TAX NEWS 

Most of your ATO mail will now come directly to your myGov Inbox, rather than through the post. This is to help you manage your taxation and superannuation affairs in one place and make record keeping easier and more secure.

The types of ATO mail you may receive in your myGov Inbox include:

• notices, such as notices of assessment
• statements of account
• confirmation and reminder notices
• activity statements or instalment notices.

ATO digital communications containing personal information, such as a tax file number, will be sent to your myGov Inbox, rather than your email account, due to legal and privacy requirements.

If you don’t have a myGov account linked to us; you, or your tax or BAS agent, will continue to receive your ATO mail via the post.

Tax Tables Update

https://www.ato.gov.au/Rates/Weekly-tax-table/

https://www.ato.gov.au/Rates/Fortnightly-tax-table/

https://www.ato.gov.au/Rates/Tax-table-for-daily-and-casual-workers/

Using this table

You should use this table if you make any of the following payments to payees on a daily or casual basis:

• salary, wages, allowances and leave loading paid to employees
• paid parental leave
• directors' fees
• salary and allowances paid to office holders (including members of parliament, statutory office holders, defence force members and police officers)
• payments to labour-hire workers
• payments to religious practitioners.

Single Touch Payroll (STP) reporting is currently available through payroll, accounting and business management software. Most software providers are offering STP-enabled products ie. Xero, MYOB etc. As from 1st July 2019 all employers with 1 or more employees must start using STP through their software or via Tax Agent.

How STP works

STP works by sending tax and super information from your payroll or accounting software to the ATO as you run your payroll.

When you start reporting:

• you will run your payroll, pay your employees as normal, and give them a payslip
• your pay cycle does not need to change (you can continue to pay your employees weekly, fortnightly or monthly)
• your STP-enabled payroll software will send us a report which includes the information we need from you, such as salaries and wages, pay as you go (PAYG) withholding and super information

You will be reporting super liability information through STP for the first time. Super funds will also be reporting to us. They'll let us know when you make the payment to your employees' chosen or default fund. This is an important step toward making sure employees are paid their correct entitlements.

The way STP information is sent will depend on the software you use. STP reporting will be offered in one of the following ways with:

• an end-to-end solution, which allows you to run your payroll and send the STP information directly to us from your software
• a solution which allows you to run your payroll and send the STP information through a third party sending service provider (SSP) which is integrated into your software
• a solution that allows you to run your payroll and requires you to send the STP information through a third party sending service provider (SSP) outside your software.

ATO systems will match the STP information to your employer and employee records.

Your employees will be able to see their year-to-date tax and super information in ATO online services, which can only be accessed through myGov. Their data is updated every time you report (each pay day for most employers). Without STP reporting, employee data is only reported at the end of the financial year.

If you make mistakes in your STP report, you can correct it in your following report. The ATO will not penalise you for making mistakes you correct.

New Fuel Rebate Rates:

Used in heavy vehicles for travelling on public road

cents per litre 15.8

All other business uses (including to power auxiliary equipment of a heavy vehicle) (see note 1 )

cents per litre 41.6

For other Fuel rates please visit the ATO website

https://www.ato.gov.au/Business/Fuel-schemes/Fuel-tax-credits---business/Rates---business/From-1-July-2019/

PREPARING FOR TAX TIME 30 JUNE 2019

What to bring at the meeting:

·Group certificates, dividend statements, interest earned from banking institution or investments

·Out of pocket expenses incurred for earning income ie. protective clothing and other work related expenses.

·Log book showing odometer readings from 1st July to 30 June 2019 with calculation of KM travelled for work related

·Rental statements, expenses associated with your rental property and depreciation schedules (for new properties), bank statements for interest paid on loans.

Please note that the ATO are still undergoing Work Related Expenses audits on a random basis so please ensure that you have all the receipts when claiming – DON’T RISK GETTING CAUGHT OUT……

SUPERANNUATION PERSONAL CONTRIBUTIONS

Minimize your tax by making a personal contribution and claiming it in your personal tax return.

BUSINESS INCENTIVES

Instant write off for assets up to $30000. Purchase a vehicle, plant and equipment up to the value of $30000 and you can claim an instant 100% write off in your tax return.