Late last year, the Government released a number of Tax and Superannuation measures in its Mid-year Economic and Fiscal Outlook (MYEFO). Tax Measures Cash payment limit — the 1 July 2019 start date for the proposed 2018 Budget measure to introduce an economy-wide cash payment limit of $10,000 will be [...]
1 April 2018 is the date stipulated by the Australian Taxation Office (ATO) to count the employees on your payroll for Single Touch Payroll purposes. If you have 20 or more employees on 1 April, you will need to start Single Touch Payroll (STP) reporting from 1 July 2018. If [...]
We are hearing a lot about (yet more) proposed changes to superannuation. This time the income tax paid by companies which is passed on through dividends to shareholders (including EVERY superannuation fund in Australia) is under fire. So here is the simple truth. Every cent in franking credit refunds for [...]
On 19 May 2017, the Administrative Appeals Tribunal heard the case of Adam Hamilton vs Commissioner of Taxation, better known as "Bechtel Bob's" test case. Deputy President I R Molloy handed down his decision yesterday, 26 May 2017. You can read the case decision here: http://www.austlii.edu.au/au/cases/cth/AATA/2017/734.html In summary: The taxpayer (and his [...]
It's a question we often get asked by clients. So we've taken the time to explain why. Within your Income Tax Return, you must make a legal declaration whether you had a spouse during the year; where you answer ‘yes’ to this question then the Australian Taxation Office (ATO) require [...]
The Team has had quite a few queries from Taxpayers who work on the island about the Travel Allowances and Ferry Allowances they have been paid, so what say we talk about this issue. Some local Tax Agents have been recklessly claiming deductions on behalf of their Clients against these [...]
