ATO will inform certain tax agent clients their information is "Tax ready"If tax agent clients' employers report through Single Touch Payroll (STP) and the clients are linked to ATO online services through myGov, the ATO will send them a myGov Inbox message to let them know:
- their end of year payment summary (income statement) has been marked by their employer as "Tax ready" and can be used in their tax return;
- if they have more than one job, their other employers may still need to provide them with a payment summary;
- they need to include all income in their tax return;
- they can access their income statement in ATO online services through myGov, or the tax agent can give them the information;
- they do not need to give the tax agent their personal myGov login details to access their information.
- If tax agent clients do not already have myGov accounts, the ATO says agents should let them know they do not need one for the agent to lodge their tax return. Tax agents can access their employment data and lodge for them...
With the end of the 2018 income tax year rapidly approaching, this article draws attention to year-end tax planning strategies and compliance matters that you need to consider to ensure good tax health. It focuses on the most important issues for small to medium businesses to consider.
One interesting procedural matter this year is that 30 June 2018 falls on a Saturday, meaning that ATO payments or lodgments due on that day or on Sunday 1 July can be made on Monday 2 July 2018 without incurring a general interest charge. However, where practically possible, all actions, payments or lodgments should be undertaken before Friday 29 June 2018.
This “date shuffling” conundrum should be kept in mind when reference is made to actions to be undertaken by 30 June 2018.The following is general information. Contact us to find out more.
- Bill to implement housing affordability CGT changes
- Changes to small business CGT concessions
- Bill to change residential property GST arrangements
- ATO moving to combat the black economy
- Corporate tax avoidance: ATO's latest targets
Bill to implement housing affordability CGT changesAs part of the 2017–2018 Budget, the Federal Government announced a range of reforms intended to reduce pressure on housing affordability. Legislation has now been introduced into Parliament that proposes to:
- remove the entitlement to the capital gains tax (CGT) main residence exemption for foreign residents; and
- modify the foreign resident CGT regime to clarify that, for the purpose of determining whether an entity’s underlying value is principally derived from taxable Australian real property (TARP), the principal asset test is applied on an “associate inclusive” basis.