,000 worth of goods or services. The ATO...

The Ride Sourcing data matching program has been developed to address the compliance risk of the registration, lodgement and reporting of businesses offering ride sourcing services as a driver. ‘Ride sourcing’ = Uber (basically). It is estimated that up to 74,000 individuals (‘ride sourcing drivers’) offer, or have offered, this service. The ATO will request...

From 1 January 2017, tax rates changed for working holiday makers who are in Australia on a 417 or 462 visa (these rates are known as ‘working holiday maker tax rates’). If a business employs a working holiday maker in Australia on a 417 or 462 visa, from 1 January 2017, they should withhold 15%...

See what you should be aware of and what the new laws could mean for your future goals. The government’s May 2016 Federal Budget proposals and several subsequent modifications to its plans around super reform passed through both houses of parliament at the end of November. With new regulations set to become part of Australian...

The government has finally legislated the tax cuts originally announced in the May 2016 Budget, so that the marginal tax rate of 37% now starts at $87,000. The following are the rates for adult residents for the 2016/17 income year (i.e., from 1 July 2016). Taxable income Tax on this income 0 – $18,200 Nil...

The government’s extensive changes to the taxation laws regarding superannuation were passed by Parliament on 23 November 2016.  According to the Treasurer, Mr Scott Morrison: “The superannuation reform package better targets tax concessions to make our superannuation system fair and sustainable, as the population ages and fiscal pressures increase. “The reforms include the introduction of...

The ATO has announced it is embarking on the following three (major) data matching programs. Share transactions data matching program The share transactions data matching program has been conducted since 2006 to ensure compliance with taxation obligations on the disposal of shares and similar securities.  The collection of transaction history data dating back to 20...