Client Alert – April 2018

We are pleased to supply you with the April 2018 edition of Client Alert, which contains information on a number of important taxation developments up to and including 23 March 2018:

    • 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.
    • 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.
    • 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.
    • 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.
    • 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.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

 

Client Alert – April 2018

Client Alert – Explanatory Memorandum April 2018

 

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.