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.
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.
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.
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.
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.
Technology is central to Australia’s economic growth. While it brings significant opportunity for growth and efficiency, it also poses challenges for businesses to keep safe from cyber threats.
The Australian Taxation Office (ATO) has released new draft guidelines for the private use of Fringe Benefits Tax (FBT) exempt vehicles.
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.
ATO Assistant Commissioner, Kath Anderson, has announced a crackdown on work-related expense claims this tax time. The increased scrutiny comes as a result of the first ever research into the income tax gap for individuals.