September Tax And Accounting News: All You Need To Know
Andrew Jeffers | October 01, 2017
Get your expert advice on GST, tax and super
Do you rely on a BAS agent to help you with your tax and super transactions?
96% of Australian small businesses contact a BAS agent to help them with their tax affairs.
Here’s what a BAS agent can help you with:
consumer protection through professional indemnity insurance
extended tax and BAS lodgment due dates
experienced and qualified agents, who comply with a professional code of conduct.
Not many people know this, but…
only registered agents can charge a fee for providing tax or BAS services
tax or BAS agents need to be registered with the Tax Practitioners Board (TPB)
if you use a bookkeeper to prepare your BAS, they must be registered with the TPB unless they are your employee or work for a registered agent
Psst! Did you know you can check if a BAS agent is registered? Try it out: enter their details in the TPB register and look for the registered practitioner symbol.
ABN cancellation made easier
The ATO simplified the process for cancelling the ABN of a deregistered company.
What changed?
The ABN cancellation will now happen as soon as ASIC informs the ATO that the company has been deregistered
The ABN cancellation is now effective from the date of deregistration
You might also be interested in: Tradies, Here Are Some Must-Know Tips For Your Accounting
Clarifications on Single Touch Payroll
As some of you might know, the Single Touch Payroll system will be mandatory for employers with 20 or more employees, starting 1 July 2018.
Now, the ATO has made some clarifications on certain practical aspects of the Single Touch Payroll system.
Employees will have the option of completing their TFN declaration and Superannuation Standard Choice forms either online through myGov or through their employer.
When an employee completes the details that will be sent to their new employer, they will be prompted to view and consolidate any existing accounts.
If the employee doesn’t make a choice regarding a superannuation fund, superannuation entitlements will continue to be paid into the employer’s default funds.
Modernising business registers
Yes, it’s true! The Government is working on a project to determine what improvements can be made to the existing systems that deal with business registrations.
This project is part of the National Business Simplification Initiative, announced in 2016.
What’s the aim of this modernisation project?
Reducing the time businesses in Australia spend complying with regulations and interacting with the Government.
Music to your ears, right?
The Government is looking for great ideas.
If you follow their website you’ll notice the deadline to submit your feedback was Sept 6. Too late now, but I hope you submitted yours in time.
Now, we’re just waiting to see which ideas they’ll implement next!
Taxable ride-sourcing arrangements
Attention! All you Uber and taxi drivers out there: the ATO confirms ride-sourcing providers need to be registered for GST, regardless of their turnover.
According to ATO guidelines, your obligations as an Uber or taxi driver are:
to register for GST regardless of your turnover
to obtain an ABN, to be prepared to issue tax invoices and meet activity statement obligations
Important! Income from ride-sourcing also needs to be included in a tax return along with deductions for expenses incurred when transporting passengers for a fare.
You might also be interested in: August Tax And Accounting Roundup: All You Need To Know
Want to know more about how these updates affect you?
One of our specialists here at Shuriken Consulting is ready to assist you with any questions you might have about the latest tax and accounting updates. Get in touch with us today:
