Treasury has released its Mid-Year Economic and Fiscal Outlook (‘MYEFO’) for 2019/20 forecasting a surplus of approximately $5 billion.   Proposed new record-keeping course One new tax-related measure of note in the MYEFO was the announcement the ATO would be provided with a new discretion to direct taxpayers (found to be lacking in their substantiation efforts under audit) to undertake an approved record-keeping course, instead of applying financial penalties. This…  Read more

Did you come back to work and realised you have issues with Xero payroll? Well, there’s nothing wrong with the actual Xero payroll, but the ATO rules around salary sacrifice and superannuation have changed from 1 January 2020. Legislation changes from 1 January 2020 and how will Xero payroll cope From 1 January 2020, salary sacrificed super contributions can’t be used to reduce your super guarantee obligations, regardless of the amount…  Read more