ATO steps in to protect honest workers and suppliers

The Australian Taxation Office (ATO) has successfully applied to the Federal Court for the appointment of a provisional liquidator for eight labour hire businesses providing services to the meat processing and abattoir industry.

Deputy Commissioner Will Day said the appointment of a provisional liquidator ensures the business operations are managed transparently by a qualified professional accountable to the Court, while broader enforcement action is underway.

“The appointment of a provisional liquidator provides greater certainty to key stakeholders, including staff, suppliers and customers, that the risk of disruption to business operations will be minimised,” he said.

The appointment of a provisional liquidator allows for the immediate preservation of assets and records and ensures that these companies are now controlled by an independent party.

Provisional liquidators have been appointed for Ausmart Services Pty Ltd, Ezyrol Trading Pty Ltd, Gamma One Pty Ltd, Goyx Pty Ltd, Mondex Group Pty Ltd, Newing Glacier Pty Ltd, Rocube Holding Pty Ltd, and Spark Labour Solutions Pty Ltd.

Separate to the appointment of the provisional liquidator, the ATO was supported by the Australian Federal Police (AFP) and AUSTRAC in the execution of warrants in Sydney yesterday. This was undertaken to obtain information relevant to a range of tax mischief in excess of $100 million. The ATO will also refer matters to other Commonwealth agencies as appropriate.

Mr Day said the ATO takes its responsibility to protect the tax and super systems seriously.

“The ATO had been carefully planning yesterday’s concurrent activity for some time.

“It should serve as a timely reminder that we will take determined action where we suspect complex and sophisticated schemes designed to rip-off employees and evade tax in Australia.

“We will not be making further comment at this time as these investigations are ongoing.”

The ATO is working with the provisional liquidator – FTI Consulting – to put a range of help and support measures in place.

“We encourage any worker, employer or business affected by today’s action to contact FTI Consulting for advice or assistance in their individual circumstances,” Mr Day added.

Get prepared and make your claim now for 2019

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26 November 2018

You can claim now if you’re planning to do full time study or an Australian Apprenticeship next year.

It’s a good idea to get yourself sorted before the start of the school year. You can submit your claim for Youth Allowance or Austudy 13 weeks before you start studying.

This means you’re more likely to have your student payment ready to go when you need it.

Don’t forget to check if you’re eligible before you claim. Once you’re ready, you can read how to:

· claim Youth Allowance

· claim Austudy .

You can also read 5 totally top tips for help with your Youth Allowance or Austudy claim.

AGE PENSION

Are you at Age Pension phase and want to Claim Centerlink payment. Please read below as the Age Pension is Asset tested as well as Income Tested :

Standard pension income test

These are the income rules for most pensioners.

Single person

If your income per fortnight is	your pension will reduce by
up to $172	$0
over $172	50 cents for each dollar over $172

Couple living together or apart due to ill health

If your combined income per fortnight is	your combined pension will reduce by
up to $304	$0
over $304	50 cents for each dollar over $304

Transitional pension income test

These are the income rules for transitional rate pensioners and Disability Support Pension customers who are under 21 years, with no dependent children that had affecting income as at 19 September 2009.

Single person

If your income per fortnight is	your pension will reduce by
up to $172	$0
over $172	40 cents for each dollar over $172

Couple living together or apart due to ill health

If your combined income per fortnight is	your combined pension will reduce by
up to $304	$0
over $304	40 cents for each dollar over $304

Transitional rate with dependent children

You can earn up to an extra $24.60 per fortnight for each dependent child without reducing your pension. Couples living together and both getting a pension can each earn an extra $12.30 per fortnight each for each dependent child.

Cut-off points

If your income in a fortnight goes over the limit you reach the cut off point. This is the point when we pay you $0 for that fortnight.

Your cut off point may be higher if you get Rent Assistance .

All payments may be lower if you don’t live in Australia.

Disability Support Pension cut-off points per fortnight

If you're	we can’t pay you when your income reaches
21 or older, single	$2,004.60
21 or older, couple living together	$3,066.80 combined
21 or older, couple living apart due to ill health	$3,969.20 combined
18–20, single, no children, at home	$1039.00
16-17, single, no children, at home	$938.60
16-20, single, no children, independent	$1,348.40
18-20, couple, no children	$2,644.40 combined
under 18, couple, no children	$2,644.40 combined

Other pension cut-off points per fortnight

These cut-off points are for:

· Age Pension

· Wife Pension

· Widow B Pension

· Bereavement Allowance

· Carer Payment

Your Age Pension cut-off point will be higher if you get the Work Bonus .

If you're	we can’t pay you when your income reaches
single	$2,004.60
a couple living together	$3,066.80
a couple living apart due to ill health	$3,969.20
a transitional rate pensioner - single	$2,092.00
transitional rate pensioners - couple living together	$3,402.00 combined
transitional rate pensioners - couple living apart due to ill health	$4,144.00 combined

Assets test limits

Most pensions and allowances have asset limits. We use these limits to work out if your assets will affect your payment rate.

