Phone (02) 9891 6100 Email email@spryroughley.com.au
Servicing Greater Sydney, Parramatta

Spry Roughley Articles

ATO embarking on e-Audits

The ATO has recently published information about the "e-Audit" technology it utilises as part of its ongoing tax compliance activities. It says that if a taxpayer maintains electronic financial records, the ATO may use computer-assisted verification techniques to audit and analyse the records.  Read more…

Court finds pay-as-you-go amounts “withheld” from salary payments

The Federal Court has ruled that pay-as-you-go (PAYG) amounts were "withheld" from a taxpayer's salary so that she was entitled to a tax credit, despite the amounts never being remitted or notified to the ATO by her employers: Cassaniti v FCT [2018] FCA 92. The case illustrates the importance of records and documentation in establishing whether an employer has "withheld" PAYG in circumstances where that employer has not complied with their obligation to remit those amounts to the ATO.  Read more…

“Transition to retirement” pensions to become simpler

The government has released exposure draft legislation to ensure that a superannuation reversionary transition to retirement income stream (TRIS) will always be allowed to automatically transfer to eligible dependants on the death of the primary recipient. The amendments are designed to remove a trap in the current legislation that has created administrative difficulties for some funds.  Read more…

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. Businesses can see clearly what the relevant benchmarks are for their industry and use these to assess their own business.  Read more…

Capital gains tax withholding: updated information for trustees

The foreign resident capital gains tax (CGT) withholding regime requires a purchaser of certain Australian property to withhold an amount from the purchase price (for remission to the ATO) if the vendor is a foreign resident. This regime is designed to assist the ATO in collecting CGT payable by foreign residents.  Read more…

Goods and services tax on low-value imported goods

The ATO has issued Law Companion Ruling LCR 2018/1, which covers the recently enacted measure to impose goods and services tax (GST) on supplies of imported low-value goods (ie goods valued at A$1,000 or less) from 1 July 2018. This measure was introduced to create a more "level playing field" for local retailers. The existing rules about GST on imports valued above $1,000 are unchanged.  Read more…

Superannuation rates and thresholds for 2018–2019

Contributions caps

The concessional contributions cap for 2018–2019 is $25,000 for members of all ages (unchanged from 2017–2018). As the concessional cap is now only indexed in $2,500 increments in line with average weekly ordinary time earnings, it is not expected to increase to $27,500 until 2023 based on the current rate of wages growth.  Read more…

Super guarantee: ATO compliance approach to non-payment

The ATO has issued a fact sheet explaining its compliance approach to employers who fail to meet their superannuation guarantee (SG) obligations. This may include non-payment, under payment or late payment of SG contributions.  Read more…

Single Touch Payroll reporting: ATO urges employers to get ready

The ATO has called on employers with 20 or more employees to start preparing now for the Single Touch Payroll (STP) reporting regime, which will be mandatory from 1 July 2018.  Read more…

Bill to implement housing affordability CGT changes

As part of the 2017–2018 Budget, the Federal Government announced a range of reforms intended to reduce pressure on housing affordability. Legislation – the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018 – has now been introduced into Parliament. It proposes to: Read more…

Changes to small business CGT concessions

Treasury has released draft legislation aimed at ensuring that taxpayers will only be able to access the small business capital gains tax (CGT) concessions for assets that are used (or held ready for use) in the course of a small business or are an interest in a small business. Read more…

Bill to change residential property GST arrangements

A Bill has been introduced to amend the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) and related legislation, requiring purchasers of new residential premises and new subdivisions of potential residential land to remit the GST on the purchase price directly to the ATO as part of the settlement process. Under the current law, the supplier of the property (eg the developer) is responsible for remitting the GST to the ATO upon lodging a business activity statement (BAS) up to three months after settlement. Read more…

Moving to combat the black economy

The black economy includes people who don't correctly report and meet their tax obligations, and people who operate entirely outside the tax and regulatory system. The Government and the ATO consider the black economy a significant economic and social problem. The Australian Bureau of Statistics estimated in 2012 that the black economy could be as large as 1.5% of Australia's gross domestic product, or around $25 billion. Read more…

Corporate tax avoidance: latest ATO targets

The ATO has provided a comprehensive update on its latest compliance projects and focus areas aimed at mitigating corporate tax avoidance.
Manipulation of thin cap rules
The ATO is investigating the possible manipulation of the thin capitalisation rules by 27 taxpayers in relation to asset revaluations totalling $78 billion. Read more…

Social security means testing of lifetime retirement income streams

The Department of Social Services (DSS) has released its proposed means testing rules for pooled lifetime retirement income streams. Read more…

ATO now issuing excess transfer balance determinations

The ATO has advised that is now sending out excess transfer balance (ETB) determinations to individuals who have exceeded their superannuation transfer balance cap and not rectified the excess. Read more…

Windfarm grant was an assessable recoupment

The Full Federal Court has dismissed a taxpayer's appeal and held that a Commonwealth grant of almost $2.5 million for the establishment of a windfarm was an assessable recoupment: Denmark Community Windfarm Ltd v FCT [2018] FCAFC 11. Read more…

ATO rethink on guidelines for profit allocation within professional firms

In reviewing its guidelines on Everett assignments and the allocation of profits within professional firms, the ATO has become aware that the guidelines are being misinterpreted in relation to certain arrangements that go beyond the guidelines' scope. The ATO has found a variety of arrangements that exhibit high risk factors are not specifically addressed within the guidelines, including the use of related-party financing and self managed superannuation funds (SMSFs).  Read more…

Housing affordability measures now law

Legislation to implement the 2017–2018 Federal Budget measures aimed at improving housing affordability has now been passed.  Read more…

Fringe benefits tax: determining private use of vehicles

The ATO has issued employer guidance regarding how to determine an employee's private use of a vehicle for the purposes of the car-related FBT exemptions.  Read more…

Our firm is built on being attentive to and extensively knowledgeable about our clients so we can work with them to help them to both achieve their goals and protect them from risk. We are forward looking in our advice and always aim to be practical and right.

– Martin Roughley, Managing Director

In business, there is so much going on and you don’t always have all the answers. That’s when you need to know who to call. Our clients call us.

– Shaun Madders, Director

Going beyond the compliance and routine is what we do. By maintaining open and frank communication we are able to provide valuable insights and assist in driving the changes required to help our clients achieve their goals.

– Fergus Roughley, Director