Super Guarantee Amnesty

The government has introduced a Superannuation Guarantee amnesty which allows employers to disclose and pay previously unpaid super guarantee (SG) charge that they owe their employees without incurring penalty. Please see below for further information regarding the amnesty and note that this is only applicable if you have ever paid salaries and wages and were

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COVID-19 Early Release

The ATO have released CRT Alert 004/2020 which contains the manner in which early superannuation release is to be implemented.   Applications will be available from Monday 20 April from either the myGov site or phone. The member will need to provide; a list of open superannuation accounts they have and the last account balance reported for

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Boosting Cash Flow for Employers

As you would all be aware the Australian Government has announced measures to help the economy withstand and recover from the economic impact of COVID-19 (coronavirus) and below is a summary of the measures being administered by the Australian Taxation Office to boost cash flow for employers. Eligible businesses will receive up to $100,000 payment

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PTS COVID-19 Update

As the outbreak of Coronavirus (COVID-19) continues to spread across the world and Australia introduces new restrictions for anyone arriving in the country from overseas we would like to take the opportunity to reassure our clients that our office will be operating as usual unless advised otherwise.   Personalised Tax Services have put in place

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Online Tax File Number (TFN) Declaration Forms

Tax File Number Declaration forms are now electronic Employers no longer need to order paper TFN forms thereby eliminating waste and inefficiencies You can download a form from the ATO’s website https://www.ato.gov.au/forms/tfn-declaration/ New employees download the form and then complete the form on-line The employee then prints and signs the form and gives the form

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Australian Tax Office Reviews of Income Tax Returns

Review of your Income Tax Return by the ATO and Record Keeping We have recently had a few requests for clarification on the length of time the ATO has to review your Income Tax Return and also the length of time you need to retain supporting documentation that has been used to compile your Income Tax Return. After a notice

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Margin Scheme on Sale of Vacant Land (GST on Property Sales)

Generally, the amount of GST you must pay on property sales is equal to one-eleventh of the sale price.  If eligible, you may be able to use the margin scheme on your property sale.  If applicable under the margin scheme the amount of GST payable on your property sale is one-eleventh of the margin for

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Interest Deductibility: Land

Are interest payments on land deductible? It is not a very well-known fact but the interest paid on a loan used to purchase land acquired for the purposes of building a rental property is deductible. The period that the interest remains deductible before building the rental property is decided by the ATO based on the

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SuperStream deadline extension

The Australian Tax Office has given small businesses an extension on SuperStream obligations from 30 June 2016 to 28 October 2016. There are a number of options a small business can choose to implement SuperStream: using a payroll system that meets the standard a super fund’s online system a messaging portal a super clearing house like

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Questions about Deductions

Further to our article about Frequently asked Questions regarding Income I thought I would offer some explanation regarding Work Related Deductions. Claiming deductions is a way of decreasing your tax bill.  Always carefully review your spending and employment requirements to determine if you are able to claim any of the following: Also.. Remember the 3

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