We calculate the payment rate under both the income and assets tests. The test that results in the lowest rate, or nil rate, will apply.

Your limits are higher for pensions if you get Rent Assistance with your pension.

We update assets test limits in January, March, July and September each year.

Payment allowances and Parenting Payment single

From 1 July 2018, your payments cancel if your assets are more than the amounts below.

If you're	Homeowner	Non-homeowner
Single	$258,500	$465,500
A couple, combined	$387,500	$594,500
A couple, 1 partner eligible, combined	$387,500	$594,500

Full pension

From 1 July 2018, pensions reduce when your assets are more than the amounts below.

If you're	Homeowner	Non-homeowner
Single	$258,500	$465,500
A couple, combined	$387,500	$594,500
A couple, separated due to illness, combined	$387,500	$594,500
A couple, 1 partner eligible, combined	$387,500	$594,500

Part pensions

From 1 July 2018, part pensions cancel when your assets are more than the amounts below. Your limits are higher if you get Rent Assistance with your pension.

If you're	Homeowner	Non-homeowner
Single	$564,000	$771,000
A couple, combined	$848,000	$1,055,000
A couple, separated due to illness, combined	$998,500	$1,205,500
A couple, 1 partner eligible, combined	$848,000	$1,055,000

Transitional rate pensions

From 1 July 2018, transitional rate pensions cancel when your assets are more than the amounts below. Your limits are higher if you get Rent Assistance with your pension.

If you're	Homeowner	Non-homeowner
Single	$512,500	$719,500
A couple, combined	$797,500	$1,004,500
A couple, separated due ti illness, combined	$895,500	$1,102,500
A couple, 1 partner eligible, combined	$797,500	$1,004,500

Disability Support Pension under 21 with no children

From 1 July 2018, Disability Support Pension cancels when your assets are more than the amounts below. Your limits are higher if you get Rent Assistance with your pension.

If you're	Homeowner	Non-homeowner
16 to 17 years, single dependent	$386,500	$593,500
18 to 20 years, single dependent	$403,000	$610,000
16 to 20 years, single independent	$454,750	$661,750
16 to 20 years, couple combined	$778,000	$985,000

FAMILY TAX BENEFITS – ESTIMATING INCOME FOR 2019 UPDATE

If you don’t give us an income estimate

We’ll estimate your income for you to reduce your risk of being overpaid. There are different ways we can do this.

We may update your income estimate based on:

· your or your partner’s actual income information from the ATO, or

· the latest income estimate you’ve given us.

We may also increase your estimate in line with changes to the Australian Average Weekly Earnings.

For Child Care Subsidy purposes you must provide an income estimate for the 2018-19 financial year. We’ll use this information to assess you for Child Care Subsidy.

What to know before you estimate your income

There are some things you need to know about the income estimate you provide.

If the income estimate you give us is too low, you may get a debt which you'll have to pay back.

If it's too high, you may miss out on some payments during the year. If this is the case you may receive the amount you missed out on when we balance your payments .

You can reduce your risk of getting a debt by choosing a payment option that suits you. Read more about payment options for Family Tax Benefit .

Your income estimate must include your and your partner's estimated income for the whole financial year. This should include income you've already earned. Remember, if you're paid weekly or fortnightly the number of pay days in a financial year can vary.

You must update your income estimate as often as your circumstances change. This is to avoid an overpayment.

What to include in your income estimate

You need to tell us about your and your partner’s adjusted taxable income for the whole financial year.

If you and/or your partner pay child support, you will need to subtract the full amount paid from your income estimate.

A number of things could affect your and your partner’s income. When you update your income estimate, think about:

· overtime or extra hours

· any taxable payments you get from us

· Farm Household Allowance (FHA) Supplement (lump sums)

· casual work, shift work or contract work

· pay rises

· redundancy payouts

· paying child support

· changing jobs

· starting or returning to work

· work bonuses

· income from business or self-employment

· reportable fringe benefits – talk to your employer first, because how we assess these depends on the type of employer you work for

· foreign income

· taxable lump sum payments

· early released superannuation – this doesn’t include withdrawals made under the First Home Super Saver Scheme

· other income, such as capital gains or commissions

You don't need to include any child support or spousal maintenance , FTB, Child Care Benefit or Child Care Subsidy you or your partner receive. However, any child support or spousal maintenance you receive may affect your payment rate when Child Support notify us.

How to update your income estimate

The easiest way to update your income estimate is by using your Centrelink online account through myGov , or the Express Plus Centrelink mobile app . Make sure you've downloaded the latest version of the app first.

Read the guide to updating your family income estimate with your Centrelink online account .

When you need to report income for other payments

If you receive an income support payment

You’ll need to report your earned income separately. This is different to updating your income estimate for family assistance.