April 2018 Newsletter

Our latest eNewsletter includes information on the following topics:

ATO embarking on e-Audits:The ATO has published information about the “e-Audit” technology it uses as part of its tax compliance activities.

Court finds pay-as-you-go amounts “withheld” from salary payments: A court has ruled that pay-as-you-go amounts were “withheld” from a taxpayer’s salary, despite the amounts never being remitted to the ATO by her employers.

“Transition to retirement” pensions to become simpler: The government will simplify the transfer of transition to retirement income streams (TRISs) on the death of a pensioner.

ATO releases latest small business benchmarks: The ATO has released its latest small business benchmarks, providing over 100 different industries with average cost of sales and average total expenses.

Goods and services tax on low-value imported goods: From 1 July 2018, goods and services tax will apply to some offshore supplies of goods valued at $1,000 or less that are purchased by consumers and brought into Australia.

Capital gains tax withholding: updated information for trustees: The ATO has released guidance for trusts and superannuation funds about applying to the ATO for a clearance certificate for the purposes of the foreign resident capital gains tax withholding regime.

Superannuation rates and thresholds for 2018–2019: We summarise some of the key superannuation rates and thresholds for the upcoming financial year.

Super guarantee: ATO compliance approach to non-payment: The ATO has released a fact sheet explaining its compliance approach to employers who fail to meet their superannuation guarantee obligations.for or in connection with services provided as an employee.

Single Touch Payroll reporting: ATO urges employers to get ready: The ATO is urging employers with 20 or more employees to start preparing now for the Single Touch Payroll (STP) reporting regime.

Bonsella News: Updates from the Bonsella Team.