On Tuesday, 1 October 2019, it was announced by the Reserve Bank of Australia (RBA) that the official interest rate will drop by a…
What is MyGov & what is MyTax? MyGov is the internet portal that allows Australians to easily access government services including the ATO, Medicare…
Single Touch Payroll is a new process in the way employers will be reporting their employee’s tax and super information to the ATO.
STP is offered by some accounting or payroll software. Each time the payroll is run and employees are paid, tax and super information will be sent either directly to the ATO or through a third party, depending on the software. The information that will be reported to the ATO includes employees’ salaries and wages, allowances, deductions, pay as you go (PAYG) withholding and superannuation information. You can continue paying your employees weekly, fortnightly or monthly, you will not need to adjust your pay cycle.
The government will amend the start date of their proposed small business CGT concessions measure. In amendments to the bill on 21 June 2018, the government has decided to push the start date back to 8 February 2018, the date the draft legislation was released for consultation. This will provide a transition period between announcement and the date of effect, a change that is also expected to bring welcome relief to tax advisers and their clients.
The temporary Transitional CGT relief available to trustees of self-managed super funds commenced on 1 July 2017.
Industry commentators have noted that many professionals failed to appropriately analyse asset positions before the lodgment of their client’s 2017 SMSF tax return, and as a result have potentially introduced previously tax-free capital gains into a taxable environment; or, potentially removed the ability to apply capital losses resulting in unnecessary capital loss wastage.
Public consultation closed on 28 February 2018 on exposure draft legislation which is intended to implement the 2017 Budget announcement to improve the integrity of the small business capital gains tax (CGT) concessions.
The amendments include additional basic conditions that must be satisfied for a taxpayer to apply the small business CGT concessions to a capital gain arising in relation to a share in a company or an interest in a trust (the object entity).