The ‘sharing economy’ in the ATO’s sights
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.
Tax time is prime time for scams
The ATO is reminding Australians to be on the lookout for tax-related scams during tax time.
ATO warns about iTunes scammers
The ATO is reminding the public to be alert to scammers impersonating the ATO
ATO reminder about 30 June SuperStream deadline
SuperStream is the standardisation of how employers make super contributions on behalf of their employees.
ATO’s continuing focus on trust property developers
When these developed properties are sold, some trusts incorrectly claim a 50% CGT discount.
ATO’s ‘High risk industries’ for super guarantee
Letters will be sent to clients in these industries advising of planned audits from July 2016
ATO – SuperStream deadline rapidly approaching
SuperStream is the new way employers must pay super
Gold Coast businesses under the ATO’s microscope
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
Impending blowout from the leaked ‘Panama Papers’
International investigation to hunt down tax evaders identified in the Panama Papers leak.
Inactive Trusts – ABNs to be cancelled
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.
GST implications when employer pays for a super fund’s expense
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.
Buyers to withhold tax for ATO when buying certain properties
The changes will affect most purchases of property in Australia
DHS specified benefits and entitlements data matching
The ATO has advised that it will collect information from the Department of Human Services (DHS)
Warning to employers to withhold tax from some car allowances
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.
ATO announces two important data matching protocols
The ATO has just announced that it is starting a new “asset” data matching protocol, and extending another CGT and rental protocol
ATO swoops on phoenix businesses
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.
ATO is using SMS messages to try and clear debt
The ATO has advised that it is using SMS and emails for promotional and information purposes.
Early access to super for people with terminal illness
Accessing superannuation for people suffering a terminal illness
ATO warns about aggressive phone scams
ATO is again warning the public to be aware of a phone scam
Teacher denied deduction for business management course
The taxpayer was a classroom teacher. He was also enrolled as a part-time student.
IGT to take on tax complaint handling function from 1 May
From 1 May 2015, the Inspector-General of Taxation (IGT) will be able to consider and assist taxpayers with their complaints about the ATO.
2014 online selling data matching program
The ATO will request and collect, online selling data for the period from 1 July 2013 to 30 June 2014.
Government ends benefits for parents who do not vaccinate
The government has confirmed that eligibility for taxpayer-funded payments will be dependent on children having met early childhood
Eligibility for net medical expenses tax offset
The ATO has reminded taxpayers that the net medical expenses tax offset (NMETO) is being phased out.
Contractor payments data matching program
The ATO has announced that it will continue to acquire details of entities that receive contractor payments
Inappropriate loans from super funds
The ATO has issued a guide for trustees of self-managed superannuation funds (SMSFs)
ATO super crackdown – child care, building, cleaning, pubs
The ATO has identified employers in the following industries as having a higher risk of not meeting their super obligations:
‘Single Touch Payroll’ on the horizon
Under Single Touch Payroll, employers will be required to electronically report payroll and super information to the ATO when employees are paid.
ATO update regarding the ‘Director Penalty Regime’
The ATO has issued a new fact sheet aimed at helping directors (and those that are about to become a director) understand their obligations.
Deductibility of a ‘working with children check’
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 to go ahead.
Small business company tax cut from 1 July 2015.
ATO recovers super from phoenix operators
The ATO says that it has used new powers known as Superannuation Guarantee Estimates (SGE) to recover $8 million in worker’s superannuation
Travel allowance – deductions are not a foregone conclusion
The ATO is prepared to take a hard line on travel expense claims
Tax Avoidance Schemes again under review
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.”
Simpler depreciation rules for business
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.
New Smoking Laws Commence
Smoking in certain public areas now banned
SMSF’s continue to be popular
The latest ATO SMSF statistics make for interesting reading.
SMSF Death Benefit Relief
Mid year Budget & Fiscal Outlook Benefit Announced
Multitude of Scams Around
Scams, scams and more scams
‘Employee or Contractor’ question
The release of the ATO’s new ‘Employee or Contractor’ homepage.
SME business audits on the way
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’.
ATO targets sham contractors
The Tax Office is targeting ‘contractors’ who are really employees
So You Thought You Were Smarter Than the ATO
The ATO will request and collect identity and transaction details pertaining to securities held in all ASX listed entities.
Outrageous legal costs – Tips on Limiting your Bills
Extract from Financial Review on Keeping Legal Costs in Check
Money Saving Idea with Health Insurance
Health Insurance Rebate to go from 1st July
Reporting of contractor payments in the building and construction industry
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.
Health insurance and Medicare levy surcharge changes
From 1 July 2012, the private health insurance rebate and the Medicare levy surcharge will be income tested against three new income tier thresholds
Budget News – Super Contributions
Deferral of $50,000 Contributions For People With Less Than $500,000 in Super Contributions
Super contribution not in on time costs a taxpayer dearly
The taxpayer simply got it wrong and “ignorance of that kind is not a special circumstance”…
New personal tax rates 2012/13
From 1 July 2012, personal tax rates are to be adjusted…
SMSF trustee information packs
The Tax Office has announced that, over the coming weeks, it will be reviewing all self-managed super fund (SMSF) trustee and member details…