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SuperStream Changes Coming Soon for Small Businesses

SuperStream Changes Coming Soon for Small Businesses

Author: Admin/Wednesday, June 17, 2015/Categories: Blog

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The 2014 / 2015 financial year is nearly over and, as always, we need a little help from our clients to prepare end-of-year returns. In this post we outline the information we need from you and we also reveal some of the ATO’s major areas of focus leading into the 2015 / 2016 tax season.


Individual returns 

For individual returns we’ll require some or all of: 

  • Payment summaries
  • Share and managed investment fund statements
  • Investment interest income
  • Investment property earnings and expenses
  • Health fund receipts
  • Donations
  • Personal superannuation contributions
  • Work-related expenses
  • Self-education expenses.


Business returns 

Business owners need to think about the following: 

  • Reconcile your accounts and supply us with the reconciled cash workbook or accounting data file
  • Organise your receipts to ensure you can substantiate anything your business claims. We don’t necessarily need to see every receipt, but we need to know you can prove everything
  • Ensure your BAS and super payments are lodged by the due date and supply this information to us
  • Home business expenses
  • Motor vehicle log books.


ATO compliance focus areas for 2015 / 2016 

In its Building Confidence publication the ATO has provided some reminders to individuals and businesses about its current focus areas for tax compliance. 

For individuals, the ATO has stated they are paying particular attention to work-related expense claims for overnight travel; motor vehicle expenses for travelling between home and work; and reported work-related use of computers and phones. They are also focusing on holiday homes, including excessive deductions, inappropriate splitting of rental income between husbands and wives and interest deductions being claimed for the private proportion of loans. 

For employers, the ATO has long made it clear that they are focussing on the building, construction, restaurant and café industries to stamp out ‘cash economy’ behaviour. We’ve previously talked about the ATO’s focus on the cash economy and how they go about tracking down businesses that avoid tax and super obligations. 

The other area employers should take note on is the treatment of workers as contractors rather than employees. We discussed the issue of employees vs contractors late last year.


Are you ready for SuperStream? 

Another consideration for employers is ensuring you are ready for the coming SuperStream changes. If your large business (20+ employees) is still not compliant with SuperStream, you have until 30 June 2015 to ensure it is. If you own a small business, SuperStream applies from 1 July 2015 and becomes compulsory on 30 June 2016. Depending on how your business makes super contributions, you may need to make changes to ensure your payroll software is compliant. We have previously talked about the SuperStream changes in detail on this blog.


Time to get ready for 2015 financial year-end 

If you have a question about your year-end tax return don’t hesitate to contact us, but please note: at this time of year you are advised to make an appointment in advance.


Disclaimer: This information is generic in nature and provided on a discretionary basis only. You must always seek professional advice regarding its applicability to your own circumstance.

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