Tax Withheld Calculator
The ATO will release a new version of the Tax Withheld Calculator, which will incorporate new tax rates announced in the recent Federal Budget.
The TWC helps determine the correct amount of tax to withhold from income which is paid weekly, fortnightly, monthly or quarterly.
The new calculator will be available online from July 1, as a web download, and also on CD.
TWC users who have registered with the ATO will be informed when the new version is released.
Those who are not registered can register via www.ato.gov.au/content/businesses/33211.htm.
The ATO has recently published ‘A Better Practice Guide for the Management of GST Administration’ to assist government agencies to establish appropriate internal control frameworks for the effective management of GST administration within their organisations.
However, the guide and its accompanying workbook are relevant to any large public or private organisation, and downloads are available from links on ato.gov.au/content/businesses/33253.htm.
Australian-Netherlands superannuation agreement
Australian employers who send their employees to work temporarily in the Netherlands are now covered by a new bilateral agreement, whereby the employer will not have to make superannuation contributions in both countries for the same work.
Under the agreement employers will now be required to make superannuation contributions just once for employees covered by the Australian superannuation guarantee.
Similar agreements also cover employers sending employees to Portugal and the US.
For the full story, see www.ato.gov.au/content/businesses/33106.htm.
Farm management deposits or withdrawals
The ATO has released information clarifying recent changes to, and treatment of, the Farm Management Deposits scheme, which replaced the Income Equalisation Deposits scheme.
The FMD scheme allows primary producers to, in effect, shift income from good to bad years.
Deposits made to the scheme create potential deductions, while withdrawals result in assessable income.
More information is available from www.ato.gov.au/content/individuals/21550.htm.
Losses from earlier years
The ATO has clarified the different rules applying to companies, partnerships, trusts and superannuation funds, for losses incurred by individual taxpayers.
The latest ATO information offers several examples and explains how to claim a deduction for a loss made in an earlier year of
This information can be found at www.ato.gov.au/content/individuals/19903.htm.
The ATO website now offers a superannuation guarantee calculator, for determining minimum required levels of employer support.
The calculator, plus further information, can be found at www.ato.gov.au/content/super/30111.htm.
© Business News 2017. You may share content using the tools provided but do not copy and redistribute.