July Tax Round Up - Single Touch Payroll concession for directors and family members
by Knowledge Shop Editor, on 01/07/2019, 08:11
The ATO has exempted closely held payees such as Directors and family members from single touch payroll for 2019-20 but the issue will continue to be a problem.
Plus, the Main Residence Exemption safe harbour when selling inherited property. And, what Mingos v FCT tells us about proving ownership of trust assets.
Members, download the full July 2019 Tax Round Up from the member-only website. To see what Knowledge Shop membership offers, call the team on 1800 800 232 or take an online tour.
Join Michael Carruthers (Tax Director, Knowledge Shop) and Lisa Armstrong (MD, Knowledge Shop), for just the juicy bits of change for accountants and advisers:
- Single touch payroll and payments to directors and family members – the ATO concession resolves the problem of non arms length payments for now but these payments will be expected to be managed through STP from 1 July 2021. We explore the problems and the expectations.
- Main residence safe harbour when selling an inherited property – PCG 2019/5 outlines the safeharbour for situations where inherited dwellings are sold more than two years after the date of death of a deceased individual.
- The main residence exemption case that explores ownership of trust assets – when a beneficiary’s main residence is held in the name of the trust who really is the owner of the asset? And, can the beneficiary claim the main residence exemption?
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