We are pleased to publish the May 2019 edition of Client Alert, which contains information on a number of important taxation developments up to and including 18 April 2019:
- Super guarantee amnesty not yet law, but $100 million recovered - There has been a notable increase in employers coming forward to self-report unpaid super guarantee amounts in response to the amnesty proposal announcement, despite it not yet being law.
- Instant asset write-off with Budget changes now law - The write-off rules have been extended to medium sized businesses, the threshold has increased and the dates are extended.
- Rental deductions: ATO audits to double - The ATO has warned that it will increase its scrutiny of rental-related deductions this year.
- How the ATO identifies wealthy individuals and their businesses - The ATO says it uses sophisticated data matching and analytic models to identify wealthy individuals and link them to associated businesses.
- Fringe benefits tax: rates, thresholds and ATO focus for 2019–2020 - The ATO has issued its annual rulings about FBT rates and thresholds and will focus on monitoring a range of related issues this year.
- Guidance on when a company carries on a business - New guidance is now available on how the ATO deals with the concept of a company “carrying on a business”.
- Shortfall penalties reduced under new ATO initiative - If the ATO finds an error on a tax return or an activity statement during an audit or review, the taxpayer may now be eligible for automatic penalty relief.
- ATO to ramp up ABN investigations and cancellations - The ATO is ramping up its focus on cancelling inactive ABNs over the coming months.
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.