Single Touch Payroll – How will that affect my Business?
Starting from the 1st of July 2018 employers with 20 or more employees will have new reporting obligations regarding payroll processes through Single Touch Payroll (STP).
Cryptocurrency – Now Under the AUSTRAC Scanner
As of the 3rd of April 2018, AUSTRAC (the government body in Australia which keeps a tab on money laundering and terror-related activities) has placed new rules governing cryptocurrency transactions to provide greater transparency for regulators. Now transactions involving cryptocurrency will need to be signed up and logged onto a new Digital Currency Exchange Register. AUS
TRAC requires that dealings above $10,000 be reported as per pre-existing rules for cash transactions and bank transfers.
ATO: Australian residents & non-residents to disclose all foreign income or face stiff penalties.
All Australian residents who receive overseas income, or non-residents receiving Australian income, ought to ensure that they report such income to the local tax authorities to avoid stiff penalties. The Common Reporting Standard (CRS) legislation that sets the bar for foreign tax residents regarding the exchange, collection and reporting of financial account information came into effect on 1 July 2017.
Issues affecting Australian businesses in 2018
Several key changes will affect Australian workplaces this year, including the commencement of the mandatory data breach notification regime and the replacement of the 457 visa program.
Top Tax Changes in 2018
SMALL BUSINESSES AND COMPANIES
- From 1 July 2017, the concessional corporate tax rate of 27.5% will only be available for ‘‘base rate entities’’, being entities with no more than 80% of its income being ‘‘base rate entity passive income’’
- The ATO will be allowed to disclose to Credit Reporting Bureaus the tax debt information of businesses that have not effectively engaged with the ATO to manage these debts from 1 July 2017
- Simplified BAS reporting applies to small business entities from 1 July 2017.
ATO warning on potential frauds and scams
The ATO has issued a public alert warning of a potential email scam affecting clients, following an increase in fraud activity in recent months.
The ATO is warning of an email scam, which features the tax office’s letterhead and an email address similar to those used in official ATO correspondence. In an example email provided by the ATO, scammers are asking people to complete an online ‘tax form’ through a link that contains malware.
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