We are pleased to supply you with the March 2019 edition of our Tax Newsletter, which contains information on a number of important taxation developments:
- Single Touch Payroll reporting for small businesses: get ready! - Legislation has recently passed to bring in STP reporting for all small employers from 1 July 2019.
- Super guarantee compliance: time to take action - The government’s latest initiatives targeting non-compliance with SG obligations give businesses plenty to think about.
- Proposed increase for small business instant asset write-off - Prime Minister Scott Morrison recently announced the intention to increase the instant asset write-off for small businesses from $20,000 to $25,000.
- ATO warns about new scams in 2019 - While the ATO regularly contacts people by phone, email and SMS, there are some tell-tale signs that you’re being contacted by someone who isn’t with the ATO.
- ATO refers overdue lodgments to external collection agencies - External collection agencies will focus on income tax and activity statement lodgments.
- Extra 44,000 taxpayers face Div 293 superannuation tax - Individuals with income and super contributions above $250,000 are subject to an additional 15% tax on their concessional contributions