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Super housing legislation Posted on Dec 21, 2017 by admin

Super

The First Home Super Saver (FHSS) Scheme and the downsizing contributions into superannuation measures passed Parliament on 13 December 2017. As of 1 July 2017, individuals can make voluntary concessional and non-concessional contributions into their super fund as part of the FHSS Scheme. The scheme may help first home buyers save faster due to the concessional tax treatment within super. From 1 July 2018, individuals can then apply to release their contributions, along with associated earnings, to help purchase their first home. The downsizing contributions into super measure allows individuals who are 65 years and over to make a contribution […]

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Earning income from the sharing economy Posted on Dec 21, 2017 by admin

Tax

The holiday season is a peak time for activities in the sharing economy to increase. During this time those participating in the sharing economy must not forget their tax obligations. The most common sharing economy activities around the festive season include: – Providing ride-sourcing services for a fare. – Completing jobs or errands for payment. – Renting out a room or a whole house or unit. – Renting out a vehicle or a car parking space. Depending on the activity, the tax obligations vary. The ATO is reminding those that participate in the sharing economy to consider the following: – […]

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Excess Transfer Balance Determinations from January 2018 Posted on Dec 15, 2017 by admin

Super

The Australian Tax Office will start sending Excess Transfer Balance (ETB) Determinations from January 2018. ETB determinations will be sent to any individuals who have exceeded their transfer balance cap and have not taken any steps to correct this error. If you manage a SMSF and have exceeded the balance transfer cap by less than $100,000 on 1 July 2017 as a result of income streams in existence prior to 20 June 2017, you have until 31 December 2017 to commute the excess capital, under transitional rules. If you manage a SMSF and have exceeded the balance transfer cap by […]

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Annual ATO closure Posted on Dec 15, 2017 by admin

Tax

The Australian Tax Office (ATO) will be closed from midday Friday 22 December 2017 to 8.00am Tuesday 2 January 2018 over the festive season. The Tax Agent Portal Dashboard and BAS Agent Portal Dashboard will be available to check portal availability. The ATO’s technical help desk will be available from 7.00am to 6.00pm weekdays, excluding public holidays and 10.00am to 4.00pm Saturdays to assist with technical log on, connection, firewall and VPN issues. The Tax Office will hold returns and forms not processed before the annual closure until processing resumes in the New Year. Lodgements made after 7 December may […]

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ATO action on overdue SMSF annual returns Posted on Dec 7, 2017 by admin

Super

The Australian Tax Office (ATO) is cracking down on self-managed super funds (SMSFs) that have overdue SMSF annual returns, particularly those with two or more returns overdue. As part of its compliance action, the ATO is currently: – Cancelling approximately 9,000 ABNs of SMSFs that show no evidence of operating – Writing to SMSF trustees who are in pension phase to remind them that they still have a lodgment obligation – Continuing to focus on SMSFs with high levels of income and/or high-value assets who also have overdue returns – Taking further compliance and audit action on selected SMSFs – […]

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Early payments Posted on Dec 7, 2017 by admin

Tax

Taxpayers are being reminded they can prepay amounts towards their expected tax bill to help stay on top of their tax and avoid falling into debt. To make a prepayment to the Tax Office, you must get the correct payment reference number, decide how much to pay and choose a payment method. Using the correct payment reference number is critical in ensuring the ATO credits the right account. The payment reference number can be found on a relevant notice or payment slip received from the ATO, or through the ATO portals. The ATO’s research shows keeping amounts for GST, super […]

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