The Government has released draft legislation on 'improving the integrity of GST on property transaction', as announced in the 2017/18 Federal Budget. They intend to amend the GST law so that, from 1 July 2018, pruchasers will withhold the GST on the purchase price of new residential premis ..
Following detailed consultation with the transport industry, the ATO has amended their determination for travel expenses for truck drivers to provide separate reasonable travel allowance expense amounts for breakfast, lunch and dinner for employee truck drivers for the 2017/2018 income year. ..
The ATO has announced that, from 1 July 2018, SMSF event-based reporting regards events impacting a member's transfer balance account (i.e., via a Transfer Balance Account Report) will be limited to SMSFs with members with total superannuation balances of $1 million or more. This reporting ..
The Government will introduce new laws to stop corporate misuse of the Australian Government’s Fair Entitlements Guarantee (FEG) scheme. The FEG scheme is an avenue of last resort that assists employees when their employer’s business fails and the employer has not made adequate provision f ..
The ATO has developed occupation-specific guides to help taxpayers understand what they can and can’t claim as work-related expenses, including: - C ar expenses - Home office expenses - Clothing expenses - S elf-education or professional development expenses. The guides are available f ..
The recent superannuation reforms introduced the concept of a 'transfer balance account', to basically record the value of member balances moving into or out of 'retirement phase'. In order to monitor these amounts, the ATO is introducing new reporting requirements and forms. The ATO has ..
The ATO generally issues activity statements by the end of the relevant month under their normal processes, allowing the statement to be lodged by 21 days after the end of the month, or 28 days after the end of the relevant quarter (as appropriate). However, the ATO recognises that there may b ..
The ATO finds that business tends to forget to update their Australian Business Number (ABN) details in the Australian Business Register (ABR) when their circumstances or details change, so they have asked that we contact our clients to help keep your ABN details up to date. In particular t ..
The ATO has released its latest taxation determination on reasonable travel expenses, and it includes a big change for employee truck drivers. For the 2017/18 income year, the reasonable amount for travel expenses (excluding accommodation expenses, which must be substantiated with written ..
The ATO is increasing attention, scrutiny and education on work-related expenses (WREs) this tax time. Assistant Commissioner Kath Anderson said: “We have seen claims for clothing and laundry expenses increase around 20% over the last five years. While this increase isn’t a sign that all o ..
- GST News
- Truck drivers' reasonable amounts for travel updated
- ATO relief for SMSFs reporting 'transfer balance account' events
- Reforms to stop companies avoiding employee entitlements
- ATO's occupation-specific guides
- Reporting of transfer balance account information
- Ability to lodge nil activity statements in advance
- Keeping ABN details up to date
- Change to travel expenses for truck drivers
- ATO warning regarding work-related expense claims for 2017