Workers on the cusp of retirement who are short changed on their superannuation entitlements have nest eggs that are tens of thousands of dollars less than those who are paid correctly. Using the latest ATO data from 2013-14, the research from Industry Super Australia found that people aged 60 to 64 on salaries ranging from…
Business owners who make a car (leased or owned) available for employees to use for private travel may be subject to fringe benefits tax (FBT). If a car is garaged at or near your employee’s home, even if only for security reasons, it is considered by the ATO to be available for their private use…
All businesses should now be SuperStream compliant. SuperStream is a standard for processing superannuation data and payments electronically. Employers must pay employee super contributions electronically (EFT or BPAY) and send the associated data electronically under SuperStream. SuperStream ensures the data is in a standard format so it can be transmitted consistently across the super system…
The Australian Tax Office is collecting data from financial institutions and online selling sites as part of their data matching programs for credit and debit cards, online selling and ride-sourcing. The data will include: the total amount of credit and debit card payments businesses received online sellers who have sold at least $12,000 worth of…
The transfer balance cap was introduced as part of the reforms to superannuation in the 2016 Federal Budget and will commence on 1 July 2017. The cap applies to the total amount of super that has been transferred into the retirement phase. The cap will start at $1.6 million, and will be indexed periodically in…
Tax rates for working holiday makers who are in Australia on a 417 or 462 visa have changed. From 1 January 2017, employers who employ a working holiday maker in Australia on a 417 or 462 visa: – Must withhold 15 per cent from every dollar earned up to $37,000 with foreign resident tax rates…
SMSF trustees have until 31 January 2017 to review their limited recourse borrowing arrangements (LRBAs) to ensure they are consistent with an arm’s length dealing, or alternatively brought to an end if they are not. The Tax Office recently provided further guidance to SMSF trustees on when the non-arm’s length income (NALI) provisions apply to…
The ATO have introduced a simpler BAS to take effect from 1 July 2017 to help reduce GST compliance costs for small businesses. From 1 July 2017, small businesses will only need to report GST on sales (1A); GST on purchases (1B) and Total sales (G1) on their BAS. Businesses will no longer need to…
Contributing extra to your superannuation is a good way to boost your retirement funds. One of the ways you can add more to your super is through salary sacrificing. Salary sacrifice is an arrangement with your employer to forego part of your salary or wages in return for your employer providing benefits of a similar…
Giving to charity this Christmas is a great way to give to those less fortunate while receiving some extra tax perks. Charitable donations are tax deductible which only adds to the incentive to be generous this holiday season. Here are some tips for maximising your tax breaks on charitable donations: The charity must be registeredMake…