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From the 2019 federal election to tax changes and technological developments, we’re capping off 2019 with this year’s top read stories.
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10 to 1: Accountants Daily’s top stories for 2019
31 December 2019
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It’s been a big year for the accounting profession. The good, the bad and the ugly have all hit our desks, and the most read stories from 2019 give some interesting insight into the year that was. Here they are:
1. ATO details myGovID implementation roadmap
A new authentication system to access the government’s online services, including ATO systems, was always going to generate a buzz. Expect to see more around myGovID in the first quarter of 2020 before AUSkey retires.
2. Bowen’s franking credit figures pulled apart
Labor’s franking credit proposal was perhaps the most divisive issue of the May federal election.
3. ‘100% mobile’: AUSkey replacement debuts
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As with number 10, the announcement of myGovID in June 2019 sparked great initial interest.
4. Labor confirms 1 January start date for negative gearing and CGT
The run-up to the federal election was an interesting time for the profession, with many advisers closely keeping watch of potential tax changes and their impact on clients. Labor’s negative gearing and CGT changes were one of the more closely followed tax issues.
5. ATO grants 1-year STP exemption for closely held payees
The rollout of Single Touch Payroll to small businesses was another big change in 2019. This article revealed the one-year exemption for closely held payees.
6. ‘Widespread misunderstanding’: Accountants cautioned on journal entries
Accounting entries aren’t all they seem, as HWL Ebsworth Lawyers senior associate Vincent Licciardi explains how some accountants have been using entries wrongly.
7. STP to cover all businesses as legislation
The anticipated rollout of Single Touch Payroll to businesses with 19 or less employees was confirmed early in the year.
8. Instant asset write-off threshold upped to $25k
The small business instant asset write-off received a timely boost at the start of the year, but the threshold was eventually bumped up to $30,000 and expanded to include medium businesses with a turnover of up to $50 million in the April federal budget.
9. Trusts tax reform set to go ahead under Labor
The election coverage kicked off at the start of 2019, with Labor’s proposed tax for discretionary trust distributions shaping up as a key election issue.
10. ‘Wait a few weeks’: ATO advises clients to hold off returns
The introduction of the low and middle-income tax offset, the rollout of STP and the stoppage of end-of-year payment summaries combined to make tax-time 2019 interesting for the industry.
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