Budget Update

Here is an analysis of the 2019 Australian government budget from the National Tax and Accountants Association

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ATO cracking down on super schemes

The tax office is in the process of reviewing a number of cases where it appears taxpayers are inappropriately using their superannuation funds to minimise or avoid paying tax. Late last week, the ATO issued a taxpayer alert indicating it is reviewing arrangements where individuals divert their personal services income to an SMSF to minimise…

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Single Touch Payroll – ATO discussion paper

The ATO has issued a discussion paper on the proposed introduction of single touch payroll for employers from 1 July 2016. Under Single Touch Payroll, employers will be required to electronically report payroll and superannuation information to the Tax Office when employees are paid using Standard Business Reporting-enabled software. In addition, Single Touch Payroll will…

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