We are pleased to publish the June 2019 edition of Client Alert, which contains information on a number of important taxation developments up to and including 17 May 2019:
- STP exemptions and deferrals – ATO reminders – With reported unpreparedness for (STP), mainly among small businesses, the ATO has reminded businesses about the STP exemptions and deferrals that are available.
- 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.
- 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.
- Protecting Your Super - how new law may affect SMSFs – The Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 introduces a number of reforms to protect individual's super savings from undue erosion by fees and unnecessary insurance.
- ATO reminds SMEs about paying super for backpackers – The ATO has reminded businesses that employ backpackers that they may need to pay superannuation guarantee for them.
- Ombudsman calls on ATO to cease small business recovery action where tax disputes are before AAT – The Ombudsman has called for the ATO to immediately cease debt recovery action where tax disputes were before the AAT. The ATO states that its long standing policy on debt recovery for cases in dispute at the AAT is to only pursue disputed debt in "exceptional circumstances" and that there are only ''very rare cases''.
- Requirement registered to lodge 2019 tax and other returns – The Notice of Requirement to Lodge a Return for Income Year Ended 30 June 2019 has been registered. This covers income tax returns and other lodgements.
- 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.
Client Alert is available to download here.
Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.