Return to site

September 2019 Tax Newsletter

· Newsletters

The year is flying by!  Here is  the September 2019 Tax Newsletter which contains information on a number of important taxation developments

*             Warning to watch out for myGov tax scams – The government’s Stay Smart Online website warns there has been a surge in scammers impersonating myGov and the ATO to trick people into giving them money or personal details.

*             ATO has refunded $10 billion so far – The ATO says that $10 billion has been refunded to Australian taxpayers so far this tax time, an increase of over $2 billion from this time last year.

*             ATO watching for undisclosed foreign income this tax time – The ATO reminds taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time.

*             Unusual claims disallowed – Almost 700,000 taxpayers have claimed $2 billion of “other” expenses including non-deductible items such as dental costs, child care and Lego sets.

*             ATO contacting small employers about Single Touch Payroll – The ATO is writing to small employers who have yet to start reporting or apply for a deferral, to remind them of their STP obligations.

*             Disclosing business tax debt information: ATO consultation – The law is being changed to let the ATO report business tax debt information to credit reporting bureaus where businesses avoid their tax debts.

*             Cross-border recovery of taxation debts – An updated practice statement outlines options available for the ATO to recover a tax debt where the debtor is outside Australia.

*             ATO superannuation focus areas – The ATO has released its presentation to the 2019 Association of Superannuation Funds of Australia National Policy Roadshow outlining emerging focus areas for 2019–2020.

*             Compassionate release of super only available in limited cases – The ATO has recently seen a significant increase in queries about compassionate release of super.

*             Personal services income rules: unrelated clients test – The Federal Court has set aside an AAT decision that income a business analyst derived through a company was subject to the PSI rules.

For more information on any of these topics, please click on the link below:

September Tax Newsletter

If you have any further questions, Please call us on 02 9580 3353

All Posts

Almost done…

We just sent you an email. Please click the link in the email to confirm your subscription!