spacer spacer spacer spacer spacer spacer spacer spacer
spacer
spacer
    Latest Accounting News

Telephone: 03 9727 1244
Facsimile: 03 9727 0244
Email: Email Us

Address: Suite 2, 96 Manchester Rd, Mooroolbark VIC 3138
spacer
Hot Issues
Vaccination rates as they happen around the world
Toyota returns $18m in JobKeeper payments
Approaching the dawn
Videos and other resources for our clients
Brazen ATO scam costs Sydney woman $22k
Key dates for the second JobKeeper extension period
Returning expats reminded on tax snares with pensions, investments
80¢ per hour work-from-home deduction method extended
2020 is coming to an end. Phew!!
Victorian State Budget Overview 2020 - 2021
Employee Christmas Parties and Gifts – Any FBT?
FBT – Christmas Parties and Taxi Fares
JobMaker hiring credit given green light despite ongoing concerns
Super, death, and taxes
ATO extends JobKeeper deadlines ahead of Christmas
Small-business coronavirus grants set to be income tax-free under new bill
How Australians are taking advantage of income tax cuts
Part 1 – Budget reminders. Under the Hood.
Part 2 – Budget reminders. Under the Hood.
Part 3 – Budget reminders. Under the Hood.
Comprehensive list of COVID-19 initiatives and packages.
Businesses not meeting obligations warned as ATO restarts compliance programs
Employers cautioned over ‘hard and fast’ decline in turnover eligibility
‘Follow the spirt of the law’, warns ATO
$120m in JobKeeper clawed back by ATO, new compliance areas highlighted
Budget 2020 - A very comprehensive break down.
Budget 2020 - Fact Sheets
Articles archive
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 1 of 2017
Articles
Impending GST changes good news for SMEs
SMSF related-party borrowing arrangements
Primary Producer Income Tax Averaging
Active vs passive assets and the small business CGT concession
ATO issues further taxpayer alerts on key focus areas
Borrowed money to pay a business tax debt? Is the interest deductible?
Online Selling
The dangers of income splitting
Clients failing on depreciation front - property investment
Home office deductions: What substantiation will the ATO accept?
ATO advises accountants on client data swoop
ATO issues stern reminder on new backpacker tax
Debt Recovery
Government takes next step in tax cheats crackdown
Car salary packages and the deductibility of after-tax running costs
Choosing an Executor
ATO fires warning shots at cash economy exploiters
Getting a tax valuation from the ATO
5 tips to get home office deductions right
ATO issues stern reminder on new backpacker tax

 

Accountants with SME clients should be urging them to recall the new deadlines for employees on working visas to ensure compliance.



       


 


The ATO has urged all business owners who currently employ a backpacker to register by the 31 January 2017, so they can apply the new tax rate. 


From 1 January 2017, the new ‘backpacker tax’ of 15 per cent will be applied from the first dollar earned to any workers who hold a 417 or 462 visa.


The ATO’s assistant commissioner Michael Gleeson warned employers of working holiday makers to register by the January deadline via ato.gov.au and check their employee had the right visa before withholding at the new rate.


“Anyone currently employing someone on a 417 or 462 visa needs to register with the ATO by 31 January 2017 to use the new rate,” Mr Gleeson said.


“If you aren’t currently employing backpackers but will later in the year, you do not need to register by the deadline. You just need to register when you employ them.


“A registered employer should withhold at a rate of 15 per cent for the first $37,000 paid to a working holiday maker. An unregistered employer still has a withholding obligation but at standard foreign resident rates.”


Mr Gleeson said registering allowed the ATO to identify employers who were eligible to withhold tax at the concessional rate for backpackers.


“Knowing which employers have registered and are doing the right thing ensures we can focus our activities on working with employers of backpackers who are not withholding at the correct rate,” Mr Gleeson said.


“It’s quick and straightforward to register – it’s a simple online process and it will take about five minutes; we have already had about 8,350 registrations. We are seeing a steady stream of about 400 employers registering a day.”


Mr Gleeson said employers should also check their worker had the right visa, “to ensure they meet their obligations under the backpacker tax rules”, Mr Gleeson said.


“It’s better to register sooner rather than later, so don’t put it off,” Mr Gleeson said.


A worker’s visa status can be checked via the Visa Entitlement Verification Online (VEVO) service on the Immigration and Border Protection website.


 


STEPHANIE DELLER
Tuesday, 24 January 2017
accountantsdaily.com.au




11th-February-2017
 
sitemap | site by AcctWeb