From November this year, ASIC is removing any old trading name registrations on the Australian Business Register (ABR). The ABR is where people can search and confirm for details of a business’ ABN registrations. These changes are the last step in cleaning up these registrations and ensuring all business names are recorded on ASIC’s federal register.
From 1 July 2018 the ATO has introduced a new regulation which will impact people who purchase new residential properties. This measure is aimed at ensuring that the ATO receives the GST that is owed on the sale of such properties. It is important to note that this measure only applies to new residential properties – not existing houses or commercial properties. It is also important to note that the onus is on the vendor to inform the purchaser of the need to withhold GST at settlement.
The ATO has recently been in the news after distributing press releases indicating their areas of concern and focus for the 2018 tax year. Unlike previous years, these areas are likely to impact many taxpayers as they concern items claimed by the majority of taxpayers in their annual returns. Therefore care and attention needs to be taken to these ATO warnings to ensure you avoid ATO scrutiny.
Businesses that struggle to pay their super guarantee commitments will be pleased by the Federal Government’s recent proposal to allow a 12 month amnesty for late payments from 24 May 2018 to 23 May 2019. Subject to the bill being passed by Parliament, this amnesty would allow such payments to still be tax deductible. Under the current rules, any discovered late payments are not tax deductible.
The Turnball Government has released the 2018 Federal Budget and as expected in an election year, the budget has provided some relief for low to medium income earners while not containing much in the way of bad news, serious cuts or major reforms.
From 1 January 2019 a new accounting standard applies for all reporting entities and public companies which will fundamentally change the way they record and report leases. IFRS 16 will have a major impact on these entities’ balance sheet and it is crucial impacted businesses start planning for the changes ahead of its implementation.