Our April Tax Newsletter is now out. This month we look in to some new tax developments. These topics include:
- Things to get right this FBT season - FBT returns will soon be due and as always, it’s vital to make sure you use the latest rates and rely on the correct information.
- Tax concierge service available to small businesses - Small business owners who seek a review of an ATO decision but don’t have legal representation can now access experienced tax lawyers and support at significantly reduced cost.
- ATO small business benchmarks updated - The ATO has released its latest small business benchmarks for over 100 different industries, drawn from more than 1.5 million Australian small businesses.
- Early recovery of small business tax debts: ATO to be scrutinised - The Australian Small Business and Family Enterprise Ombudsman will look into the ATO’s practices in pursuing early recovery of tax debts from small businesses.
- Compensation for defective ATO administration: review announced - A former Secretary of the Attorney-General’s Department will lead a review of the Scheme for the Compensation for Detriment Caused by Defective Administration.
- Single Touch Payroll: low-cost solutions now available - A range of no-cost and low-cost solutions are now coming into the market for small employers’ STP reporting.
- Super guarantee amnesty not yet law: ATO will apply existing law - Until law giving effect to the proposed superannuation guarantee amnesty is enacted, the ATO will apply the existing law to super guarantee charge statements.
- ATO finds 90% error rate in sample of rental property claims - The ATO’s next area of focus will be rental income and related tax deductions.
- Property used for storage an active asset for small business CGT concession purposes - The Administrative Appeals Tribunal has decided that a property used to store materials, tools and other equipment was an active asset for the purpose of the small business CGT concessions.
For more information on any of these topics, please click on the link below:
April 2019 Tax Newsletter
If you have any further questions, please call us on 02 9580 3353