It has recently been announced to reduce the GST threshold on imported goods and services to zero effective 1 July 2017. It is currently at $1,000. A proposal that is dependent on a vendor registration model to collect GST has been put forth. Overseas suppliers will charge, collect and remit GST on digital and physical […]
The ATO has sent out a firmly reminder that individuals with rental properties must ensure they are only claiming deductions that they are entitled to. That is, claiming deductions for periods in which the holiday home is rented out and/or is available for rent. Clients are advised to keep accurate records to ensure they are […]
Each year, the ATO identifies industries where employers are at a greater risk of not making super contributions for their eligible employees. This year its focus is on: child care services; pubs, bars and taverns; and industrial cleaning industries. Furthermore, the ATO stated that, in early 2015, it will write directly to employers in these […]
Businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year. You need to report these payments to the ATO on the Taxable payments annual report by 28 August each year What are ‘building and construction services’? It includes services such […]
The Government has announced that it will simplify tax and superannuation reporting obligations through ‘Single Touch Payroll’. Under Single Touch Payroll, employers’ accounting software will automatically report payroll information to the ATO when employees are paid. This will eliminate the need for employers to report employee-related Pay As You Go Withholding (PAYGW) in their activity […]
The ATO has also announced a new “Share transactions data matching program” that will acquire details of share acquisitions and sales from 20 September 1985 to 30 June 2016 from: Link Market Services Limited; Computershare Limited; Australian Securities Exchange Limited; Boardroom Pty Ltd; Advanced Share Registry Services Pty Ltd; and Security Transfer Registrars Pty Ltd […]