Insights.

ATO Position on Superannuation and Annual Leave Loading

The Australian Taxation Office (ATO) has provided clarification on whether or not compulsory superannuation is required to be paid on annual leave loading.

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2019/2020 Federal Budget Highlights

On 2 April 2019, the Treasurer, Mr Josh Frydenberg, delivered his first Federal Budget and the first Federal Budget of the Morrison Government. As the Morrison Government heads towards an election (yet to be announced but forecast for May 2019), the budget sets out their agenda for a future term in office with a focus…

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Monthly Paper Activity Statements No Longer Issued

Temporary exemptions from lodging your Business Activity Statement (BAS) online have now ended and the Australian Taxation Office (ATO) will no longer issue paper activity statements.

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Update on the ALP’s Franking Credit Policy

In March 2018, the Australian Labor Party (ALP) announced a policy to remove franking credit refunds.  If the ALP wins the next federal election, and the policy passes both Houses of Parliament, the commencement date for these changes will likely be 1 July 2019.

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Single Touch Payroll Rollout to all Employers

Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more staff (substantial employers). The Bill to extend the STP reporting requirements to all employers, regardless of the number of employees, has now passed the Senate and will be Law.

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Instant Asset Write-Off for Small Business Extended and Increased

Legislation was passed on 4 April 2019 to increase the threshold of the small business Instant Asset Write-Off scheme from $20,000 to $30,000 and extend eligibility to medium-sized businesses with a turnover of up to $50 million (previously $10 million).  The scheme is also now legislated to continue through to 30 June 2020.

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Earning Accommodation Income From the Sharing Economy?

Christmas is almost here and for Airbnb hosts this signals an opportunity to earn some extra cash.  While online marketplaces like Airbnb may be a smart way to make use of idle assets, it’s important to know what this extra income means for your tax position.

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Cryptocurrency: Tax and Record Keeping Considerations

Do you currently hold or are you considering investing in cryptocurrency? While cryptocurrencies have attracted the attention of investors and traders, they have also caught the attention of the Australian Taxation Office (ATO) who are monitoring this area with high level of interest.

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New Guidelines for Private Use of FBT Exempt Vehicles

The Australian Taxation Office (ATO) has released new draft guidelines for the private use of Fringe Benefits Tax (FBT) exempt vehicles.

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Event-Based Reporting for SMSFs

Self-managed super funds (SMSFs) have new event-based reporting obligations from 1 July 2018 due to the transfer balance cap measures and event-based reporting framework.

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