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The following checklist sets out significant changes scheduled to operate from the 2019/20 financial year, with insights directly from our Editor-in-Chief for the newly released Australian Master Tax Guide 2020.
Checklist of top tax changes in 2020
21 February 2020
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3 minute read
Individuals
- Whistleblowers who disclose information to the ATO relating to tax avoidance behaviour are provided with protection from 1 July 2019
- The ATO is allowed to disclose the tax debt information of businesses to Credit Reporting Bureaus
- From 1 January 2020, Family Tax Benefit (FTB) eligibility will be extended to the families of ABSTUDY secondary school students who are aged 16 or over and are required to live away from home to attend school
- Vocational education and training student loan debts (VET debts) are separated from other forms of HELP debts; VET student loans established as a separate income-contingent loan from 1 July 2019
- HELP repayment thresholds including minimum repayment income will be indexed using the CPI rather than average weekly earnings from 1 July 2019
- From 1 July 2019, all study and training loans are covered by one set of thresholds and rates
- From 1 July 2019, the concessional tax rates available for minors receiving income from testamentary trusts will be limited to income derived from assets that are transferred from the deceased estate or the proceeds of the disposal or investment of those assets
- The specific anti-avoidance rule which applies to closely held trusts that engage in circular trust distributions will be extended to family trusts from 1 July 2019
- From 1 July 2019, all remuneration provided for the commercial exploitation of a person’s fame or image will be included in the assessable income of that individual
- From 1 July 2019, individuals aged 65 to 74 years with low superannuation balances can make voluntary superannuation contributions for 12 months from the end of the financial year in which they last met the work test
- The concessional taxation age for genuine redundancy and early retirement scheme payments has been aligned with the age pension qualifying age from 1 July 2019
- Medical expenses rebate completely phased out from 1 July 2019
Companies and Small Business
- From 1 July 2019, deductions are denied where PAYG withholding obligations are not met
- Single Touch Payroll applies to all employers from 1 July 2019
- The taxable payments reporting system extends from 1 July 2019 to security providers and investigation services; road freight transport; and computer system design and related services
- An immediate write off for assets costing less than $30,000 by small business entities and medium- sized business entities is available in 2019/20
Download the full top tax changes in 2020 checklist here
Order your copy of the Australian Master Tax Guide (66th edition) today |
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Confidently and quickly navigate all areas of tax with the Australian Master Tax Guide. Access authoritative commentary, practical examples, tax planning points, checklists and key tax dates, with ease. Up-to-date to 1 January 2020. Essential for all accountants, tax lawyers, financial advisors and payroll officers.
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About the Editor-in-Chief
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Marcus Lai |
Marcus Lai is a senior editor and tax writer. He has worked as the managing editor of various Wolters Kluwer tax books including the Small Business Tax Concessions Guide and the Australian Master Superannuation Guide and is now the editor of the Australian Master Tax Guide. He is also a contributing writer to the Australian Master Tax Guide and several other Wolters Kluwer tax publications.
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