Forsyths Newsletter November 2015
There is over $11.7 billion in lost super sitting with the Australian Tax Office (ATO) and Mackay in QLD is responsible for $49,256,340 of it. While Mackay and its surrounding suburbs top the list, Cairns comes in a close second with $49,101,868. But it’s not all This is an important update for all businesses with payroll. The ATO have announced that from 1st October 2016, some tax tables will change. You must ensure that you use the correct tables for the first pay run after September 30th 2016. What postcode loses the most super?
New Tax Tables from the 1st of October 2016
How does the ATO treat Uber, Airbnb style services? What you need to know
Uber is calling for drivers, Airbnb is seeking more hosts but what are the implications of becoming part of the sharing economy?
The basics of tax apply regardless of how you earn money. That is, even though you may be earning income from different sources or using different platforms to generate income, the fundamental tax issues remain the same. You don’t have to be carrying on a business to pay tax on income you earn.
And, given that so many of these services are through sharing platforms, the Australian Tax Office (ATO) has the capacity to data match money flowing through to financial institutions specifically from these platforms