Thomson Reuters Newsletters
Thomson Reuters have a combine industry experts that can deliver critical information to tax agents and their business clients. The newsletters and publications provide details on recent updates and legislative changes imposed by the Government or courts that affect tax laws and relegations for individual taxpayers and businesses.
To stay informed and up-to-date please read the newsletters provided and if you have any further questions please call our office for further discussions.
2019 Monthly Client Alerts
There were a number of budget announcements from our Australian Government in anticipation for the next Federal Election. To find out how the recent budget announcements will impact on you and your business please click here.
Just before the budget announcement the ATO’s focus was on small business benchmarks; recovering small business tax debts; Single Touch Payroll and plenty more…
This months edition of the Newsletter discusses Single Touch Payroll and Div 293 Superannuation Contributions. The ATO are also warning of new scams to be aware of in 2019. Have a read….
The February edition of the newsletter talks about how small businesses can avoid errors when claiming and reporting net income. The ATO are issuing determinations on excess super contributions and how this will impact some tax returns. The Federal Government intends to make it easier for small businesses to resolve tax disputes, read on..
This month’s edition discusses how successful the ATO data analytics and prefilling is becoming, the ATO is pushing for a standardised tax deduction regime like the UK tax system where taxpayers are limited to the amount of tax deduction they can claim within their return. The instant asset write-off has been extended for a further 12-month period to encourage small businesses to spend more money within the economy; the tax treatment for Cryptocurrency plus more.
This month’s edition includes several important taxation developments including a call to boost the instant asset write-off to $100,000 which is great news for small business owners, there is also same great news for first home buyers and the super saver scheme. To all those uber drivers it is important for you to understand the tax implications involved in driving people as the ATO is targeting car sharing, and plenty more.
During the month of August there are many interesting ATO tax developments including new services to simplify business registrations which has been implemented by the Government; there are people being scammed into accessing their super illegally; in addition, the ATO has given taxpayers a warning that scammers are highly active during this 2018 tax time so be on alert plus more.
This month’s edition discussions how the Royal Commission hearing is proceeding with the financial services entities; the Australian Government has passed the seven-year personal income tax reform plan announced in the budget. The GST updates for property settlements that occur after the 1st July; the ATO has announced that there will be a strong compliance requirement for taxpayers claiming work-related clothing and laundry deductions this year, plus more
Seven-year reform for personal income tax rates to start from 2018-19 and ATO has decided not to process with Medicare levy tax rise.
The ATO has extended the $20,000 instant asset write-off for SBE’s by 12 months; Anti-avoidance rules: family trust circular distributions; deductions disallowed for holding vacant land and ATO are enhancing integrity of concessions for partnerships.
Tax Compliance and Integrity
No tax deduction for non-compliant PAYG and contract payments; ATO are set to introduce a cash payment limit of $10,000 made to businesses; Reportable payments are extending to security providers, road freight transport and computer design.
SMSF member limit to increase to six; work test exemption for contributions by recent retirees; Audit cycle set to three years for good compliant funds; super fees to be capped at 3% for small accounts and exit fees to be banned; Superannuation insurance opt-in rule for younger and low-balance members.
2018 Monthly Client Alerts
The final newsletter for 2018 EOFY considers a range of planning strategies and compliance matters for good tax health. We have tips to defer the recognition of income, bringing forward tax-deductible expenses and issues to consider for businesses, individuals and property owners.
Before the May budget announcements, this May edition includes discussions on the ATO closely examining work-related car expenses in their returns; Data matching finds taxpayers with unnamed Swiss bank accounts; CGT main residence exemption is set to disappear for non-residents; travelling to your rental property is no longer tax deductible; ATO is set to increase civil penalties for white-collar crimes, plus much more.
In the April edition ATO releases small business benchmarks, providing over 100 different industries with average costs of sales and total expenses; Single Touch Payroll reporting requirements: ATO urges employers to get ready; Capital gains tax withholding: and updates to information required for Trustees plus more.
What’s news this month? The Government has introduced a bill to implement housing affordability; there are changes to small business CGT concessions; a bill has been introduced to change residential property GST arrangements; the ATO are moving to combat the black economy plus more.
