10 Oct September Newsletter 2019
We are pleased to supply you with the Spring edition of Client Alert, which contains information on a number of important taxation developments for the month.
Warning to watch out for myGov tax scams
The government’s Stay Smart Online website warns there has been a surge in scammers impersonating myGov and the ATO to trick people into giving them money or personal details
ATO has refunded $10 billion so far
The ATO says that $10 billion has been refunded to Australian taxpayers so far this tax time, an increase of over $2 billion from this time last year.
ATO watching for undisclosed foreign income this tax time
The ATO reminds taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time.
Unusual claims disallowed
Almost 700,000 taxpayers have claimed $2 billion of “other” expenses including non-deductible items such as dental costs, child care and Lego sets.
ATO contacting small employers about Single Touch Payroll
The ATO is writing to small employers who have yet to start reporting or apply for a deferral, to remind them of their STP obligations.
Disclosing business tax debt information: ATO consultation
The law is being changed to let the ATO report business tax debt information to credit reporting bureaus where businesses avoid their tax debts.
Cross-border recovery of taxation debts
An updated practice statement outlines options available for the ATO to recover a tax debt where the debtor is outside Australia.
ATO superannuation focus areas
The ATO has released its presentation to the 2019 Association of Superannuation Funds of Australia National Policy Roadshow outlining emerging focus areas for 2019–2020.
Compassionate release of super only available in limited cases
The ATO has recently seen a significant increase in queries about compassionate release of super.
Personal services income rules: unrelated clients test
The Federal Court has set aside an AAT decision that income a business analyst derived through a company was subject to the PSI rules.
Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.
The Team at Rittwatchman & Associates