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ATO Dates For 2020

Key Dates to Remember in 2020 As some dates may vary, please ensure you contact the Australian Taxation Office to check any dates in question. When the due date for lodgment or payment falls on a Saturday, Sunday, or Public holiday, it may be done on the next business day. 15 January 2020 Lodge Tax Return […]

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Your Money Matters – October 2019

$30,000 instant asset write-off The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible for the instant asset write-off.

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Your Money Matters – September 2019

“Outrageous” deductions rejected The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO’s systematic review of claims had found, and disallowed, some very unusual expenses, including:

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Your Money Matters – August 2019

Tax cuts become law The Government has announced that more than 10 million Australians will receive immediate tax relief following the passage of legislation through the Parliament, which increases the top threshold for the 19% tax rate from $41,000 to $45,000 and increases the low income tax offset from $645 to $700 in 2022/23. In […]

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Your Money Matters – July 2019

‘Cash in hand’ payments to workers no longer tax deductible The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax deductible. ‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations. Payments […]

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Your Money Matters – June 2019

Single Touch Payroll Update Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and […]

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Your Money Matters- January 2019

Division 293 Assessments The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments‘ with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 15% tax on certain concessional (i.e., taxable) superannuation contributions. It applies to individual with income and concessional superannuation contributions exceeding the relevant annual threshold. […]

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PPSR seven year registrations: Time to renew?

The Personal Properties Securities Register (PPSR) will be seven years old on 30 January 2019; accordingly, security interests with seven year registration periods will, unless renewed, expire from 30 January 2019. The seven year security interest is the most common registration period and is the maximum period of registration for goods with a serial number […]

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