Reporting of transfer balance account information The recent superannuation reforms introduced the concept of a 'transfer balance account', to basically record the value of member balances moving into or out of 'retirement phase'. In order to monitor these amounts, the [...]
Changes to the foreign resident withholding regime for sales of Australian real estate Since 1 July 2016, where a foreign resident has disposed of real estate located in Australia, the purchaser has had to withhold 10% of the purchase price [...]
Change to deductions for personal super contributions Up until 30 June 2017, an individual (mainly those who are self-employed) could claim a deduction for personal super contributions where they meet certain conditions. One of these conditions is that less than [...]
ATO data regarding Super Guarantee non-compliance 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 [...]
ATO exposes dodgy deductions With over eight million Australians claiming work-related expenses each year, the ATO is reminding people to make sure they get their deductions right this tax time. Assistant Commissioner Graham Whyte said that, in 2014/15, the ATO [...]
ATO assistance with the pending $500,000 lifetime super cap In the 2016/2017 Federal Budget, it was announced that, from 7:30pm (AEST) on 3 May 2016, there will be a lifetime cap of $500,000 on non-concessional (i.e., non-deductible) superannuation contributions. This [...]
Pre-retirees: Avoid 'too good to be true' tax schemes The ATO has launched a new project called 'Super Scheme Smart', an initiative aimed at educating individuals about the potential pitfalls of 'retirement planning schemes', to keep them safe from risking [...]
Latest ATO benchmarks released The ATO has released the latest benchmarks for small business based on the data from 2014 income tax returns and business activity statements, covering over 1.3 million small businesses. Assistant Commissioner Matthew Bambrick said that, if [...]
Overtime Meal Allowance Amounts The reasonable amount for overtime meal allowance expenses for 2016/17, where an allowance is paid under an award, order, determination, industrial agreement or a Commonwealth, State or Territory law, is $29.40 per meal.
Cents per km deduction rate for motor vehicle expenses The ATO has determined that the rate at which work-related motor vehicle expense deductions may be calculated using the cents per kilometre method is 66 cents per kilometre for the income [...]