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Legislation has been passed to “clamp down” on GST evasion in the property development sector. From 1 July 2018, purchasers of new residential premises and new residential subdivisions will generally be required to withhold the GST on the purchase price at settlement and…

Single Touch Payroll (or ‘STP’) is mandatory for ‘substantial employers’ (being those with 20 or more employees) from 1 July 2018. All employers are required to count the number of employees on their payroll on 1 April 2018 to find out if they are a substantial…

The ATO has recently advised that they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays”. While it confirms that the private use…

From 1 July 2018, individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was their main residence to make superannuation contributions (referred to as ‘downsizer contributions’), up to a maximum of $300,000…

The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap…

Recently, the Commissioner of Taxation highlighted the areas in which the ATO has recently increased its focus, including: undeclared income; individuals’ unexplained wealth or lifestyle; incorrectly claimed private expenses; unpaid superannuation guarantee; and cash-only businesses and those with low usage…