April Newsletter 2019

April Newsletter 2019

This month’s Client Alert edition was just before the Budget and provides a number of important taxation developments that taxpayers should know:

Tax concierge service available to small businesses – Small business owners who seek a review of an ATO decision but don’t have legal representation can now access experienced tax lawyers and support at significantly reduced cost.

ATO small business benchmarks updated – The ATO has released its latest small business benchmarks for over 100 different industries, drawn from more than 1.5 million Australian small businesses.

Early recovery of small business tax debts: ATO to be scrutinised – The Australian Small Business and Family Enterprise Ombudsman will look into the ATO’s practices in pursuing early recovery of tax debts from small businesses.

Compensation for defective ATO administration: review announced – A former Secretary of the Attorney-General’s Department will lead a review of the Scheme for the Compensation for Detriment Caused by Defective Administration.

Single Touch Payroll: low-cost solutions now available – A range of no-cost and low-cost solutions are now coming into the market for small employers’ STP reporting. As certified MYOB and Xero consultants we have accessed to great accounting programs that will help provide assistance to your reporting requirements. Call us to arrange a time to have a chat.

Super guarantee amnesty not yet law: ATO will apply existing law – Until law giving effect to the proposed superannuation guarantee amnesty is enacted, the ATO will apply the existing law to super guarantee charge statements.

ATO finds 90% error rate in sample of rental property claims – The ATO’s next area of focus will be rental income and related tax deductions.

Property used for storage an active asset for small business CGT concession purposes – The Administrative Appeals Tribunal has decided that a property used to store materials, tools and other equipment was an active asset for the purpose of the small business CGT concessions.

Please contact us if you wish to discuss if any of the points raised in the newsletter specifically affect you.

Warmest Regards from the Team at Rittwatchman & Associates

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