Author name: Oddball

Breaks over! Parliament is back and a raft of previously announced and new tax and super measures have been introduced. Major changes include the small business CGT concessions and Everett assignments, deductions for holding vacant land, circular trust distributions, and salary sacrifice and super guarantee contributions. If you have any questions about any of the […]

14 August Lodge PAYG withholding payment summary annual report for: large withholders whose annual withholding is greater than $1 million payers who have no tax agent or BAS agent involved in preparing the report. 21 August Lodge and pay July 2019 monthly business activity statement. 25 August Lodge and pay quarter 4, 2018–19 activity statement if you lodge electronically.

The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they can access the $1,080

Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year. Common problem areas that people feel obliged

The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. “Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many of these claims will be legitimate, we don’t think that half of

The ATO has exempted closely held payees such as Directors and family members from single touch payroll for the 2020 financial year. While this is a relief to many, this issue will continue to create problems as from 1 July 2020, the ATO expects employers to make a reasonable estimate of year-to-date amounts where the

21 July Lodge and pay June 2019 monthly business activity statement. Lodge and pay quarter 4, 2018–19 PAYG instalment activity statement for head companies of consolidated groups. 28 July Lodge and pay quarter 4, 2018–19 activity statement if lodging by paper. Pay quarter 4, 2018–19 instalment notice (form R, S or T). Lodge the notice only if you vary the instalment

New laws for Superannuation come into effect on 1 July 2019. These new laws will directly impact the amount of insurance you currently hold within your super. This is a timely reminder to check your super and make sure you have the right insurance for your circumstances. If you have a super account with a

From the ATO Payment summaries no longer required with STP reporting With Single Touch Payroll (STP), many larger employers will have different obligations in respect of completing their end of financial year reporting for their employees. Employers are no longer required to provide a payment summary to employees or lodge a payment summary annual report

5 June Lodge tax return for all entities with a lodgment due date of 15 May 2019 if the tax return is not required earlier and both of the following criteria are met: non-taxable or a credit assessment in latest year lodged non–taxable or receiving a credit assessment in the current year.