Blog
Please see a collection of our most recent blog articles as follows:
The ATO is concerned that those earning money from the 'sharing economy' may not realise they have to declare these amounts on their tax return.
The ATO is reminding Australians to be on the lookout for tax-related scams during tax time.
The ATO is reminding the public to be alert to scammers impersonating the ATO
SuperStream is the standardisation of how employers make super contributions on behalf of their employees.
When these developed properties are sold, some trusts incorrectly claim a 50% CGT discount.
From 1 July 2016, new rules will apply
From 1 July 2016, new rules will apply
lifestyle assets, such as artworks and collectables, are not being properly accounted for.
Letters will be sent to clients in these industries advising of planned audits from July 2016
SuperStream is the new way employers must pay super
The ATO has advised that it will be visiting restaurants, cafés and take-aways, along with hair salons and nail bars, on the Gold Coast
International investigation to hunt down tax evaders identified in the Panama Papers leak.
The ATO has advised that they will begin cancelling the ABNs of approximately 220,000 trusts, where there is evidence those trusts are no longer carrying on an enterprise.
An employer cannot claim an input tax credit where it pays an expense on behalf of a superannuation fund, as the supply is not made to the employer; but to the super fund.
The changes will affect most purchases of property in Australia
The ATO has advised that it will collect information from the Department of Human Services (DHS)
The ATO has reminded taxpayers that, in relation to claiming car expenses, the one-third of actual expenses method and 12% of original value method were abolished from 1 July 2015.
to ensure that taxpayers are correctly meeting taxation obligations
The ATO has just announced that it is starting a new "asset" data matching protocol, and extending another CGT and rental protocol
Claimable business-related start-up costs
The ATO, supported by NSW and Federal Police, has made surprise visits to over a dozen sites across Sydney as part of an investigation into potentially fraudulent phoenix activity.
Every return is scrutinised
The ATO has advised that it is using SMS and emails for promotional and information purposes.
The ATO has issued an information guide titled the 'Sharing economy and tax
Accessing superannuation for people suffering a terminal illness
Claiming deductions on holiday homes
Legal action to recover debts from both individuals and companies
ATO is again warning the public to be aware of a phone scam
Changes to residency rules for temporary working holiday makers
CGT roll-over relief for changes to entity structure
Release of superannuation for terminal medical condition – relaxing the release criteria
The taxpayer was a classroom teacher. He was also enrolled as a part-time student.
Immediate deduction for professional expenses on commencing a new business
From 1 May 2015, the Inspector-General of Taxation (IGT) will be able to consider and assist taxpayers with their complaints about the ATO.
Claiming car expense deductions – modernising the existing car expense claim methods
Tax cuts for small business – 1.5% tax cut for small companies and 5% discount on income tax payable for unincorporated small business activity
The ATO will request and collect, online selling data for the period from 1 July 2013 to 30 June 2014.
Expanding accelerated depreciation for small business – immediate write-off and small business pool – Effective Now
The government has confirmed that eligibility for taxpayer-funded payments will be dependent on children having met early childhood immunisation requirements.
The ATO has reminded taxpayers that the net medical expenses tax offset (NMETO) is being phased out.
The ATO has announced that it will continue to acquire details of entities that receive contractor payments
The ATO has set up a new page on its website called "Building confidence", which talks about its current compliance activities.
The ATO has issued a guide for trustees of self-managed superannuation funds (SMSFs)
The ATO has identified employers in the following industries as having a higher risk of not meeting their super obligations:
Under Single Touch Payroll, employers will be required to electronically report payroll and super information to the ATO when employees are paid.
The ATO has issued a new fact sheet aimed at helping directors (and those that are about to become a director) understand their obligations.
Where the cost of a working with children check application is borne by an employee, the expense is deductible in the following situations:
Small business company tax cut from 1 July 2015.
The Government has announced that it will simplify tax and superannuation reporting obligations
The ATO says that it has used new powers known as Superannuation Guarantee Estimates (SGE) to recover $8 million in worker’s superannuation
The ATO is prepared to take a hard line on travel expense claims
Share transactions data matching program
Motor vehicle data matching program
With $18 billion in work-related expenses (WREs) being claimed each year, the ATO says that it will focus on occupations with a pattern of large or rising claims, as well as claims which do not fit the pattern for a particular occupation.
The ATO's Commissioner, Chris Jordan, has warned investors about new and complex tax avoidance schemes being marketed as people get ready to lodge their 2013 tax returns, saying: "Tax avoidance schemes are no longer the blatant too-good-to-be-true offers seen in the past."
The ATO has reminded small businesses with turnover of less than $2 million (i.e., small business entities or ‘SBEs’) that the depreciation rules for business assets are now simpler from the 2012/13 income year onwards.
Electronic Funds Transfer (EFT)
Smoking in certain public areas now banned
The latest ATO SMSF statistics make for interesting reading.
Mid year Budget & Fiscal Outlook Benefit Announced
Claim having more than one employer
Scams, scams and more scams
Tax Office "ups the ante"
The release of the ATO's new 'Employee or Contractor' homepage.
The Government has recently amended the SIS Regulations to impose further requirements on self managed superannuation funds (SMSFs) from the 2012/13 income year
The ATO advised that it is upping the ante in relation to its field audits of small to medium enterprises (i.e., businesses) – usually referred to as 'SMEs'.
The Tax Office is targeting ‘contractors’ who are really employees
Another Data Matching Exercise
The ATO will request and collect identity and transaction details pertaining to securities held in all ASX listed entities.
Changes to Medical Expenses tax offset
Extract from Financial Review on Keeping Legal Costs in Check
Health Insurance Rebate to go from 1st July
From 1 July 2012 businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services to the Tax Office.
From 1 July 2012, the private health insurance rebate and the Medicare levy surcharge will be income tested against three new income tier thresholds.
Proposed Company Tax Rate Reduction Scrapped
Deferral of $50,000 Contributions For People With Less Than $500,000 in Super Contributions
Super “Surcharge” returns again
The taxpayer simply got it wrong and "ignorance of that kind is not a special circumstance"...
From 1 July 2012, personal tax rates are to be adjusted...
The Tax Office has announced that, over the coming weeks, it will be reviewing all self-managed super fund (SMSF) trustee and member details...
