Tax news, views & clues – April 2018

  • ATO embarking on e-Audits – The ATO has published information about the “e-Audit” technology it uses as part of its tax compliance activities.
  • Court finds pay-as-you-go amounts “withheld” from salary payments – A court has ruled that pay-as-you-go amounts were “withheld” from a taxpayer’s salary, despite the amounts never being remitted to the ATO by her employers.
  • “Transition to retirement” pensions to become simpler – The government will simplify the transfer of transition to retirement income streams (TRISs) on the death of a pensioner.
  • ATO releases latest small business benchmarks – The ATO has released its latest small business benchmarks, providing over 100 different industries with average cost of sales and average total expenses.
  • Capital gains tax withholding: updated information for trustees – The ATO has released guidance for trusts and superannuation funds about applying to the ATO for a clearance certificate for the purposes of the foreign resident capital gains tax withholding regime.
  • Goods and services tax on low-value imported goods – From 1 July 2018, goods and services tax will apply to some offshore supplies of goods valued at $1,000 or less that are purchased by consumers and brought into Australia.
  • Superannuation rates and thresholds for 2018–2019 – We summarise some of the key superannuation rates and thresholds for the upcoming financial year.
  • Super guarantee: ATO compliance approach to non-payment – The ATO has released a fact sheet explaining its compliance approach to employers who fail to meet their superannuation guarantee obligations.
  • Single Touch Payroll reporting: ATO urges employers to get ready – The ATO is urging employers with 20 or more employees to start preparing now for the Single Touch Payroll (STP) reporting regime.

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