Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off.
From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/ or $25,200*.
The ATO has provided a concession from single touch payroll for payments by small employers to closely held payees.
We take a look at the key issues for you, your business and your SMSF.
Budget 2019-20: The pre-election announcements that are now law