February/March 2019 Newsletter

Our latest eNewsletter includes information on the following topics:

Single Touch Payroll reporting for small businesses: get ready!: Legislation has recently passed to bring in STP reporting for all small employers from 1 July 2019.

Super guarantee compliance: time to take action : The government’s latest initiatives targeting non-compliance with SG obligations give businesses plenty to think about.

Proposed increase for small business instant asset write-off: Prime Minister Scott Morrison recently announced the intention to increase the instant asset write-off for small businesses from $20,000 to $25,000.

Company losses “similar business test” Bill passes: A more relaxed “similar business test” will be available to work out whether a former company’s tax losses and net capital losses can be used as a tax deduction for a new business.

New “work test” exemption for recent retirees : A more relaxed “similar business test” will be available to work out whether a former company’s tax losses and net capital losses can be used as a tax deduction for a new business.

New “work test” exemption for recent retirees: From 1 July, a new 12-month exemption from the work test for new retirees aged 65–74 with total super below $300,000 will give many older Australians extra time to boost their super.

ATO issuing excess super contributions determinations: The ATO has begun issuing determinations for individuals’ excess concessional contributions to super for the 2017–2018 financial year.

Home office running expenses and electronic device expenses: The ATO has released updated guidance on tax-deductible home office and electronic device expenses.

Genuine redundancy payments: The Federal Government intends to align genuine redundancy and early retirement scheme payments with the Age Pension qualifying age.

Bonsella News: Updates from the Bonsella Team.