Focus on the Cash Economy
Continued focus on the cash economy ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country, including up to 500 small businesses in Tasmania. He further said that businesses that advertise as ‘cash only’ and businesses that are operating …
Federal Election Called!!
P r a c t i c e U p d a t e May 2019 Federal Election called! The Federal Election has been called for Saturday 18 May 2019, and the Governor-General has ‘prorogued’ the Parliament from 11 April 2019 until 18 May 2019, and dissolved the House of Representatives. The election will also …
Fast-tracking tax cuts for small and medium businesses
Fast-tracking tax cuts for small and medium businesses The Government has fast-tracked the already legislated tax cuts to small and medium businesses by bringing them forward five years. Companies with an aggregated turnover of less than $50 million will have a tax rate of 25% in the 2022 income year (instead of the 2027 income …
ATO data regarding Super Guarantee non-compliance
ATO data regarding Super Guarantee non-compliance Lucas and Co: The ATO has provided some information about Superannuation Guarantee (SG) non-compliance in its recent submission to a Senate inquiry into the impact of the non-payment of the Superannuation Guarantee. In addition to marketing and education activities to re-enforce the need for employers to meet their SG …
ATO’s apps and other online tools
ATO’s apps and other online tools As a result of user feedback, the ATO has improved their ATO Small Business app and it continues to expand in functionality and usability. The most useful features for small business include: ABN Lookup, which verifies business details. Tax withheld calculator, which shows how much tax to …
Further company tax cuts deferred (for now…)
The Government has decided not to put the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 to a vote in the Senate … for the present point in time (it had already passed the House of Representatives without amendment). The Bill aims to progressively extend the lower 27.5% corporate tax rate to all …