GST News

Chris Thorne - Wednesday, December 13, 2017

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 ..

Read more

Truck drivers' reasonable amounts for travel updated

Scott Robertson - Thursday, December 07, 2017

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.  ..

Read more

ATO relief for SMSFs reporting 'transfer balance account' events

Scott Robertson - Monday, December 04, 2017

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  ..

Read more

Reforms to stop companies avoiding employee entitlements

Chris Thorne - Monday, November 13, 2017

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 ..

Read more

ATO's occupation-specific guides

Scott Robertson - Tuesday, November 07, 2017

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 ..

Read more

Reporting of transfer balance account information

Chris Thorne - Wednesday, November 01, 2017

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  ..

Read more

Ability to lodge nil activity statements in advance

Scott Robertson - Monday, October 23, 2017

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 ..

Read more

Keeping ABN details up to date

Chris Thorne - Friday, September 15, 2017

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 ..

Read more

Change to travel expenses for truck drivers

Scott Robertson - Friday, September 01, 2017

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  ..

Read more

ATO warning regarding work-related expense claims for 2017

Scott Robertson - Wednesday, August 09, 2017

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 ..

Read more


You will receive monthly/quarterly business ideas, news & alerts. Unscubscribe with one click.