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Australian Stats November 18

Comprehensive statistics on how Australia is performing.

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Tax consequences of trust vesting

Trust Vesting

The Australian Taxation Office (ATO) has issued a long-awaited ruling on trust vesting, including changing a trust’s vesting date and the CGT and income tax consequences of vesting

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Fringe Benefits Tax (FBT): employees’ private use of vehicles

Fbt Private Use Cars

The Australian Taxation Office has issued guidance for employers on determining an employee’s private use of a vehicle.

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ATO to contact clients over bank details

Ato Contact Accounting Clients

The Tax Office will be sending SMS text messages to clients who provided incorrect bank account details in their tax return over the next few weeks.

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ATO claws back $850m in unpaid SG in FY 17-18

Ato Claws Back Super Guarantee

Compliance activities undertaken by the ATO in the 2017-18 financial year saw the ATO raise around $850 million in unpaid super entitlements.

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Appetite for property in SMSFs shows signs of life despite tough market

Apetite For Property

Interest in property investment from younger SMSF trustees continue to hold steady despite tighter policy controls around SMSF lending and some banks exiting the space altogether, says one mid-tier firm.

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Superannuation gender gap narrowing, research shows

Super Gender Gap Closing

Over the past decade, there has been improvement in the number of women holding superannuation accounts and the size of their superannuation balances compared with that of men, according to a research house.

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Identification numbers for directors

The Government has announced a package of reforms to combat phoenix activities, including the introduction of a Director Identification Number (DIN).

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How financial advice helps create wealth.

Planning The Missing Piece

An article based on a 16 year study by Vanguard Investments Pty Ltd.

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Unlocking equity crowdfunding in Australia

Crowdfunding

Equity crowdfunding has been a popular method to raise capital in many countries for the last few years.

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$20m boost for SME clients looking to exporting

Exporting Boost

Accountants with SME clients looking for export opportunities have been given a leg up with the launch of a government-funded $20 million program.

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Work-Related Expenses

Work Related Expenses

          This year, the Australian Taxation Office is paying close attention to what people are claiming as ‘other’ work-related expense deductions. The expectations are:- they spent the money themselves and were not reimbursed the expense was directly related to earning their income they have a record to prove it If an item (e.g. phone) may be …

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ATO updates crypto guidance

Crypto Cryptocurrency

The ATO has updated its guidelines on the tax treatment of cryptocurrencies, including issues on exchanging one cryptocurrency for another and record-keeping requirements.

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ATO zones in on hundreds of newly created reserves

Ato Newly Created Reserves

ATO deputy commissioner James O’Halloran

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Senate passes $20,000 instant asset write-off extension

20000 Tax Incentive Extension

Despite months of delays, the Senate has today passed legislation to extend the $20,000 instant asset write-off to 30 June 2019.

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Victorian Vacant Property Tax

Unrent Property Tax

Residential property tax of 1% of the property’s capital improved value is imposed on vacant properties.           Properties will be deemed vacant if they are left unoccupied for six months or more in a calendar year.  Exceptions include deceased estates, renovations and holiday homes. It is understood to be enforced by investors self-reporting, but could be …

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Director Penalty Notices

Director Penalty Notices

If a company fails to comply with their obligations under the PAYG withholding system or the SGC provisions, company directors can be held personally liable for the amount the company should have paid.           The Australian Taxation Office can force directors of a company that is unwilling or unable to meet these obligations, to personally pay …

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ATO set to pounce on undisclosed income streams

Set To Pounce

The ATO has warned that it will be increasing efforts to identify taxpayers who leave out certain payments and foreign income streams, as new international reporting standards kick in this month.

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In case you missed it – The company tax Bill that did pass Parliament.

Company Tax Bill

Amidst all the drama in Canberra recently, you could be forgiven for missing an important company tax rate change.

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GST spotlight headed to smaller end of town

Gst Small Business

With large multinational and public companies put on notice by the ATO over their GST compliance obligations, smaller taxpayers have been warned of “greater frequency and rigour” of reviews heading their way.

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Superannuation Amnesty – Maybe! Maybe Not!

Super Amnisty

          An amnesty to allow unpaid superannuation to be reported and paid without penalties has hit a big snag. The amnesty announced in May 2018 lasting for 12 months was concessional in allowing employers to catch-up unpaid compulsory superannuation with reduced penalties. However, the legislation has not passed and will not be considered until Federal Parliament …

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ATO drills in car-sharing focus this tax time

Ato Car Sharing

The tax office has reiterated it will be paying close attention to taxpayers earning income through car-sharing platforms, in line with its focus on the share economy this tax time.

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What is Bankruptcy?

What Is Bankrupcy

Bankruptcy is a legal process whereby a person is declared unable to pay their debts.

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Update of Australia’s vital statistics

Auatralian Statistics

          Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer Housing Taxes Climate   Access all this data here.   tradingeconomics.com

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ATO speaks on risk factors, surveillance triggers for FY19

Risk Factors Survailance

The ATO has outlined key risk factors, behavioural triggers and paper trails that will draw its attention to your client’s SMSF this financial year.

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ATO’s corporate residency guidance cops backlash

Corporate Residency

The tax office’s new approach to determining whether entities are resident under the central management and control test has drawn flak from industry bodies, noting technical issues with the guidance and disagreeing with the interpretation of the law.

