tax

Exciting new initiatives at Tax & Super Australia

As 2017 draws to a close, now is a great time to reflect on some of the exciting initiatives that Tax & Super Australia has recently launched for its members. We are committed to listening to our members’ feedback and developing resources and solutions that address their needs. New breakfast discussion groups We are excited

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Useful tax calculators — (bookmark this!)

The following are useful tax calculators that we have sourced for you. They mostly come from the Tax Office, but also other government agencies. Now you don’t have to sort through endless webpages to find the right calculator or tool. A simple income tax calculator Tax & You Do I need to lodge a tax

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Who is liable for a CGT event that is triggered by insolvency administration?

Insolvency statistics show that for the 2016-17 income year the number of insolvencies increased 2.1% compared to the previous year, according to the Australian Financial Security Authority (see a summary of the data here). By type of insolvency, bankruptcies decreased by 5.1%, however debt agreements were up by 11.9% and insolvency agreements increased by 39.4%.

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Commissioner’s ‘remedial power’ flexed for first time

The Commissioner of Taxation has limited powers to modify the implementation of tax law in circumstances where taxpayers will benefit, or at least be no worse off, as a result of the modification. The first use of this power to modify the law (the Commissioner’s remedial power, or CRP) took effect on 17 October 2017.

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Single Touch Payroll: ATO’s live stream with employers

The ATO has invited several employers to an upcoming “employer engagement” forum next week (on Thursday 16 November) where they will be able to clear up any questions or concerns they still have about Single Touch Payroll (STP). Attending the forum will also be ATO and payroll industry experts, who can answer any questions and

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