​New FBT rates for the 2018/19 FBT year

Scott Robertson - Wednesday, May 23, 2018

The ATO has released Taxation Determinations setting out the following rates for the FBT year commencing on 1 April 2018. FBT: Benchmark interest rate The benchmark interest rate for the 2018/19 FBT year is 5.20% p.a., which is used to calculate the taxable value of: - A loan fringe be ..

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​Continued ATO focus on holiday home rentals

Chris Thorne - Tuesday, May 15, 2018

The ATO has recently advised that they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays” . While it confirms that the private use of holiday homes by friends and family is entirel ..

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Get ready for Single Touch Payroll

Scott Robertson - Thursday, May 03, 2018

Single Touch Payroll (or 'STP') is mandatory for 'substantial employers' (being those with 20 or more employees) from 1 July 2018. All employers are required to count the number of employees on their payroll on 1 April 2018 to find out if they are a substantial employer (note that this ca ..

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No need to actually 'downsize' for ‘downsizer contributions’

Scott Robertson - Thursday, April 12, 2018

From 1 July 2018 , individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was their main residence to make superannuation contributions (referred to as ‘downsizer contributions’), up to a maximum of $300,000 per person (i.e., up to $600,000 per couple), witho ..

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Inactive ABNs will be cancelled by the ATO

Chris Thorne - Thursday, April 05, 2018

The ATO has recently advised that, in an effort to maintain accurate data, the Australian Business Register (or ‘ABR’) periodically checks its records for Australian Business Numbers (‘ABNs’) and automatically cancels those that appear inactive. Ultimately, a taxpayer’s ABN may be cancelled i ..

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Super guarantee payable on ‘public holidays’ and ‘additional hours’

Scott Robertson - Monday, March 26, 2018

The Federal Court has held that superannuation guarantee contributions were payable with respect to the ‘additional hours’ and ‘public holidays’ component of annualised salaries paid by BlueScope Steel, on the basis that these particular components formed part of ordinary time earnings (‘OTE’).  ..

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New superannuation rates and thresholds released

Chris Thorne - Tuesday, March 20, 2018

The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will ..

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Taskforce to help digitise small business

Scott Robertson - Wednesday, February 21, 2018

The Government has established a Small Business Digital Taskforce, to be headed by entrepreneur Mark Bouris AM, to ensure more Australian small businesses can thrive in an increasingly digital economy. Mark Bouris said: “When a business begins to digitise and use digital tools, it opens up ..

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ATO warning regarding small business record-keeping

Chris Thorne - Monday, February 05, 2018

According to the ATO, of all of the things that can cause small businesses to fold, "high on that list is poor record keeping". More than half of the businesses they visited in their Protecting honest business campaign needed to improve their record keeping. Issues they found include busines ..

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Further 'affordable housing' measures passed

Scott Robertson - Wednesday, January 24, 2018

Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and also allowing older Australians to 'downsize' and then contribute the proceeds of the sale of their family home into superannuation. ..

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