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

New measures to crack down on super non-compliance Posted on Sep 14, 2017 by admin

Super

The Australian Taxation Office (ATO) will receive additional funding for a Superannuation Guarantee Taskforce to crack down on non-compliance by employers. The Government has announced a package of reforms to close a legal loophole used by dishonest employers that short-change employees who make salary-sacrifice contributions to super. Funding for the Taskforce coincides with new data released by the ATO reporting a significant estimated Super Guarantee gap. This gap is the difference between the theoretical amount payable by employers to be fully compliant and actual contributions received by funds. The ATO estimates the net SG gap as 5.2 per cent or […]

Keep Reading...

Sharing economy and tax Posted on Sep 14, 2017 by admin

Tax

The ATO is reminding those who work in the sharing economy to be aware of their tax obligations. The sharing economy connects buyers (users) and sellers (providers) through a facilitator who usually operates an app or a website. Some popular examples include Airbnb, Stayz, Uber, Deliveroo, Airtasker and so on. Different rules apply, depending on what type of sharing economy activities are undertaken by an individual. Those who rent out part or all of their home are reminded to: – declare what they earn in their tax return; – apportion related expenses as appropriate before claiming deductions and – understand […]

Keep Reading...

Strategies to bulk up your super before retirement Posted on Sep 7, 2017 by admin

Super

To retire comfortably, you should be doing everything you can while still in the workforce to make sure your superannuation is as fruitful as possible. Consider the following: Consolidate super into one accountSuper account fees can eat away at your super balance, especially if you have numerous accounts. If you find yourself in this position, take the time to organise your super contributions into the one account to reduce unnecessary and excessive fees. Outstanding super paymentsCheck you have been paid all the super you are entitled to, as well as interest, as this can uncover large amounts of unpaid super. […]

Keep Reading...

Single Touch Payroll for streamlined reporting Posted on Sep 7, 2017 by admin

Tax

From 1 July 2018, employers with 20 or more employees will report payments to the Australian Taxation Office at the same time as they pay their employees, using the Single Touch Payroll reporting system. This reporting system will keep track of payments such as: Salary and wages Super contributions Deductions, e.g. workplace giving Pay as you go (PAYG) Allowances The introduction of this new reporting measure does not incite changes to an employer’s payroll cycle; you can still make payments as you were, i.e., weekly, fortnightly, monthly, etc. When you do make these payments, the super and tax details of […]

Keep Reading...

Carrying on a business in an SMSF Posted on Aug 30, 2017 by admin

Super

Self-managed super funds can carry on a business providing the business is allowed under the trust deed and operated for the sole purpose of providing retirement benefits for fund members. Carrying on a business through an SMSF does have restrictions that other businesses do not have, such as entering into credit arrangements or having overdrafts. SMSF trustees that carry on a business through their fund must adhere to the sole purpose test. The ATO looks for cases where: the trustee employs a family member the ‘business’ is an activity commonly carried out as a hobby or pastime the business carried […]

Keep Reading...

Claiming the small business income tax offset Posted on Aug 30, 2017 by admin

Tax

The small business income tax offset can help reduce the tax small businesses pay on business income by up to $1,000. This offset is available from the 2015-16 income year onwards. Small businesses with an aggregated turnover less than $5 million can access the concession from the 2016-17 income year. Business income derived by another partnership or trust, in which the small business owner is not a partner or beneficiary, is not eligible for the offset. Small business owners can claim the offset if they receive a share of net small business income from a small business: partnership, in which […]

Keep Reading...

Identifying undervalued assets Posted on Aug 23, 2017 by admin

Super

Recent research has found that an alarming 31 per cent of SMSF trustees consider choosing investments as one of the hardest aspects of running an SMSF. Value investing is one such strategy that SMSF investors can utilise to boost their portfolios. Value investing involves identifying undervalued assets that have the potential to increase in value over time. These assets are generally priced well below their intrinsic value due to missed expectations, market crashes, cyclical fluctuations and so forth. To identify undervalued assets or asset classes you need thorough analysis and good judgment. Look for asset classes that are inexpensive and […]

Keep Reading...

Have you received personal services income? Posted on Aug 23, 2017 by admin

Tax

Personal services income (PSI) is income mainly produced from your personal skills or efforts. There are special tax rules that apply if your income is classified as PSI. Almost any trade, industry or profession can receive PSI. The most common are financial professionals, IT consultants, engineers, construction workers and medical practitioners. PSI does not affect employees receiving only salaries and wages. When more than 50 per cent of the amount you received for a contract was for your labour, skills or expertise, then the income is classified as PSI. If you have received PSI (including if you have received it […]

Keep Reading...

Increased access to Superannuation Clearing House Posted on Aug 16, 2017 by admin

Super

The ATO has changed the conditions of registration for businesses to access the Small Business Superannuation Clearing House. The Small Business Superannuation Clearing House is a free online service available for small businesses to make super contributions for their employees. The Tax Office is now allowing businesses with 19 or less employees or businesses with an annual aggregated turnover of $10 million or less to use the service. These employers can now make super guarantee contributions as a single electronic payment to the Clearing House and it will then distribute the payments to employees’ funds. The super guarantee contributions count […]

Keep Reading...

Tax penalty remissions Posted on Aug 16, 2017 by admin

Tax

The Australian Taxation Office distributes penalties to ensure individuals are not making misleading or false statements regarding income, business and wealth matters. Studies indicate there is over $5.5 billion lost every year through tax avoidance in Australia, a massive amount of money. One of the reasons these penalties exist is to ensure taxpayers take more care and responsibility in adhering to their tax responsibilities. While the ATO has the power to distribute penalties, they also have the discretion to reduce or modify the penalties individuals owe. If you find yourself in a position where you are owing money due to […]

Keep Reading...

Join our mailing list

Stay in touch with ATP Accounting

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