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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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ATO’s data matching programs Posted on Nov 22, 2017 by admin

Tax

The Australian Tax Office (ATO) has sophisticated data matching programs in place to ensure individuals and businesses are complying with their obligations and to uphold the integrity of the tax system for the community at large. The Tax Office uses data matching to pre-fill tax returns, ensure people and businesses are lodging tax returns and activity statements when required, correctly declaring their income and claiming offsets, and meeting their tax obligations. It helps to detect dishonest individuals and businesses operating outside the tax system, detect fraud against the Commonwealth and to recover debt. The following areas are currently under close […]

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Using the margin scheme for property sales Posted on Nov 15, 2017 by admin

Tax

Those selling property as part of a business sale may be eligible for the margin scheme. The margin scheme is a way of working out the GST you must pay on the property that you are selling as part of your business. The scheme is only applicable if the sale of a property is taxable. The GST on property sales is generally equal to one-eleventh of the sale price. If the margin scheme is used, the GST is calculated on the difference between the sale price and your purchase price of the property (or the property’s value on 1 July […]

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Changes to GST on low-value imported goods Posted on Nov 10, 2017 by admin

Tax

Australian goods and services tax (GST) will be implemented on sales of low-value goods imported into Australia by consumers as of 1 July 2018. According to the ATO, business will have to register for GST, change GST on sales of low-value imported goods and lodge returns if they meet the $75,000 AUD registration threshold. These business includes merchants who sell goods, electronic distribution platform operators or re-delivers. Customs duty and clearance charges will be changed to the importer at the border under existing process should goods be imported in a consignment over the value of $1,000 AUD. Through the implementation […]

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ATO to focus on cash-only businesses Posted on Nov 1, 2017 by admin

Tax

To protect honest, compliant Australian businesses, the Australian Taxation Office has placed a strong emphasis on targeting the cash and hidden economy. The ATO is visiting businesses that deal predominantly in cash, with a focus on those that: Fail to meet super or employer obligations, and that fail to register for GST or lodge activity statements. Operate outside regular small business benchmarks specific to their industry. Show discrepancies between what they have reported and our collected data relating to electronic payments. Operate and advertise as cash only. Income does not correlate with the lifestyle of the business owner, i.e. assets […]

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Assistance for new business owners Posted on Oct 27, 2017 by admin

Tax

The ATO has established the ‘Business Assistance Program’ to help new business owners understand their tax obligations associated with running a business. Small businesses that have recently registered for an ABN, registered for GST or likely to register for GST in the near future and have a turnover of less than $2 million a year can access this program. The ‘Business Assistance Program’ offers tailored tax support over a 12 month period and can help with: Tax obligations based on your business structure Registering for GST and GST obligations Employer obligations Super obligations Record keeping requirements Understanding business activity statements […]

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Selling your home and CGT Posted on Oct 18, 2017 by admin

Tax

When it comes time to sell your home, you may be wondering if you will need to pay capital gains tax (CGT). Generally, if you live in the home you are selling you will not have to pay CGT under the main residence exemption. The ATO considers a dwelling as your main residence if: – you and your family live in it – your personal belongings are in it – it’s the address your mail is delivered to – it’s your address on the electoral roll, and – services such as gas and power are connected. If the home has […]

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Protecting honest businesses Posted on Oct 13, 2017 by admin

Tax

In its effort to facilitate a fair business environment, the ATO has offered continued support for honest businesses. With an estimated $40 billion lost to the hidden economy, the need for strong diligence and continued governance over Australian businesses is essential. The Black Economy Taskforce that was established in May 2017 and various trends have since been better understood regarding strategies dishonest businesses and individuals are using to evade their tax responsibilities. Trends show that problematic areas include: The sharing economy: the money exchanged through services such as Airbnb, Airtasker and Uber are all taxable. Ensure you understand how to […]

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Reporting SMSF changes Posted on Oct 5, 2017 by admin

Tax

Self-managed super fund trustees must notify the Australian Tax Office (ATO) if there are changes to their SMSF. Trustees must provide written notice within 28 days if there are changes to: the name of the fund the address of the fund details of the contact person the membership of the fund the trustees of the fund the directors of the fund’s corporate trustees your SMSF’s bank account details and Electronic service address. The above details are used by the ATO to determine if your fund meets the definition of an SMSF. Providing incomplete or inaccurate information may make it impossible […]

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Imported services and GST Posted on Sep 27, 2017 by admin

Tax

Under the new law introduced on 1 July 2017, Australian GST registered businesses that import services or digital products for business purposes do not have to pay GST. These businesses will need to supply their Australian business number (ABN) and a statement that they are registered for GST to the supplier at the time of purchase to ensure they are not charged GST. Overseas businesses registered under the simplified GST system for non-residents do not have an ABN and cannot issue a tax invoice. If a business believes that GST has been charged, they will need to contact the supplier […]

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