September 2019 Newsletter

Please click on the following link to view our monthly accounting/tax newsletter for September 2019:

September – 2019

We would like to highlight the following articles in this month’s newsletter:-

ATO tax scams – The ATO is warning tax payers that there is a surge in scammers impersonating trusted bodies like myGov and the ATO to trick people into giving them money or personal details. The myGov system will never send texts, emails or attachments with links or web addresses that ask for your login or personal details. If you are unsure about the validity of a tax related message or phone call, please contact us immediately.

ATO watching for undisclosed foreign income – The ATO has reminded taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it appropriately. New international data-sharing agreements allow the ATO to track money across borders and identify taxpayers who are not meeting their reporting obligations. Under the new Common Reporting Standard, the ATO has shared data with over 65 foreign tax jurisdictions across the globe.

Compassionate release of super – The ATO has recently seen a significant increase in queries about compassionate release of super (CRS). In most cases, applicants were ineligible because they were looking to use their super to pay for general expenses.

It is important to note that CRS is only available to cover:

• medical treatment and associated transport costs;
• palliative care costs;
• a loan payment to prevent the loss of one’s home;
• costs of modifying a home or vehicle, or buying disability aids, needed to accommodate for a severe disability; and
• expenses associated with the death, funeral or burial of a dependant.

Please do not hesitate to contact us if you have any queries in relation to your tax and accounting matters.