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Spry Roughley Articles

Requirement registered to lodge 2019 tax and other returns

The Notice of Requirement to Lodge a Return for Income Year Ended 30 June 2019 has been registered. This covers income tax returns, and other lodgments for:  Read more…

While it is being reported that many businesses are not ready for Single Touch Payroll (STP) – one report suggests that 70% of small and medium-sized entities (SMEs) are not ready – employees of businesses that are operating STP face some changes.  Read more…

STP exemptions and deferrals – ATO reminders

With reported unpreparedness for Single Touch Payroll (STP), mainly among small businesses, and with employers having less than 19 employees needing to report their employees' tax and super information through STP from 1 July 2019, the ATO has reminded businesses about the STP exemptions and deferrals that are available.  Read more…

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has issued a report into the ATO's enforcement of debt recovery. In a press release, the ASBFEO called for the ATO to immediately cease debt recovery action where tax disputes were before the Administrative Appeals Tribunal (AAT). Read more…

Cryptocurrency: record keeping requirements and data matching program

The Commissioner has published a gazette notice setting out the record keeping requirements for cryptocurrency owners and traders. The ATO advises that it is undertaking a data matching program for 2014-15 to 2019-20 for such entities. Read more…

Super death benefit for de facto partner upheld - Howard v Batistich

The Federal Court has dismissed an appeal against a decision to pay a superannuation death benefit pension to a fire fighter's de facto partner instead of a lump sum to his estate: Howard v Batistich [2019] FCA 525 (Federal Court, Robertson J, 15 April 2019).  Read more…

Protecting Your Super – how new law may affect SMSFs

Under the Protecting Your Super package, the ATO says SMSFs may receive a rollover of consolidated unclaimed super money for members.  Read more…

ATO reminds SMEs about paying super for backpackers

The ATO has reminded businesses that employ backpackers that they may need to pay superannuation guarantee (SG) for them.  Read more…

ATO to ramp up ABN investigations and cancellations

The ATO has advised that over the coming months it will be increasing its focus on the bulk Australian Business Number (ABN) cancellation program, to continue "to ensure the integrity of the Australian Business Register".  Read more…

Fringe benefits tax: rates, thresholds and ATO focus for 2019–2020

The ATO has flagged the following FBT issues that are on its radar this year:  Read more…

Guidance on when a company carries on a business

On 5 April 2019, the ATO released its long-awaited final ruling on when a company carries on a business for the purposes of:  Read more…

Super guarantee amnesty not yet law, but $100 million recovered

The ATO has recovered around $100 million in unpaid superannuation from employers since the 12-month super guarantee (SG) amnesty was proposed on 24 May 2018.  Read more…

Instant asset write-off with Budget changes now law

The Treasury Laws Amendment (Increasing and Extending the Instant Asset Write-Off) Bill 2019 – introduced as Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019) – received Royal Assent on 6 April 2019 as Act No 51 of 2019. The Bill was passed by the Senate with 18 government amendments to implement the changes announced in the 2019–2020 Federal Budget. Those amendments were agreed to by the House of Representatives on 4 April 2019.  Read more…

Rental deductions: ATO audits to double

The ATO has warned that it will double the number of audits scrutinising rental deductions this year. It says some tax agents are still claiming travel to residential rental properties for their clients, but from 1 July 2017 taxpayers (aside from excluded entities) were no longer permitted to claim travel expenses related to inspecting, maintaining or collecting rent for a residential rental property.  Read more…

Shortfall penalties reduced under new ATO initiative

The initial results of the ATO's penalty relief initiative look positive.  Read more…

How the ATO identifies wealthy individuals and their businesses

According to the ATO, wealthy individuals are resident individuals who, together with their business associates, control net wealth of $5 million or more. The ATO uses sophisticated data matching and analytic models, drawing on tax returns and referrals from other government agencies or the community, to identify wealthy individuals and link them to associated businesses.  Read more…

Things to get right this FBT season

Fringe benefits tax (FBT) returns will soon be due and with the FBT season now in full swing, it's vital for tax professionals and managers to have the latest information. FBT expert Stephen O'Flynn has outlined some things to get right with 2019 FBT returns.  Read more…

Tax concierge service available to small businesses

The Small Business Ombudsman, Kate Carnell, has announced that taxpayers wanting an external review of an adverse tax decision by the ATO through the Administrative Appeals Tribunal (AAT) can contact the office of the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) for assistance from 1 March 2019.  Read more…

ATO small business benchmarks updated 2019

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. The benchmark data is drawn from over 1.5 million small businesses around Australia.  Read more…

Early recovery of small business tax debts: ATO to be scrutinised

Minister for Small and Family Business Michaelia Cash has asked the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell, to look into the ATO's practices in pursuing early recovery of tax debts from small businesses who are in dispute with the ATO.  Read more…

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