In this month’s edition there is a focus on Fringe Benefit Tax and employee’s private use of vehicles, this guideline includes specific eligibility on vehicle use; The government are set to implement the 2017-2018 Federal Budget Housing measures; from 1 July 2018 the FHSS scheme will allowing individuals to use specific amounts from their super to construct or purchase a first home.
2017 Monthly Client Alerts
This edition including consultation paper to combat phoenix activities; there is a new passive income tax for lower corporate tax rate; ATO has provided guidance: what is “carrying on a business”? more changes to superannuation balances, the tax treatment of long-term construction contacts; the ATO has provided additional Fringe benefits tax ‘should an Uber be treated as a taxi’? plus more
What’s news this month? Compensation for ATO system outages; tax cut closed off for passive investment companies; small business restructure rollover changes have been introduced; directors may need identification numbers to combat phoenix activities; there is a crackdown on employer non-compliance superannuation contributions; new legislation for First Home Super Saver scheme and downsize super contributions plus more.
This month includes a bill to increase the Medicare levy by 0.5% to 2.5% from 1 July 2019; First Home Super Saver Scheme – draft legislation allowing super contributions made from the 1 July 2017 to be withdrawn for a first home deposit from 1 July 2018; A warning has been issued from the Actuaries Institute that tens of thousands self-managed super funds (SMSFs) could be at risk of incorrect claiming exempt current pension income, plus more.
In the September Edition the ATO discusses employee travel expense deductions with the ATO releasing guidance on how to claim; Work related expense claims under scrutiny, the ATO uses real-time data to compare people’s tax returns with others in similar occupations and income brackets, plus more.
What’s news this month? Tax cuts for Small Business; Companies that turnover less than $10 million are eligible for the small business company tax rate of 27.5%. Single touch payroll is operative and will be made mandatory from 1 July 2018 for employer that have more than 20 employees; the instant asset write-off has been extended for another 12 months, plus more.
This edition discusses the HELP changes announced; the super reforms commencing from the 1st July 2017; deductions for super funds; the bill to reduce the corporate tax rate; plus, other budget updates; and a court case that saw a taxpayer denied deduction for work-related car expenses, find out why?
There are some great tax planning tips for everyone during tax time, including defer income, maximise deductions by utilisation the small business depreciation deduction, making personal superannuation contributions as well as other tax planning initiatives to manage your taxable income, to read more.
In the June edition discusses how the ATO will fast track refunds for those businesses affected by Cyclone Debbie, the ATO is helping teachers add tax to their class lessons; GST obligations on import/export activities; HELP changes and more.
As we are getting closer to the May budget the ATO are advising Uber drivers to register for GST regardless of how much they earn; there a changes to the tax offset for spouse super contributions; in addition the ATO will be targeting restaurants and cafes, hair and beauty business this month in regards to cash receipts; there are more super reforms to consider when planning for retirement, plus more….
This month discusses the ATO re-characterisation of income for trading businesses; R&D claims in the building and construction industry are being closely examined; are composite items or parts of assets a separate depreciating asset? There is a guide to tax risk management and governance review to help businesses developed and test their tax-related governance; A taxpayer was unsuccessful in claiming overtime meal expenses and more.
In the February Edition, the ATO’s priority is to settle outstanding cases and disputes; there are too many people overstating their work-related deductions so the ATO has provided a risk profile for taxpayers to follow. The ATO has said that the onus is on the taxpayer to prove they innocence in regards to fraudulent misconduct or tax evasion schemes. Business owners please be aware that commercial website development costs are capital in nature and need to be deducted over 2.5 years and not claimed as an outright expense. Plus, much more….
2017 Annual Budget Edition (PDF) – Here is all the latest Government announcements that will be affecting individuals, small businesses, companies, GST requirement and superannuation for this year.
Budget May Edition 2016 (PDF) – Here is all the latest Government announcements that will be affecting individuals, small businesses, companies for the 2016 financial year.
2016 Monthly Newsletters
What’s news this month? The ATO has their sights on closely held trust arrangements; GST and countertrade transactions are being examined; the High Court has ruled that a company was held to be resident of Australia and liable to pay tax; a recent High Court Case resulted in a deferred compensation payment being deemed assessable income; the ATO are using data-matching programs to identify taxpayers sellings goods online; and more.
