Low and middle income tax offset now law

STRATEGIES | ADVICE | EXECUTION

STRATEGIES ADVICE EXECUTION

"In the 2019–20 Federal Budget the Government announced its intention to change and build on the Personal Income Tax Plan. These changes are now law."

https://www.ato.gov.au/Tax-professionals/Newsroom/Income-tax/Low-and-middle-income-tax-offset-now-law/

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Low and middle income tax offset now law

"In the 2019–20 Federal Budget the Government announced its intention to change and build on the Personal Income Tax Plan. These changes are now law."

Documentation key in ATO audits

"Business clients and taxpayers have been urged to maintain contemporaneous documentation in light of increasing ATO audits. Moore Stephens associate director Simon DePaoli said the ATO’s increasing use of data matching has allowed the agency to have greater visibility of clients’ transaction history, opening up the risk to audits should red flags pop up."

Pension standards for self-managed super funds

"This information explains the pension standards that apply to self-managed super funds (SMSFs) in relation to account-based pensions – also known as a super income stream."

Big fines, prison on the cards as new SG penalties introduced

"New laws introducing penalties, including imprisonment up to 12 months, for non-compliance of superannuation guarantee obligations have since passed, with accountants urged to bring clients up to speed."

90k taxpayers tipped to be worse off in ‘outrageous’ $3k tax advice cap

"Labor’s plan to introduce a limit deductions for the cost of managing tax affairs to $3,000 will likely cause fee pressure and see clients limit their advice to a dollar amount, tax experts have argued."

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