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:

  1. 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.
  2. 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).
  3. 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.
  4. 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.