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Notes Online Home 2019 Tax Schools Day 2 What’s new for business in 2019?
In this chapter of the notes we discuss the newest updates for business in 2019. These changes are examined under the following broad headings:
• Changes and traps with completing business returns for the 2019 income year
• New rules deny deductions for salary and wages when PAYG not withheld
• Single touch payroll set to apply to mum and dad businesses from 1 July 2019
• Major tax incentives offered for primary producers
• Landmark victory for taxpayers claiming deductions for Government licences
• Ruling highlights perils with beneficiaries making interest-free loans to discretionary trusts