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Tax law trailing behind Bitcoin

  The recent news cycle has extensively followed the astronomical growth — and the odd sharp dip — in the value of Bitcoin, the cryptocurrency phenomenon. With an unprecedented level of public interest in Bitcoin and other forms of cryptocurrency, it...

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Dormant companies and the new franking rules

There are significant changes to the rate at which a company franks its distributions from 1 July 2016 … do you know the rate at which a dormant company should be franking its distributions? A company may be dormant because it previously carried on a business and...

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Single Touch Payroll [Infographic]

  The Government has proposed to extend mandatory Single Touch Payroll (STP) reporting to small employers (fewer than 20 employees) from 1 July 2019. In early 2017, the ATO conducted a pilot program, which tested how STP impacts small employers. This...

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Are clients ready for Single Touch Payroll?

The ATO’s ‘Single Touch Payroll’ (STP) initiative will start on 1 July 2018 for many employers — but businesses and their advisers cannot be complacent until then. The next six months is a crucial time for ‘substantial employers’ (≥ 20 employees) to understand how STP...

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Proposed changes to eligibility for company tax cut

  The highly anticipated measures that will prevent passive investment companies from accessing the lower corporate tax rate from 2017–18 were introduced into Parliament on 18 October 2017. The Bill proposes to improve the current law by setting a...

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ATO focus on work-related claims [Infographic]

  An ATO crackdown on work-related expense claims has been a regular feature of Tax Time for the past few years. For 2017 tax returns, the ATO will be focusing on clothing-related expenses and car expenses. Our article, The ATO has an eye on every 2017...

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ATO focus on work-related claims

  The ATO has an eye on every 2017 work-related expense claim As soon as Tax Time 2017 began, the ATO activated its version of a warning system via the Australian media to caution individual taxpayers and their advisers against over-claiming...

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