Making a Division 293 election
The ATO is reminding taxpayers and tax practitioners that the process to release money from super fund accounts to pay additional tax on concessional contributions (i.e., under Division 293 of the ITAA 1997) changed on 1 July 2018.
ATO targeting false laundry claims
The ATO will target false clothing and laundry work-related expense claims this Tax Time.
In 2018, around six million people claimed work-related clothing and laundry expenses totalling nearly $1.5 billion.
‘Cash in hand’ payments to workers no longer tax deductible
The ATO has reminded employers that any ‘cash in hand’ payments made to workers from 1 July 2019 will not be tax-deductible.
‘Cash in hand’ refers to cash payments to employees that do not comply with pay as you go (‘PAYG’) withholding obligations.
Single Touch Payroll – Are you ready?
Employers with 19 or fewer employees are now required to start reporting through Single Touch Payroll (STP) from 1 July 2019.
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