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New QBCC Annual Reporting due 31 December
31 December 2019 marks the lodgement due date for the Queensland Building and Construction Commission's new Annual Reporting Requirements.
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ATO targets unlodged Trust TFN Reports
The ATO has confirmed they are targeting trustees that have failed to lodge TFN reports with them. A TFN report is to be completed by the trustee of a closely held trust to report tax file numbers (TFNs) and other personal details quoted to them by beneficiaries of the trust.
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ATO targets Brisbane based small businesses
Commencing October 2019 the Australian Taxation Office is sending an audit task force to the inner suburbs of Brisbane after several tip offs from community members that businesses were partaking in the black economy.
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Unpaid super in ATOs sights
From October 2019 the ATO will begin contacting Australian businesses that have unpaid, or late paid, staff superannuation.
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ATO targets single asset SMSF trustees
The ATO has recently undertaken a bulk correspondence campaign and written to approximately 18,000 SMSF trustees and their respective auditors.
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2019 Income Tax Offset Changes
In the 2019–20 Federal Budget the Government announced changes to the Income Tax Offset. We can confirm these changes have passed Parliment and are now law.
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Considering Afterpay for your Business?
Afterpay is currently sweeping the retail landscape in Australia. In brief, Afterpay is an online checkout service where the customers buy the item and pay for the purchase over four equal interest-free fortnightly instalments. If the payments are made in full and on time, customers only pay the price of the item purchased. Additional costs are only incurred if customers do not make the required fornightly payments in full and on time. In this circumstance Afterpay charges the customer a late fee(s).
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ATO targets cryptocurrency activity in Annual Tax Returns
The ATO has confirmed they are targeting Australian cryptocurrency traders to ensure that all profits are declared in personal income tax returns. Bitcoin and other cryptocurrencies are considered property, not currency, by the Australian Taxation Office and therefore are deemed to be capital assets for the purpose of capital gains tax. GMD Advisory remind clients to ensure all cryptocurrency sales are declared and provided to their tax advisors to ensure correct reporting to the Australian Taxation Office. Errors relating to income from cryptocurrencies & the sharing economy are among the most common tax return errors.
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