EOFY 2019 Newsletter

Our latest eNewsletter includes information on the following topics:

Payment summaries and STP this tax time – taxpayers may need a myGov account : For the first time, as a result of the introduction of Single Touch Payroll (STP), taxpayers may need a myGov account in order to get the payment summary details they need to complete their 2019 tax returns.

ATO to ramp up ABN investigations and cancellations: The ATO is ramping up its focus on cancelling inactive ABNs over the coming months.

Fringe benefits tax: rates, thresholds and ATO focus for 2019–2020: The ATO has issued its annual rulings about FBT rates and thresholds and will focus on monitoring a range of related issues this year.

Instant asset write-off with Budget changes now law: The write-off rules have been extended to medium sized businesses, the threshold has increased and the dates are extended.

Rental deductions: ATO audits to double: The ATO has warned that it will increase its scrutiny of rental-related deductions this year.

Shortfall penalties reduced under new ATO initiative: If the ATO finds an error on a tax return or an activity statement during an audit or review, the taxpayer may now be eligible for automatic penalty relief.

How the ATO identifies wealthy individuals and their businesses: The ATO says it uses sophisticated data matching and analytic models to identify wealthy individuals and link them to associated businesses.

Cryptocurrency: record keeping requirements and data matching program: The Commissioner has published a gazette notice setting out the record keeping requirements for cryptocurrency owners and traders. The data obtained from cryptocurrency designated service providers is being used to identify the buyers and sellers of crypto-assets and quantify the related transactions.

Super death benefit for de facto partner upheld: The Federal Court has dismissed an appeal against a decision to pay a superannuation death benefit pension to a deceased’s de facto partner instead of a lump sum to his estate. It was not satisfied that the Tribunal had misunderstood its task or failed to take into account all the circumstances of the relationship.

Bonsella News: Updates from the Bonsella Team.