The ATO has issued a final tax ruling TR 2019/1 in which it confirmed for certain purposes the scope of “carrying on a business” will extend to a company that holds primarily passive assets such as property, shares or other financial investments.
Punitive costs may be imposed on employers by the ATO for failure to meet their quarterly superannuation guarantee (SG) obligations on time – even if the payment is just one day late.
Changes to rental property deductions announced in last year’s Federal Budget are now law and will apply from 1 July 2017. The changes affect deductions available for travel expenses. This was part of a package of changes introduced by the Government concerning housing affordability.
The Government has now released Exposure Draft legislation in relation to its Budget measure that will require purchasers of new residential premises or new residential subdivisions, to remit the GST on the purchase price directly to the ATO.