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Employer SuperStream checklist

Posted on Dec 7, 2018 by admin

Employers must make superannuation contributions on behalf of their employees. SuperStream is the ATO’s electronic and standardised solution that streamlines the super payment process. Using SuperStream for employers means: You can use one online channel to pay multiple funds Less room for error during data entry, due to fewer steps Transactions reach funds faster ObligationsYou must make contributions to a super fund through a SuperStream solution unless you are eligible for the following exemptions: Personal contributions if you are self-employed or a sole trader and make after-tax contributions to a super fund for yourself Contributions to your SMSF where you’re […]

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Getting to know the ATO Business Portal

Posted on Dec 7, 2018 by admin

The ATO has introduced the Business Portal to allow small business owners to manage their tax affairs online at their convenience. Connect your ABN to your myGov account or a compatible AUSkey so you can access the business portal. The portal is accessible 24 hours a day, seven days a week. The portal can be used for the following services: Registering for GST or PAYG withholding Lodging, revising or viewing activity statements Requesting refunds or transfers between accounts Updating your business details Tracking the progress of refunds or transfer requests Communicating with us through a secure mailbox Refer to the […]

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ATO warns of illegal early super release

Posted on Nov 29, 2018 by admin

The ATO has issued a warning to the public regarding illegal early release of super schemes, which are subject to severe penalties. There are strict rules around when you can access your super so your current decisions do not jeopardise your quality of life in retirement. The ATO has reminded the public you may only access your super early if you have experienced severe financial hardship or you have reached the preservation age and have stopped working. How these schemes workThe promoters of these schemes: Encourage you to transfer or rollover your super from your existing super fund to an […]

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ATO update: Tax deduction rules on travel to rental properties

Posted on Nov 29, 2018 by admin

The ATO has enforced strict guidelines on tax deductions for rental property owner’s travel expenses. As a rental property owner you are not able to claim deductions for travel expenses relating to inspecting, maintaining or collecting rent. If you have already claimed a tax deduction for the cost of travel to and from your property in your 2018 return, you will need to request an amendment. The law change came into effect on 1 July 2017 and affects tax returns from 2017-18 onwards. ExclusionsYou may claim these travel expenses on your tax return if you are carrying on a rental […]

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Paying super to contractors

Posted on Nov 26, 2018 by admin

The ATO classifies contractors paid for their labour as employees for superannuation guarantee purposes. This is the case even if the contractor quotes an Australian Business Number (ABN). Eligibility requirementsSuper contributions must be made for these individuals if you pay them: Under a verbal or written contract that is wholly or principally for their labour- that is, more than half the dollar value of the contract is for their labour For their personal labour and skills- which may include physical labour, mental effort or artistic effort and not to achieve a result To perform the contract work personally – they […]

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