What is the ATO Division 293 tax? The Australian Taxation Office Division 293 tax was introduced from 1 July 2012 and applies where your combined income and Concessional Contributions is over a certain threshold. From 1 July 2017, the Division 293 tax threshold will be $250,000 per year. This is a reduction from $300,000 for the 2017 income tax year which will mean higher taxes for some people. What is ‘income’? Your income for Division 293 tax purposes# is your: • taxable in

From 1 July 2017 Australian GST applies to imported services and digital products. GST will not generally apply to sales to businesses of these imports if: you are registered for GST they are purchased for use in your business in Australia, and you supply your ABN and a statement that you are registered for GST at the time of purchase. Overseas businesses registered under the new simplified GST system for non-residents do not have an ABN and cannot issue a tax invoice. If you

Well unfortunately the requirement is on the employer to ensure that you have paid all the required super by the 28th of the month following each calendar quarter. With super stream now up and running, employers needs to lodge there super payments through an ASIC clearing house. This data is then compared to the employers BAS return and alerts the ATO to non compliance and then an investigation. We will not go into the details here on the penalties applied but you can read fu

Well its almost here and are we prepared ? From 1 July 2018, the taxable payments reporting system will extend beyond the building industry to cleaning and courier businesses. This means that these businesses will need to report payments they make to contractors (individual and total for the year) to the ATO. By ‘payment’ the ATO means any form of consideration including non-cash benefits and constructive payments. The building industry has had this form of “enhanced reportin

Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia. New legislation passed by Parliament last month seeks to change all of that by removing GST from currency exchanges. How are cryptocurrencies taxed? Under GST law, a 10% GST applies to supplies of goods and services. Money receives special treatment because it’s a medium of