Member Resources


New arrangements eliminating some information requirements on BAS statements start from 1 July 2017.

From 1 July 2017, Simpler BAS will be the default GST reporting method for small businesses with a GST turnover of less than $10 million, the Australian Tax Office (ATO) has said in a reminder about the start of Simpler BAS.

Tax treatment of many transactions, a raft of superannuation rules and the cost of many other financial transactions all change from 1 July.

The Australian tax Office (ATO) has introduced new procedures for BAS Agents to lodge requests for client lodgement deferrals.

Changes to the process include approving most requests automatically, and extending the payment due date to the approved deferred date, except for individual tax returns or trust returns.

A political battle is developing over whether big business payment times to small business should be subject to government regulation or to a voluntary code proposed by the Business Council of Australia.

Small Business Minister Michael McCormack has welcomed the announcement of a code of conduct for big business payment times developed by the BCA.

A former senior Australian Tax Office official is entangled in a major tax fraud investigation involving his son in which $165 million was allegedly stolen from the Commonwealth.

Deputy Tax commissioner Michael Cranston resigned from the ATO in June after being formally charged in connection with a $165 million fraud.

The federal Government is seeking public comment on its consultation paper on reforms to stop corporate misuse of the Fair Entitlements Guarantee (FEG) scheme.

The FEG is the scheme of last resort funded by taxpayers that provides payment of employee entitlements following the insolvency of their employer.

The federal Government has released a new framework for the resolution of financial disputes and invited public comment.

Treasury notes on its website that on 9 May the Government accepted all 11 recommendations of the Review of the financial system external dispute resolution and complaints framework (the Ramsay Review).

Businesses that employ foreign workers on skilled visas will be required to pay a levy that will provide revenue for a new Skilling Australians Fund from March 2018. A range of levies and fees for visas for foreign workers have been increased.

Sales suppression technology and software used to understate business income by deleting electronic transactions will be prohibited, as a result of a decision announced in the Budget.

While the increased Medicare levy does not take effect until 2019, the increased threshold at which the levy becomes payable takes effect from the 2016-17 tax year, meaning that some low income earners may have had tax deducted at a higher level than will be required and may receive a refund.

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