Newsletter

If taxpayers do not meet their Pay As You Go (PAYG) withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments:

The Government has announced that it will update the definition of what constitutes a large proprietary company for Australian Securities and Investments Commission (ASIC) reporting purposes by raising the three thresholds.

The Australian Taxation Office (ATO) has recently written to tax agents on behalf of clients who have cars registered in their business name but have not lodged an FBT return. The ATO is clearly targeting situations where cars or other motor vehicles have been used by employees or their related parties but the FBT issues have not been dealt with properly.

The Australian Taxation Office (ATO) is urging tax practitioners to ensure that correct supplier details are provided to the purchaser of a property where the relatively new GST withholding rules are triggered. This is because if incorrect supplier details are provided it can delay the supplier’s access to a credit for the GST that has been withheld and paid to the ATO.