Archive for 2018

From 1 July, 2018 onwards, purchasers of new residential property or subdivisions of potential residential land will need to pay the GST component of the purchase price directly to the ATO. This change does not impact on the sale of existing residential properties or the sale of […]

Do you own a holiday home?  The ATO is focussing closely on rental property owners who may be incorrectly or falsely claiming deductions for properties that are not genuinely available for rent, or that are used by taxpayers as a personal holiday home. The ATO has reminded […]

Currently, the ATO holds unclaimed money for around 5.38 million accounts with a total value of $3.75 billion as at 30 June, 2017. The ATO is implementing a number of strategies aimed at reuniting individuals with their lost and unclaimed super. From 5 April the ATO will […]

Do you trade under a business name that you haven’t registered?  Most businesses will need to apply for a registered business name with the Australian Securities & Investments Commission (ASIC). You can operate a business in your own name without having to register the business name if […]

Why Your ABN May Be Cancelled If you have an ABN and haven’t lodged an activity statement or reported income on the business labels on your tax return for more than two years, then your ABN may be cancelled. The Australian Business Register (ABR) regularly checks ABN […]

Single Touch Payroll (STP) Reporting Starts 1 July 2018 – Is Your Business Ready? From 1 July 2018 onwards employers with more than 20 employees must use Single Touch Payroll Reporting. What is Single Touch Payroll? Single Touch Payroll Reporting means that when you complete your payroll […]

This measure is designed to assist an employee where their employer won’t allow salary sacrifice contributions, or where the employer reduces an employee’s SG entitlement when salary sacrificing or the employee is also self-employed. Eligibility Rules You can claim a deduction for personal super contributions made on […]