Here is our Tax Newsletter for August. It contains some very important information regarding your 2019 payment summary and claiming deductions in 2019. Some of the topics we discuss are:
• Where employers report through STP and clients are linked to ATO online services through myGov, the ATO will inform via myGov that their end of year payment summary (income statement) is "Tax ready".
• Top mistakes to avoid this tax time – To help taxpayers work out what they can claim, the ATO has developed 30 occupation guides for specific occupations.
• Personal tax cuts Bill passed without amendment, now law – Starting immediately, low and middle income earners with an income up to $126,000 will receive up to $1,080 in LMITO.
• STP reporting irregularities – The ATO is contacting Single Touch Payroll enabled employers who have either ceased reporting for over 45 days or have submitted employees under multiple payroll or BMS IDs.
• Employees guide for work expenses – The ATO has released a guide to help employees decide whether their work expenses are deductible, and what records they need to keep.
• FBT, taxi travel and ride sourcing – For businesses, taxi travel by an employee is an exempt benefit if the travel is a single trip beginning or ending at the employee's place of work.
• New ATO data-matching program – The ATO said it will acquire overseas movement data from the Department of Home Affairs (DHA) for individuals with an existing HELP, VSL or TSL debt.
• GST on low value goods – The ATO says it has now collected over $250 million in additional GST since the GST on low value goods measure began on 1 July 2018.
• Reasonable travel and overtime meal allowance amounts for 2019-20 - the Commissioner has released the amounts considered reasonable for employee claims for overtime meal expenses, domestic travel expenses and overseas travel expenses.
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