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Confusion over personal income tax changes - what are you really entitled to?
By WSCAdmin | Created on September 25, 2019
A low and middle income tax offset (LMITO), first introduced in the 2018-19 Federal Budget, provides a tax benefit to those with taxable incomes below.
Tax treatment of compensation from financial institutions
By WSCAdmin | Created on September 25, 2019
The tax treatment varies according to why the compensation was paid and who the payment was made to.
Weirdest tax deductions revealed
By WSCAdmin | Created on September 25, 2019
The Lego was not the only claim for money spent on kids. Another taxpayer claimed their children’s sports equipment and sporting membership fees. Others claimed school uniforms, and before and after school care.
‘Proof of life’ certificates required for overseas pensioners
By WSCAdmin | Created on September 25, 2019
There are approximately 96,000 people permanently living overseas who currently receive an Australian social security payment. The majority of these receive the age pension.
ATO take ‘gloves off’ on overseas income
By WSCAdmin | Created on September 25, 2019
How you are taxed and what you are taxed on depends on your residency status for tax purposes. As tax residency can be different to your general residency status it’s important to seek clarification. The residency tests don’t necessarily work on ‘common sense.’ For tax purposes:
The $11.1bn small business tax shortfall
By WSCAdmin | Created on September 25, 2019
If the ATO turn up at your business, they may spot check how you are recording your sales and the records for the past day or so. They may also check payroll records to ensure that staff are ‘on the books’ and superannuation entitlements are being met.
Tax time, Are you in the ATO’s sights??
By WSCAdmin | Created on June 18, 2019
A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and your SMSF.
How to Prepare for a Tax Office Visit
By WSCAdmin | Created on June 18, 2019
The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy.
ATO doubles rental deduction audits
By WSCAdmin | Created on April 30, 2019
In the 2017-18 financial year, more than 2.2 million Australians claimed over $47 billon in deductions and the Australian Taxation Office (ATO) thinks that is too much - one in ten is estimated to contain errors.
What you can expect after the election
By WSCAdmin | Created on April 30, 2019
Headlines only explain so much. In this special update, we examine where the 2019-20 Federal Budget left us, and the pivotal policies from the ALP on tax, superannuation and business.
Tax scammer alert
By WSCAdmin | Created on March 14, 2019
The ATO has again warned taxpayers to be alert for scammers impersonating the ATO, as it appears they have changed tactics in 2019.
Benefits during emergencies exempt from FBT
By WSCAdmin | Created on March 14, 2019
If your business assists employees during an emergency, for example floods, bushfires etc., then fringe benefits tax is unlikely to apply to the assistance you provide.
International Women's Day Has Anything Changed?
By WSCAdmin | Created on March 14, 2019
Women and girls make up just over half (50.7%) of the Australian population. While women comprise roughly 47% of all employees in Australia, they take home on average $251.20 less than men each week (full-time adult ordinary earnings).
What's new for Australian business?
By WSCAdmin | Created on March 14, 2019
The ATO has recently reminded small businesses of the expanded tax concessions potentially available to them.
Single touch payroll extended to all employers
By WSCAdmin | Created on March 14, 2019
From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts.
Legislation in limbo
By WSCAdmin | Created on March 14, 2019
The February 2019 Parliamentary sitting days were the last opportunity before the Federal Budget for the Government to introduce or push through new legislation.
Non-compliant payments to workers
By WSCAdmin | Created on March 14, 2019
The rules for claiming deductions for payments to workers are changing.
Tax on shares ATO extends data matching program
By WSC Group | Created on December 8, 2018
The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades.
No tax deductions if you don’t meet your tax obligations
By WSC Group | Created on December 8, 2018
New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations.New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations.
Scammers impersonating tax agents
By WSC Group | Created on November 13, 2018
The ATO has received increasing reports of a new take on the ‘fake tax debt’ scam, whereby scammers are now impersonating registered tax agents to lend legitimacy to their phone call.
Proposed expansion of STP to smaller employers
By WSC Group | Created on November 12, 2018
Single Touch Payroll (‘STP’) commenced on 1 July 2018 for approximately 73,000 employers who have 20 or more employees.
SG Amnesty still pending
By WSC Group | Created on September 11, 2018
The proposed superannuation guarantee (‘SG’) amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (i.e., from 24 May 2018 to 23 May 2019).
Tax ‘safe harbour’ for inherited property
By WSC Group | Created on September 11, 2018
When someone inherits a dwelling there are some special rules contained within the main residence exemption provisions that can provide a full exemption if certain conditions are met. If the conditions are not met, the beneficiary might face a nasty capital gains tax (CGT) bill for their good fortune.
Single Touch Payroll Update
By WSC Group | Created on August 7, 2018
The ATO is writing to employers who started reporting through STP before 1 July 2018, providing them with information about how their employees' payment summary for 2017/18 may change with STP,
Suburban scammers pushing illegal early access to super
By WSC Group | Created on August 7, 2018
The ATO has become aware of people in some suburban areas of major cities attempting to encourage others to illegally access their super early (generally for a fee) to help them to purchase a car,
One-off Super Guarantee Amnesty
By WSC Group | Created on July 12, 2018
The ATO estimates that $2.85 billion is currently owed in late or missing SG payments.The ATO estimates that $2.85 billion is currently owed in late or missing SG payments.
Single Touch Payroll: what you need to know
By WSC Group | Created on July 1, 2018
Single Touch Payroll (STP) – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – comes into effect from 1 July 2018.
Tax stats reveal the state of the Australian community
By WSC Group | Created on May 18, 2018
Every year, the Australian Taxation Office (ATO) compiles the tax data they collect.Every year, the Australian Taxation Office (ATO) compiles the tax data they collect.
No need to actually downsize for downsizer contributions
By WSC Group | Created on April 27, 2018
From 1 July 2018, individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was their main residence to make superannuation contributions
Should you use the new super measures when you buy/sell your home?
By WSC Group | Created on April 27, 2018
From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without many of the normal restrictions.From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without many of the normal restrictions.
