2019 January tax news
January 22, 2019
There are some recent changes in regards to the tax and super and may affect Gavin Ma & Co clients:
- Tax debt information disclosure — a 2016-17 MYEFO measure allowing the ATO to disclose to credit reporting bureaus, the tax debt information of businesses with tax debt of more than $10,000 and who have not effectively engaged with the ATO to manage these debts, will be amended to limit the disclosure to businesses with a tax debt of more than $100,000. The start date of the measure will also be changed from 1 July 2017 to the day after assent of amending legislation.
- Superannuation guarantee obligations — employers who fail to come forward during the proposed 12-month superannuation guarantee amnesty and are subsequently caught will face an increased minimum penalty of 100 per cent of the superannuation guarantee charge (increased from 50 per cent).
- Cash payment limit — the 1 July 2019 start date for the proposed 2018 Budget measure to introduce an economy-wide cash payment limit of $10,000 will be revised to 1 July 2020.
- New hourly rate for home office expenses — The hourly rate determined by the ATO for deducting home office expenses has been increased from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018.
If you have any question in regards to the above changes, please feel free to contact us.