ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdale ATP accountants and tax mortdaleATP accountants and tax mortdale
PHONE: 02 8850 3888
EMAIL:
ENQUIRE ONLINE

Protect yourself from early super release scams Posted on Aug 7, 2018 by admin

Super

When it comes to protecting your nest egg, avoid getting caught out by a promoter of an illegal early release super scheme. Early release super scheme scams will involve a promoter contacting you and offering to help you access your super early. They usually target individuals under significant financial pressure or those who are not knowledgeable about super laws and the repercussions and penalties involved in illegally accessing your super. You can only access your super when you meet a condition of release. Generally, when you: – Are 65 years old (even if you have not yet retired). – Reach […]

Keep Reading...

Avoid these top tax misconceptions Posted on Aug 7, 2018 by admin

Tax

As tax time continues, the ATO has announced the top misconceptions many individuals make when completing their claims for tax deductions. Four popular tax misunderstandings include: 1. Individuals can give credit card statements as proof of claim Debunked: When making a claim, individuals must be able to show they spent the money, what the money was spent on, the supplier and the date the purchase was made unless record-keeping exceptions apply. 2. Individuals can automatically claim $150 for clothing and laundry, under $300 for work-related expenses or 5000 kilometres for car-related expenses Debunked: While taxpayers are not required to provide […]

Keep Reading...

Hiring temporary residents: employer super obligations Posted on Aug 3, 2018 by admin

Super

Employers are being reminded by the Australian Tax Office (ATO) not to forget that along with permanent residents; temporary residents are also entitled to super guarantee (SG). In most cases, an employer will be required to pay SG on top of their employee’s wages (temporary residents included) if they pay them $450.00 or more before tax in a calendar month. Providing the temporary resident has met all the requirements, they can submit their claim for the super that their employer has paid as a ‘department Australian superannuation payment’ (DASP) once they have left Australia. The ATO is encouraging employers to […]

Keep Reading...

Cents per kilometre rate rises for work-related car expenses Posted on Aug 3, 2018 by admin

Tax

The Tax Office has confirmed the rate for work-related car expenses will rise to 68 cents per kilometre for the income year beginning 1 July 2018. The new rate will affect those eligible individuals who elect the cents per kilometre method when calculating the income tax deductions for their work-related car expenses for the 2018-19 income year. This rate also applies to the following income years until the Commissioner of Taxation deems it should be varied (these rates are reviewed each year). Taxpayers working out their car expenses for the 2015-16 year, 2016-17 year and the 2017-18 year should remember […]

Keep Reading...

Superannuation Guarantee Amnesty Posted on Jul 27, 2018 by admin

Super

The Superannuation Guarantee Amnesty was introduced on 24 May 2018 by the Minister for Revenue and Financial Services in a bid to tackle non-payment of employee super. The Amnesty provides a one-off opportunity for employers to self-correct any past super guarantee (SG) non-compliance without incurring a penalty. However, there is a lot of ambiguity around which employees are entitled to compulsory super payments. Small business employers need to pay special attention to these particular areas: Ordinary time earnings An understanding of ordinary time earnings (OTE) is essential as it is used to calculate tan eligible employees minimum SG contributions. OTE […]

Keep Reading...

Income tax gap results Posted on Jul 27, 2018 by admin

Tax

The ATO has released its latest findings on the tax gap for Australian individuals. The estimated gap in 2014-15 is approximately $8.7 billion or 6.4 per cent. The income gap is an estimate of the difference between the tax the ATO collects and the amount that would have been collected if each taxpayer was fully complaint. Over 93 per cent of income tax received from individuals not in business is paid voluntarily or with little intervention from the ATO. There are around 9.6 million individuals who are not in business and lodge tax returns. These taxpayers earn their income from […]

Keep Reading...

Reviewing your super Posted on Jul 19, 2018 by admin

Super

The ATO is encouraging taxpayers to review their super this tax time. Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg. There is over $18 billion in lost and unclaimed super. Those who have changed their name, address, job or lived overseas are at high risk of having lost super. During the last five years, more than $10.7 billion of super has been consolidated from over 2.1 million accounts through ATO online services. The ATO is also reminding taxpayers that the new super deduction is available. Most people under 75 years […]

Keep Reading...

Avoid scams this tax time Posted on Jul 19, 2018 by admin

Tax

The Australian Tax Office (ATO) is reminding individuals to remain vigilant against any scams that may pop up this year around tax time. With over 37,000 scam attempts reported to the ATO this time, last year, individuals need to be wary of scam artists looking to trick taxpayers into either paying for fake debts or giving away their personal details. Common scams include: – The ‘fake tax debt’ phone scam – ‘Fake refund’ – ‘Refund for a fee’ – Email and SMS contact – i.e., asking to click a link, download a file or open an attachment. Avoid being caught […]

Keep Reading...

SMSFs: beware of illegal early super release Posted on Jul 13, 2018 by admin

Super

The Australian Tax Office (ATO) is reminding self-managed super fund (SMSF) trustees to beware of allowing members to access their super early. A self-managed super fund (SMSF) trustee must meet a condition of release before any funds can legally be released. The ATO can issue severe penalties if you or a SMSF member access your super before you are legally entitled to do so. Some consequences of getting caught up in an illegal super scheme include the disqualification of trustees, imposition of administrative penalties, the fund being made non-complying and prosecution. The Tax Office encourages those members who have been […]

Keep Reading...

Penalty relief for taxpayers Posted on Jul 13, 2018 by admin

Tax

From 1 July 2018, the Tax Office is advising Australians that if they find an error in their tax return or activity statement they will not incur a penalty but will advise of the error and how to get it right next time. Penalty relief will only apply to eligible taxpayers or entities (i.e., turnover of less than $10 million) every three years. These may include: – Small businesses – Co-operatives – Self-managed super funds (SMSFs) – Not-for-profit organisations Eligible individuals will only be given penalty relief on their tax return or activity statement if they make an inadvertent error […]

Keep Reading...

Join our mailing list

Stay in touch with ATP Accounting

  • This field is for validation purposes and should be left unchanged.