In this Sky Update, we bring you all the latest tax news along with some other items that may pique your interest.
Individual tax payers need to be careful in what they claim
The Australian Taxation Office (ATO) has announced the income tax gap for individuals not in business, which is primarily driven by incorrectly claimed work-related expenses including claiming deductions where there is no connection to income, for private expenses and those with no records to show that an expense was incurred.
The Government has announced additional funding to support efforts to reign in the level of over-claimed deductions. As such, we encourage individual taxpayers to be extra vigilant in calculating their tax deductions this tax time.
If you would like more information on what deductions can be claimed and the evidence to support those claims, please get in touch.
GST at settlement system has now started
In past Sky Updates we have written about the changes starting 1 July 2018 affecting sales of new residential premises and potential residential land.
Under these changes, Vendors are required to give written notice to purchasers when they need to withhold. At settlement, the purchaser will then need to:
- Pay the GST exclusive price to the vendor; and
- Pay the GST component direct to the ATO.
Sky Accountants’ Ashley Carmichael was recently asked to comment on the ramifications of these changes by Publicaccountant. The changes will have significant implications for cash flows that need to be planned for by property developers.
If you would like more information on the GST at settlement system, please get in touch.
Gaming Expo 2018
The Australasian Gaming Expo is the world’s third-largest gaming equipment trade show with over 200 exhibitors.
Taking place from 14 to 16 August at the Sydney International Convention Centre, the expo is considered a must attend event for those in the pubs and clubs industries.
Not only does it present an opportunity to see what’s new, it presents an opportunity to network with industry peers.
Payment Summaries to be lodged by 14 August
By now you should have provided your employees with a Payment Summary for the financial year ended 30 June 2018.
The next step is to ensure that a copy of those Payment Summaries are lodged with the ATO by 14 August.
If you need assistance, please get in touch.
More on the FWO targeting non-compliant hospitality businesses
The Fair Work Ombudsman’s audit of three popular food destinations has recovered $471,904 for 616 workers, after finding that 72% of the 243 businesses audited had breached workplace laws.
The most common breaches are related to underpayment of workers base hourly rates, with inadequate or non-existent employment records and pay slips another common trend. Other common issues included non-provision of meal breaks, incorrectly classified workers and non-payment of overtime.
These audits are a part of the FWO’s broader efforts to deal with high levels of non-compliance in the hospitality industry. Businesses operating in this space are encouraged to be diligent in meeting their workplace obligations.
If you need assistance to ensure that your business is compliant, please get in touch.
Applications for the Export Market Development Grant open for FY2018
Applications for the EMDG are now open for FY2018.
The EMDG provides valuable financial assistance to businesses involved in:
- exporting goods or services; or
- inbound tourism; or
- exporting intellectual property and know-how; or
- conferences and events held in Australia.
Businesses looking to access the EMDG should start reviewing their eligibility and completing their application so that they can meet the 30 November 2018 cut-off date.
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