Single Touch Payroll Update
Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019.
Employees and payment summaries
The ATO has also reminded employees that how they get their end of financial year information from their employer, showing their earnings for the year, depends on how their employer reports their income, tax and super information to the ATO.
Cryptocurrency data matching program
The ATO is collecting bulk records from Australian cryptocurrency designated service providers ('DSPs') as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax, and correctly meeting their tax (and superannuation) obligations.
Paying super to backpackers
The ATO has issued the following reminders to employers, that backpackers on working holidays:
Tax office to double audits of 'dodgy' rental deductions
Rental property owners are being warned to ensure their claims are correct this tax time, as the ATO has announced it will double the number of audits scrutinising rental deductions, with a specific focus on:
New rules for immediate write-offs
Small business entity ('SBE') taxpayers who choose to depreciate their assets under the simplified depreciation rules are entitled to an immediate deduction with respect to low-cost assets in the year they are first used or installed ready for use for a taxable purpose.
2019/20 Budget Update
The Government handed down the 2019/20 Federal Budget on Tuesday 2 April 2019.
New industries entering the taxable payments reporting system
The ATO has reminded businesses that provide road freight, information technology ('IT'), security, investigation, or surveillance services that they need to lodge a Taxable payments annual report ('TPAR') each year to tell the ATO about the payments they make to contractors who use an Australian business number ('ABN') (even if these services are only part of their business activities).
Scammers impersonate ATO phone numbers
The ATO is warning that scammers have adopted ‘Robocall’ technology to target taxpayers across the country.
FBT issues on the ATO's radar
The ATO has updated its list of 'What attracts our attention', with six items that specifically relate to fringe benefits tax ('FBT'), as follows: