15 June

Priority processing of your clients’ returns
If your client believes or reports to you that they are experiencing financial difficulties or serious hardship, they may be eligible for priority processing, after the relevant tax return or form has been lodged. The ATO has set out the steps required to request priority processing, including the evidence that may be necessary.

Proposed widening of STP exemption
The draft instrument Taxation Administration – Single Touch Payroll – 2021-22 year Withholding Payer Number Exemption 2021 (STP 2021/D1) proposes to extend an exemption to reporting under single touch payroll for the 2021-22 income year to entities who do not hold an ABN but instead have a “withholding payer number”. It is proposed to apply from 1 July 2021, and retrospectively cover 2018-19 to 2020-21 as well. Comments close 8 July.

Self-managed super funds and PAYG withholding obligations
Trustees of SMSFs have pay as you go (PAYG) obligations to withhold tax for superannuation benefit payments paid to members who are; under 60 years old and the benefit is an income stream (pension) or a lump sum, under 60 years old and the death benefit is a pension which is a capped defined benefit income stream where the deceased was 60 years old or over when they died, or 60 years old or over and the benefit is a pension which is a capped defined benefit income stream. The ATO has provided guidance on these obligations.

GST and excise concessions
If you have clients who may have tax affairs that could benefit from one or more of the range of GST and excise concessions available to small businesses, the ATO has summarised what is available here. The guidance looks at accounting for GST on a cash basis, at paying GST by instalmentsannual apportionment of GST input tax credits as well as excise concessions.

Video explainer for common tasks in Online services for agents
A new educational video series has been developed to help both tax and BAS agents use functionality in Online services for agents. The Tax professionals digital education series is a suite of instructional videos that demonstrate how to perform some common tasks. The ATO says more videos will be added in coming months.

Amending SA land tax bill for discretionary trust distributions has extension shaved
The South Australian legislation Land Tax (Discretionary Trusts) Amendment Bill 2021 has been passed, but has had an initial extension (out from 30 June 2021) for nominating a designated beneficiary for pre-existing trust land brought back from an earlier floated deadline of 30 June 2022 to 31 December 2021. The amended legislation also extends the time in which an objection to a 2020-21 land site valuation can occur.

Tax Wrap podcast Episode 240
Claiming self-education expenses. Tax Wrap speaks with Tax & Super Australia’s tax technical expert Nicole Wilson-Rogers about the tips and traps for taxpayers while navigating claims for the deduction of self-education expenses.