Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 This Bill allows the Commissioner to collect estimates of anticipated GST liabilities and make company directors personally liable for their company's GST liabilities in certain circumstances. This will extend the director penalty regime to ensure that it covers unpaid PAYG withholding amounts, superannuation guarantee amounts and GST liabilities. The Bill also amends the Corporations Act 2001 to introduce new c

The ATO has released some new instructions for vendors completing their activity statements in relation to the sale property due to a large number of errors being made since the introduction of the GST withholding rules. Vendors still need to report the property sale in their activity statement and include the GST component at Label 1A even if the purchaser has withheld an amount, although the amount withheld and paid by the purchaser is not reported. The ATO advises that a c

The FBT guide for employers (available at the following link) has been updated to clarify how employers should work out the taxable value of fringe benefits relating to the payment or reimbursement of an employee’s private home phone and internet costs and the evidence needed to support the calculations. Broadly, the guidance indicates that where the payment or reimbursement of home phone or internet costs up to $50 only limited documentation needs to be retained by the emplo