Have team members who Salary Sacrifice into superannuation? Salary sacrificed superannuation can no longer be used as a contribution towards the SGC liability. SGC now needs to be calculated on the pre-sacrificed income amount, not the post sacrificed income amount. (Subject to Ordinary Times Earnings principals).
ATO Debt > $100,000? Not in a payment arrangement?
Quick updates you need to know if you are in business: ATO Debt > $100,000? Not in a payment arrangement? ATO Debt Credit reporting became law on 28th October 2019. The Australian Taxation Office can, and will, now disclose the value of any tax debt information of a business to…
Is your SMSF investment strategy meeting diversification requirements?
Is your SMSF investment strategy meeting diversification requirements? Recently the ATO has contacted some 18,000 auditors and trustees of self-managed super funds (SMSFs) which hold 90% or more of the fund’s assets in one asset or a single asset class. It is important that SMSF trustees and auditors understand the…
The $11.1bn small business tax shortfall
Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector and indicate where we can expect ATO resources to be focussed now and in the…
ATO take ‘gloves off’ on overseas income
Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off. How you are taxed and what you are taxed on depends…
Australian Taxation Office Picking on the Low Hanging Fruit
With the Australian Taxation Office’s (ATO) renewed focus on individual and small business income tax returns, it is more important than ever for individual and small businesses to get their income tax returns correct and submitted on time. ATO tax commissioner Chris Jordan told the National Press Club that in…