In the 2015-16 financial year, the newly introduced taxable payments reporting system (TPRS) safeguarded an estimated $2.7 billion in the building and construction industry from being swallowed up by the black economy. Now, other industries perceived as ‘high risk’ are on the ATO’s radar. For the financial year 2018-19, services businesses – such as couriers,…

In 2017, the Australian Securities and Investments Commission (ASIC) detailed legal changes in funding arrangements. Although these changes were phased in to minimise confusion, some companies may find they experience errors when claiming personal super contribution deductions. One time of year where these errors are most likely to occur is during the rush to file…

Federal Court Upholds Tax Credit, Despite Non Reporting of PAYG Withheld Amounts It is commonly understood that all PAYG amounts classed as “withheld” from the salary or wages of a taxpayer, must be reported to the ATO. This is a standard element of tax compliance, and is something that the vast majority of Australian tax…

Clarifying ATO Garnishee Notices: Federal Court Rules Out Tax-Related Liability for Non-Compliant Entities It will come as no surprise that the ATO takes overdue tax payments very seriously. Because of this, the tax office is afforded certain legal rights which enable their officers to follow up missed payments, and to collect them in full from…

Taxable Payments Draft Law: The New Reporting Obligations You Need to Know About If you run a business in Australia, you will already be familiar with the legal requirement to report on taxable payments. Details regarding these payments must be submitted to the ATO so that taxes can be calculated accordingly, ensuring that your business…

Changes to ATO policy may mean that your eligibility for tax deductions have changed. The 10% maximum earnings condition for personal superannuation contributions rule was removed under Government changes for the 2017-18 and future financial years. Under this new condition, you may now be eligible to claim personal super contribution (PSC) deductions. Let’s take a…

On December 12, 2018, a new act took effect in Australian employment law. This is the Fair Work Amendment (Family and Domestic Violence Leave) Act 2018, an updated component of the Fair Work Act of 2009. This latest amendment gives all employees the right to unpaid annual leave following an instance of domestic or family…

Phoenix Task Force and its Role in Fighting Illegal Trading It’s a problem that’s costing the economy as much as $5 billion a year or more, and the Australian Tax Office is prepared to take it on. Unscrupulous business owners every year create what economists call phoenix companies to evade tax, debt, employment, or other…

We have recently been hearing more about a new Scam Alert with callers imitating the Australian Tax Office in an unprecedented way. The Scam goes something like this;  You receive a phone call from “02 6216 1111” number – What does this mean? It means that is the ATO calling you, as that is the…

As an approach to passive income that’s gathered popularity in recent years, car sharing applications are used throughout Australia. Recently, the ATO has begun cracking down on those who are generating significant income through their use. If you’re partial to profiting from car sharing, you may want to learn more about your tax obligations. How…

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