Instant Asset Write-Off Scheme extended to 31 December 2020

The Government announced on 9 June 2020, that it will extend the Instant Asset Write-Off Scheme (IAWO) from 30 June 2020 to 31 December 2020. The scheme provides those who are eligible, an immediate tax deduction for the cost of a depreciating asset, either new or second-hand costing less than $150k. The deduction can be …

Director Penalty Regime Extended to GST Liabilities

The current director penalty regime allows the Commissioner to recover unpaid superannuation guarantee (SG) charge, PAYG withholding for directors of a company. From 1 April 2020, this regime has been extended to allow the Commissioner to recover from directors unpaid amounts of; a company’s liability to pay net amounts of GST for a tax period …

Superannuation Guarantee Amnesty Bill finally receives Royal Assent

The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 received Royal Assent on 6 March 2020. This Amnesty provides a once off opportunity for employers to self-correct historical SG non-compliance dating from 1 July 1992 to 31 March 2018. Quarters post March 2018 are not eligible for the amnesty. The amnesty allows employers to claim …

Tax sting on Australian Expatriates Main Residence

The re-introduced legislation to remove the Capital Gains Tax (CGT) main residence exemption for foreign residents has been passed by the Parliament on 5 December 2019 and is now awaiting Royal Assent. Let’s look at how this may affect you. The proposed legislation was originally introduced by the Government in February 2018 but had lapsed …

Contractor or Employee? – getting it wrong can cost you

It is a common oversight by many business owners in that they believe that engaging a contractor automatically means that they are not responsible for paying any super entitlements or withholding tax. This isn’t necessarily correct, and in fact the ATO and the Office of State Revenue looks closely at the true relationship between a …