Australian Tax Office ATO Archives - Page 5 of 5

Property development and tax

August 14, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Taxation compliance issues for property developers

The considerations facing the ATO are many and varied, but can include topics such as whether an agreement to develop and sell land is a “more realisation” or a disposal either in the course of a business or as part of a profit-making undertaking or plan.

A “mere realisation” […]

STP for small business

August 5, 2019/in Payroll /by Salisbury Accountants & Business Advisors

Small businesses need to be ready for STP by 30 September

Reporting through Single Touch Payroll (STP) for small employers started on 1 July.

Your small business has until 30 September 2019 to take action. There is a range of resources available to help:

Introductory guide for small employers – to help small employers […]

Director penalty change strengthens SG rules

August 2, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Director penalty change strengthens SG rules

Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company.

But there are also some tax obligations for PAYG withholding and superannuation guarantee charge payments, which are outlined under the ATO’s “director penalty […]

Lifestyle assets under ATO watch

July 19, 2019/in Bookkeeping /by Salisbury Accountants & Business Advisors

Lifestyle assets data matching program protocol

The ATO is conducting a lifestyle assets data matching program to obtain information on insurance policies for marine vessels, enthusiast motor vehicles, thoroughbred races horse, fine art and aircraft.

The ATO will obtain information from data providers for the 2013/14 and 2014/15 financial years, to identify taxpayers who are […]

Record keeping for CGT

July 17, 2019/in Accounting /by Salisbury Accountants & Business Advisors

Record keeping for capital gains tax (CGT)

As the ATO’s data-matching capabilities increase, they are paying close attention to capital gains made on shares, property and cryptocurrency.

Always keep good records in relation to these assets, as this will help in working out a capital gain or loss correctly when you dispose of one. Your […]

Read more

Tax deductible ‘non-compliant’ payments

July 12, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Tax deductibility of ‘non-compliant’ payments about to get the chop

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment.

If the PAYG withholding rules require a […]

Lost tax file numbers

July 10, 2019/in Accounting /by Salisbury Accountants & Business Advisors

Lost your tax file number?

Here’s what to do

If you’ve lost your tax file number (TFN) there are a few options for you to try to get it back.

Your first avenue of enquiry, if you use the services of a tax agent or accountant, will be to ask them for your tax […]

Is penalty interest tax deductible?

July 5, 2019/in Bookkeeping /by Salisbury Accountants & Business Advisors

The yes, no and maybe of penalty interest deductions

A new ruling has been released by the ATO on the deductibility or otherwise of penalty interest.

The term “penalty interest” refers to an amount payable by a borrower under a loan agreement in consideration for the lender agreeing to an early repayment of a loan. […]

False laundry claims

July 1, 2019/in Accounting /by Salisbury Accountants & Business Advisors

ATO targeting false laundry claims

The ATO will take strong action against false clothing and laundry work-related expense claims this tax time.

The ATO noted that six million taxpayers claimed clothing and work-related laundry expenses in 2018. Although many Australians can claim clothing and laundry expenses, Assistant Commissioner Karen Foat said that it is unlikely […]

No tax deductions if you don’t meet tax obligations

June 28, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Big Tax Changes: No tax deductions if you don’t meet your tax obligations

There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia.

This may happen if you:

Don’t lodge your BAS on time; or Don’t lodge your payroll each week using Single Touch Payroll […]

Posts

The considerations facing the ATO are many and varied, but can include topics such as whether an agreement to develop and sell land is a “more realisation” or a disposal either in the course of a business or as part of a profit-making undertaking or plan.

Reporting through Single Touch Payroll (STP) for small employers started on 1 July.

Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company.

The ATO is conducting a lifestyle assets data matching program to obtain information on insurance policies for marine vessels, enthusiast motor vehicles, thoroughbred races horse, fine art and aircraft.

As the ATO’s data-matching capabilities increase, they are paying close attention to capital gains made on shares, property and cryptocurrency.

Always keep good records in relation to these assets, as this will help in working out a capital gain or loss correctly when you dispose of one. Your […] Read more

From 1 July 2019, businesses will only be able to claim deductions for payments that are made to workers (employees or contractors) when the employer has complied with the pay-as-you-go (PAYG) withholding and other tax reporting obligations for that payment.

Here’s what to do

A new ruling has been released by the ATO on the deductibility or otherwise of penalty interest.

The ATO will take strong action against false clothing and laundry work-related expense claims this tax time.

There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia.

Always keep good records in relation to these assets, as this will help in working out a capital gain or loss correctly when you dispose of one. Your […]

Read more