NOW is a great time to make your tax-time appointment with your tax agent, according to CPA Australia’s head of external affairs, Paul Drum.

“This year’s tax time has been a little different from previous years, with the rollout of Single Touch Payroll for employers, and the introduction of income statements for employees – instead of the more familiar payment summaries or group certificates,” he said.

“The ATO has reported that 98 percent of all payroll records are now finalised, and that dividend and interest data should be ready by the end of this month. All private health insurance data has also now been matched, which is welcome news in the first year that statements are not required to be sent to policy holders.

“With income statements now ‘tax ready’ and tax time pre-fill information nearly fully available, CPA Australia encourages you to make your tax agent appointment now.

“More than 70 percent of Australian individuals lodge via a tax agent each year, and a good tax agent will help ensure that you claim everything to which you are legally entitled, while keeping you on the right side of the ATO.

“With an increased ATO focus on work-related expense claims, it has never been more important to get it right,” Mr Drum said.

“The ATO has advised it is checking many more tax returns this year, and their most recent list of dodgy deductions includes Lego, weddings, family trips and school fees. The ATO has also warned that it may seek information from your employer to check if you’ve been reimbursed for your claims, and taxpayers have been denied tax deductions for items that are not allowable.

“Life is busy enough without thinking about tax all the time, and for many of us convenience is key - and a tax agent can provide this,” he said. “An added benefit of using a tax agent is that they will have all your pre-fill data on their systems - meaning that unlike self-preparers, you don’t need to worry about going through your myGov account.

“If you use the ATO’s myDeductions app, you can even upload all your information into the ATO’s system for your tax agent to include in your tax return.

“Tax agents help you navigate our complex tax system and guide you on keeping the right records. They can help you calculate capital gains tax on your cryptocurrency holdings, or determine whether that income from your side gigs is assessable. Hint: earning $15,000 in sponsorship and benefits from your Instagram account is most likely to come with some income tax consequences,” Mr Drum said.

Mr Drum also warned that those who have lodged early to claim the low and middle income tax offset may find that the ATO gets in touch with them if their tax return doesn’t match the information they hold. Alternatively, a visit to a tax agent may uncover some additional deductions that should have been included.

“So get in touch with your tax agent now to arrange a time to talk tax, and check out CPA Australia’s tax tips to help you through Tax Time 2019. If you haven’t got a tax agent, find a CPA now.”

QUEENSLAND'S mine workers along with union and government representatives have vowed to share with all their colleagues the new and proven health and safety techniques learnt from this year’s Queensland Mining Industry Health and Safety Conference on the Gold Coast, which finishes today, August 21).

Conference chair and CFMEU safety representative Greg Dalliston said the most important part of all the work that goes into the four-day conference is that all parties implement the necessary changes to improve health and safety.

“Just like carrying the conference bag back with them to work we want all of the delegates to carry with them the critical information about new ways to foster proactive health and safety policies to their respective mine sites. We need everyone to encourage workers to stand up and raise safety issues without fear or retribution,” Mr Dalliston said.

“Tragically we have lost four mine workers and two quarry workers in the past 12 months and it is paramount we work together by exchanging information to make mine sites fatality free.”

The conference, now in its 31st year, heard a panel discussion with Mines Minister Dr Anthony Lynham, Queensland Resources Council’s chief executive Ian Macfarlane, CFMEU’s district president Stephen Smyth, Commissioner for Mine Safety and Health Kate du Preez and vice-president of the Australian Workers’ Union Mark Raguse on how industry is resolving issues and implementing new policies to safeguard workers.

Mr Macfarlane said industry had already completed half of the safety resets after Minister Lynham called for action across the state.

“Minister Lynham said industry needed to organise two-way conversations with every mine worker on every site with management to complete the state-wide safety reset. Today, we’ve seen Minister Lynham tell Parliament that more than 23,000 workers have done just that,” Mr Macfarlane said.

“That’s more than half and we’re working with the other companies to have the safety reset completed by the end of August.”

A new record of 975 delegates, including from the world’s largest mining companies attended the conference this year with a theme of ‘Working to the Future’. Delegates heard from Brant North who survived a mine accident and has represented Australia at the Paralympics, advocate for countering violent extremism Gill Hicks and big wave surfer and Red Bull Athlete Mark Matthews.

Conference sessions included incident reporting and analysis; dust impacts and controls; cultural improvement and fitness for work.

Sponsors of the conference, held at The Star, included principal sponsor Anglo American, Glencore, Yancoal, Uvex, Peabody and the CFMEU.

www.qrc.org.au

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THE IMPENDING roll out of major government-led transport infrastructure will be good news for thousands of small construction businesses across Australia, according to newly-released forecasts from Master Builders Australia. 

Shane Garrett, Master Builders chief economist said, “Our Master Builders Australia Forecasts: 2019/20 to 2023/24 report released today indicates that engineering and civil construction activity is set to expand strongly until 2021/22, notching up its strongest performance since the mining investment boom at the beginning of the decade.

“As a result of record activity in natural resources investment, the volume of engineering construction had peaked at $142.8 billion in 2012/13. The subsequent slump was heavy, involving a 38.6 percent reduction in activity,” he said. 

“While latest data indicate that engineering construction activity has still been battling tough conditions, the eventual roll out of government-led infrastructure projects will see growth return in the near future,” Mr Garrett said. 

“We forecast that the volume of engineering construction work will expand by 12.5 percent by 2021/22 compared with 2018/19. Thereafter, activity will ease back at the pipeline of infrastructure work comes to an end.

“Both road and railway construction work will see big gains over this period, while the completion of the NBN means that telecommunications related activity will slip back,” Mr Garrett said. 

“At the moment, the actual volume of construction work underway is smaller than it was this time last year. While our forecasts do envisage growth returning, government can help by getting things moving on the ground with more urgency. There is particularly strong scope for this when it comes to small and medium-sized infrastructure projects,” he said. 

“As well as benefiting thousands of small building and construction businesses across Australia, a speedier roll out of infrastructure projects by government would give the wider public real and visible evidence that our economy continues to move forward."

www.masterbuilders.com.au

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THE Queensland Resources Council (QRC) said it was disappointing to see reports that engineering firm Aurecon would end its business relationship with Adani "based on ill-informed bullying from anti-resources activists".

QRC chief executive Ian Macfarlane said regional Queenslanders would be the ones who missed out on jobs as a result.

“All businesses and CEOs should stand up to defend the opportunities in our resources sector,” Mr Macfarlane said.

“The resources sector is one of Queensland’s biggest employers. It supports more than 315,000 jobs, and over 262,000 of those jobs are in associated businesses and industries.

“The majority of those supporting jobs are in regional Queensland.

“So it’s disappointing to see any business give in to bullying tactics from activists, many of who are acting illegally to disrupt lives and businesses," Mr Macfarlane said.

“Ultimately every company can make its own business decisions. But it’s local workers who will miss out through the lost opportunities of working on new investments and new resources projects.“

The resources sector creates one in every eight jobs in Queensland and generates one in every five dollars, according to QRC figures.

"It delivers for every Queenslander through more than $5.2 billion in royalty taxes and making up 80 percent of Queensland’s export earnings," Mr Macfarlane said.

“It provides jobs and opportunities in every town and city in Queensland. All Queenslanders should be proud of our resources industry and the incredible things it helps build. 

“We should stand up against the bullying tactics of anti-resources activists, most of who rely on the very industry they demonise for their everyday lives.

“The QRC backs our resources workers and we hope to see everyone in our great industry do the same.”

www.qrc.org.au

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