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May 2019 Tax Newsletter

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With an election looming, it is important to keep up to date on new taxation developments.  Here is our current edition of our tax newsletter.  This month topics include:

  • ATO to ramp up ABN investigations and cancellations - The ATO is ramping up its focus on cancelling inactive ABNs over the coming months.
  • Fringe benefits tax: rates, thresholds and ATO focus for 2019–2020 - The ATO has issued its annual rulings about FBT rates and thresholds and will focus on monitoring a range of related issues this year.
  • Guidance on when a company carries on a business - New guidance is now available on how the ATO deals with the concept of a company “carrying on a business”.
  • Super guarantee amnesty not yet law, but $100 million recovered - There has been a notable increase in employers coming forward to self-report unpaid super guarantee amounts in response to the amnesty proposal announcement, despite it not yet being law.
  • Instant asset write-off with Budget changes now law - The write-off rules have been extended to medium sized businesses, the threshold has increased and the dates are extended.
  • Rental deductions: ATO audits to double - The ATO has warned that it will increase its scrutiny of rental-related deductions this year.
  • Shortfall penalties reduced under new ATO initiative - If the ATO finds an error on a tax return or an activity statement during an audit or review, the taxpayer may now be eligible for automatic penalty relief.
  • How the ATO identifies wealthy individuals and their businesses - The ATO says it uses sophisticated data matching and analytic models to identify wealthy individuals and link them to associated businesses.
For more information on any of these topics, please click on the link below
If you have any further questions, please contact us on 02 9580 3353
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