In our last tax newsletter for this financial year, we discuss:
- Payment summaries and STP this tax time – taxpayers may need a myGov account – For the first time, as a result of the introduction of Single Touch Payroll (STP), taxpayers may need a myGov account in order to get the payment summary details they need to complete their 2019 tax returns.
- STP exemptions and deferrals – ATO reminders – With reported unpreparedness for (STP), mainly among small businesses, the ATO has reminded businesses about the STP exemptions and deferrals that are available.
- Cryptocurrency: record keeping requirements and data matching program – The Commissioner has published a gazette notice setting out the record keeping requirements for cryptocurrency owners and traders. The data obtained from cryptocurrency designated service providers is being used to identify the buyers and sellers of crypto-assets and quantify the related transactions.
- Super death benefit for de facto partner upheld – The Federal Court has dismissed an appeal against a decision to pay a superannuation death benefit pension to a deceased’s de facto partner instead of a lump sum to his estate. It was not satisfied that the Tribunal had misunderstood its task or failed to take into account all the circumstances of the relationship.
- Protecting Your Super - how new law may affect SMSFs – The Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 introduces a number of reforms to protect individual's super savings from undue erosion by fees and unnecessary insurance.
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