This month discusses the budget changes to superannuation; access to income tax averaging for primary producers; R&D tax incentive rate changes; SMSF related party borrwing arrangements and an explanation as to why travel expenses and transport of bulky tools deductions claimed by an individual was denied.
This Edition contains information on a number of important taxation developments including potential tax cuts for middle income taxpayers; proposed small business tax breaks are in the pipeline; changes to introduced a single touch payroll reporting framework has been put to Parliament; plus more.
This month discusses share economy participants tax obligations; travel deductions claim denied by the AAT; the ATO concerns over retirement planning schemes; the deductibility for gifts to clients and airport lounge membership fees; changes to the $500,000 lifetime super cap confirmed and the main residence except from land tax. In addition, there is a Due Diligence Checklist to help with various considerations when acquiring a business.
This month discusses ATO small business benchmark updates; SMSF early voluntary disclosure services for contraventions; New tax governance guide for SMSFs; details on how a property developer was entitled to capital gain tax concessions; and discussions on how to observe the superannuation concessional contribution caps plus more.
This Edition encourages taxpayers to check and understand their work related and rental property tax deduction claims when completing their returns; the impact of the lifetime $500,000 non-concessional superannuation being capped; the ATO new decision on superannuation death benefit as more.
This month discusses tax incentives to promote innovation in businesses; guidance about using the cents per kilometre basis for claiming car expenses in the 2016 FBT year; details on holiday homes and what is meant by “genuinely available for rent”. The ATO has also advised that they will be checking up on those individuals caught by the “Panama Papers” leak, plus more.
This month provides businesses and taxpayers with some tax planning strategies for tax time including tips to defer the recognition of income, and how to maximize deductions for the current financial year. The tax treatment for companies and points on avoiding Div-7A implications and registering for the R&D tax incentive scheme. There are also some tips on strategies and important changes in superannuation. What are the important changes for individuals? You will need to read to find out more.
In the April Edition there are a number of important taxation developments including the deadline looming for SMSF collectables compliance requirements; Australians living overseas with student debts will now be required to repay their debts; the ATO is working with insurance providers to identify policy owners on a wider range of asset classes via data matching. In addition taxpayers should be aware that the market value of shares is not the selling price, plus plenty more found in the edition.
This month discusses the ATO proposed changes to provide tax relief for small businesses thinking of restructuring their business. The ATO will be cancelling over 220,000 trusts ABN’s if they are no longer carrying on a business. In addition employers who have been paying car allowances at a higher rate need to start withholding tax to the ATO. There are also discussions on why the ATO recently denied small business CGT concessions to an entity and information on individual taxpayers requirements to update their contact details with the ATO before travelling overseas.
In the February Edition the ATO plans to pilot a single touch payroll program to simplify reporting obligations for employers; in addition the ATO has simplified GST accounting methods for small food retailers; the ATO is also data matching real property transactions and there are some changes to the tax treatment of earn out rights on business sales.
2015 Monthly Newsletters
This month incudes details on the changes to mobile, home phone and internet expense tax deductions for work-related purposes; Students that move overseas will now be liable to pay their student loan debts; the ATO warns SMSF trustees to plan for cognitive decline within their super funds; there is a case study on the ATO not releasing outstanding tax debts to taxpayers even in hardship; and the ATO targeting ride-sourcing drivers and eBay online sellers.
In the October Edition the ATO is increasing their focus on excessive deduction claims on holiday homes; there is a reminder for foreign property investors that the reduced penalty period will be ending; there is also a summary of the payroll tax grouping rules, and information on why there is no longer GST credits available for mining accommodation.
This month discusses the small business tax discount that is on the way, the ATO’s view on ride-sharing providers, crowd-funding for small proprietary companies, the care that needs to be given for SMSF’s in pension phase and the ATO data-matching for immigration visa holders.
This month discusses what type of tax deductions the ATO are going to closely monitor this year and provides some helpful hints for those tax payers affected. The ATO is also looking at those taxpayers that are providing share-economy services and potential tax implications plus more.
This month discusses the small business company tax rate cut, the accelerated depreciation write-off for SMEs, R&D tax incentives, the abolishing of the dependent spouse tax offset and proposed age pension changes on the way.