Meet the Co-chairs - TIAG
Mercer & Hole
Cohen & Company (Ohio)
Fineman West & Co. LLP
Meet the Co-chairs - TAGLAW
Williams Mullen (VA)
Author: David Prichard
Small and medium companies are the main beneficiaries of the changes announced in the Federal Budget.There were no specific measures targeted towards large and multi-national enterprises, the increased ATO funding will result in a continuation of recent integrity activities.
Single Touch Payroll (“STP”) is the most significant change in Australian Taxation Office (ATO) reporting obligations since the introduction of GST. There are some steps that employers, who are not already reporting under STP, need to be take in order to be ready. Please read on below.
Finance Minister Bill Morneau released the Federal Government’s 2019 Federal Budget on Tuesday March 19. There are no proposed changes to tax rates, but the Budget does propose a new Canada Training Credit, tax credits for news organizations and news subscribers, and additional funds for money laundering investigations and Canada Revenue Agency auditors. The Budget also provides some general information (but few specifics) about potential changes to limit the favourable tax treatment of some employee stock option benefits to employees and align the tax treatment of stock options more closely with the method of stock option taxation used in the United States.
Nonetheless, says Morneau, more needs to be done to ensure Canadians’ prosperity over the coming years. For the most part, that means adding tax credits and other incentives and enhancing existing ones, giving the Canada Revenue Agency more resources to recover unpaid taxes and to help businesses comply, measures to reduce tax evasion and aggressive tax avoidance, improving retirement and disability savings plans, and introducing the framework for a national prescription drug plan.
Non-residents may be able to breathe a sigh of relief as the widely reported changes to the main residence exemption may not be proceeding after all. The measures to change the rules announced in the 2017-18 Federal Budget have been caught up in the political turmoil in Canberra sand the governments reliance on other parties to pass legislation through the Senate.