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ATO dispels top tax time myths to clients as clampdown rolls out

Top Tax Time Myths

Ahead of one of its biggest deductions crackdowns, the tax office has released a series of common mistakes and misunderstandings taxpayers make at tax time.

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Guidance for SMSFs on transfer balance reporting

Guidance Smsf

          The Australian Taxation Office has released further guidance on when SMSFs need to report events affecting their members’ transfer balance accounts (by making a transfer balance account report, or TBAR) for the purposes of the $1.6 million pension cap. From 1 July 2018, SMSFs that have any members with a total superannuation balance of $1 …

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ATO issues alert on super, tax scams

Ato Scam Warning

Warning:  Identify theft scams 

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Salary sacrifice integrity

Salary Sacrifice

            Legislation has also been introduced to prevent employers from using an employee’s salary sacrifice contributions to reduce the employer’s own minimum SG contributions. Some employers who offer salary sacrifice into superannuation, calculate the minimum SG contribution on the “reduced” salary rather than the “package”. This change would apply to working out employers’ SG shortfalls …

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Understanding the evolution of blockchain and cryptocurrencies

Understanding Blockchain

While it’s unlikely that traditional accounting will be replaced by a blockchain method in the near future, accountants should keep a keen eye for any developments and be prepared to deal with new standards in accounting for cryptocurrencies.

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Update to Australia’s vital statistics

Australia Statistics

        Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer Housing Taxes Climate   Access all this data here.   tradingeconomics.com

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Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds

Checklists 2018

It's that time of the year again!  Use the following Checklists to speed up your tax return and to help ensure all deductions are made.

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SMSFs – Our ‘hardest’ jobs

Smsf Toughest Jobs

What are the hardest aspects of running your self-managed super fund (SMSF)?

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Tax Office reveals adventurous, dubious claims ahead of tax time

Dubious Tax Deductions

The ATO has released several case studies of adventurous and misguided expenses claims from taxpayers, but some fear they’re being made an example of because the Tax Office cannot “audit their way out” of a large-scale expenses crackdown.

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ATO reveals top tax time mistakes, set to contact 1 million taxpayers

Top Five Tax Mistakes

The ATO will be contacting over one million taxpayers either directly or through their tax agent in the coming months as part of its compliance activity, and have revealed the most common trouble spots for taxpayers at tax time. 

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Watch out for charges with incoming GST laws.

Beware Gst Overseas Supplies

Accountants and their clients have been advised to pay close attention to the commencement of GST on low value imported goods that could see Australian retailers incorrectly charged by overseas suppliers.

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Super savings gap for women stuck at 30%

Women 30 Percent Down

While the gender gap in superannuation is improving, an economic index indicates women are still retiring with superannuation balances 30 per cent lower than men.

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‘Wipe the slate clean’: Clients, accountants urged to use new amnesty period

Clean Slate For Super Guarantee Under Payments

Businesses look set to be granted a 12-month window to address historic under-payment of superannuation, against a backdrop of ongoing warning shots being fired by the government and regulators.

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Statistics for all Australians

Australia Vital Statistics

            Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer Housing Taxes Climate   Access all this data here.   tradingeconomics.com

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Touch Payroll (STP)

Single Touch Payroll Stp

Extensive STP resources can be found in a related article in last month's edition below.

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‘Calm before the storm’: Government proposes 12-month SG amnesty

Super Guarantee Amnisty But

Kelly O'Dwyer

BUT foreshadowing tougher penalties once the Single Touch Payroll regime kicks in fully next year.

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Government intensifies cash payments crackdown – Kelly O’Dwyer

Crackdown Cash Economy

The government has started its consultation process on plans to introduce an economy-wide cash payment limit of $10,000 as part of a wider effort to eliminate the black economy.

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Passive investment companies tax rate still 30%

Thirty 30 Percent Discount

          The reduce company tax rate of 27.5% in 2018 will be denied for companies with predominantly passive income. Under the changes, companies will qualify for the lower tax rate only if: their passive income is less than 80% of their assessable income for the year   they “carry on a business” in that year; and …

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Cryptocurrency audits tipped to increase this EOFY

Crypto Scrutiny

Audit activities around cryptocurrency are set to spike this tax time as part of the ATO’s broader risk analysis in its black economy crackdown, says one mid-tier.

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Australia by numbers – Update

Australia Kangaroo Statistics
Armed with this information you'll be a conversation magnet at any party.
 

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$2.4m lost to tax scams, ACCC reports

Scams Losses

Almost $2.4 million worth of scams was reported to the Tax Office in 2017, according to new statistics from the Australian Competition and Consumer Commission.

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No GST on digital currency

No Gst On Cryptocurrency

The GST Act is being amended to ensure that digital currency, such as Bitcoin, is disregarded for GST purposes unless the supply is made in exchange for a payment of money or digital currency.

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Federal Budget 2018 – Overview

Budget 2018 Overview

          The Australian economy in its 27th year of consecutive growth. Business conditions are at the highest level since the global financial crisis. 1,000 jobs a day on average over the past year. Global growth at fastest pace in six years. The budget focuses on 5 main areas: Tax relief to encourage and reward working Australians …

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Your Budget

Your Budget 2018

          How the 2018 budget applies to you can be found via the following links.   Individuals   Families   Business   Australian Federal Government

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