U

RSS Feed
07-Nov-2018 Anderson & Associates

Read more

ATO Set to Issue Excess Super Contribution Determinations

The ATO has started issuing excess concessional contributions determinations for 2017–2018.

07-Nov-2018 Anderson & Associates

Read more

Taxing Compensation Received for Inappropriate Advice

The ATO has published information about how tax applies for people who receive compensation from financial institutions.

07-Nov-2018 Anderson & Associates

Read more

Residential Rental Property Travel Expenses

Non-business travel costs connected to residential rental properties are not deductible; the ATO has released new guidance.

07-Nov-2018 Anderson & Associates

Read more

Bringing Forward Business Tax Cuts and Small Business Offset

The Government and Labor have agreed to bring forward planned small business tax cuts; reductions in the corporate tax rate and small business offset have also been accelerated.

07-Nov-2018 Anderson & Associates

Read more

Super Work Test Exemption for Recent Retirees

07-Nov-2018 Anderson & Associate

Read more

Black economy: Electronic Sales Suppression tools now Banned

Electronic sales suppression tools that misrepresent or hide business income are now banned.

07-Nov-2018 Anderson & Associates

Read more

ATO Expects 200,000 to Miss Out on Refunds by Failing to Lodge

The ATO expects that 200,000 people could miss out on a tax refund this year because they haven’t lodged a tax return.

07-Nov-2018 Anderson & Associates

Read more

Australian Small Business White Paper: Tax Reform a Key

The Institute of Public Accountants (IPA) and the IPA Deakin SME Research Centre have recommended a range of tax reforms

07-Nov-2018 Anderson & Associates

Read more

Transfer balance cap: ATO highlights admin issues

ATO Assistant Commissioner Superannuation Tara McLachlan has given a speech on “Administration issues under the transfer balance cap”.

02-Oct-2018 Anderson & Associates

Read more

Banking Royal Commission: Possible Super Contraventions

Closing submissions on super entities set out the relevant evidence in relation to the 17 entities examined

02-Oct-2018 Anderson & Associates

Read more

ATO Data Analytics and Prefilling

A closer look at the methods that help to process tax returns and correct mistakes.

02-Oct-2018 Anderson & Associates

Read more

Claiming work-related expenses

ATO education campaign to help correctly claim work-related expenses using its guides and tool kits.

02-Oct-2018 Anderson & Associates

Read more

$20,000 instant asset write-off for SBEs extended by 12 months

The Government will extend the current instant asset write-off ($20,000 threshold) for small business entities (SBEs) by 12 months to 30 June 2019. This applies to businesses with aggregated annual turnover less than $10 million.

01-Oct-2018 Anderson & Associates

Read more

Due Diligence Checklist: Purchasing a Business

Buying a business requires careful consideration of various choices. This checklist highlights common areas that must be considered when buying a business. A business can be purchased by purchasing either the business’s assets or the shares in the company or interests in the trust.
It is important to conduct a thorough due diligence review before making a decision to buy. The review should find out as much information about the business as possible, which you can then discuss with your adviser. You should also consider how embarking on a business venture would fit with your personal circumstances.

01-Oct-2018 Anderson & Associates

Read more

The ATO as SMSF Regulator: Observations

Observations from the ATO Deputy Commissioner, Superannuation, at the National SMSF Conference in Melbourne.

01-Oct-2018 Anderson & Associates

Read more

Cryptocurrency and Tax: Updated Guidelines

The ATO has updated its tax guidelines for cryptocurrency transactions.

01-Oct-2018 Anderson & Associates

Read more

12-month extension of $20,000 instant asset write-off

A Bill has been passed to extend the small business $20,000 instant asset write-off threshold for another 12 months.

01-Oct-2018 Anderson & Associates

Read more

Parliamentary committee recommends standard tax deduction, “push return” system

The Parliamentary Standing Committee on Tax and Revenue’s report on taxpayer engagement with the tax system recommends transitioning towards a standard tax deduction and a “push return” tax system.

01-Oct-2018 Anderson & Associates

Read more

SMSF Association Technical Day Speech

ATO Assistant Commissioners’ update on SMSF issues and practical considerations

01-Oct-2018 Anderson & Associates

Read more

Illegal phoenix activity: public examinations in Federal Court matter

Public examinations of more than 45 entities have commenced in the Federal Court.

30-Jul-2018 Anderson & Associates

Read more

GST exemption for offshore sellers of hotel bookings to be removed: draft legislation released

The proposed new rules will ensure offshore sellers of hotel accommodation in Australia calculate their GST turnover in the same way as local sellers.

30-Jul-2018 Anderson & Associates

Read more

Super funds deliver healthy returns for 2017–2018

Funds in the “growth” category continue to provide strong positive returns.

30-Jul-2018 Anderson & Associates

Read more

Illegal phoenix activity costs billions; new Phoenix Hotline

The ATO estimates the annual direct impact of illegal phoenix activity and establishes a hotline for reporting phoenix behaviour.

30-Jul-2018 Anderson & Associates

Read more

Retirement income covenant needs more flexibility: KPMG

KPMG has released a submission in response to the Treasury position paper on the proposed retirement income covenant announced as part of the 2018–2019 Budget.

30-Jul-2018 Anderson & Associates

Read more

Income tax residency rules for individuals: Board of Taxation recommends reform measures

The Board of Taxation’s recently published report makes recommendations to modernise and simplify the rules.

30-Jul-2018 Anderson & Associates

Read more

ATO warns about scammers at tax time

Taxpayers should be on “high alert” for tax-related scams at tax time.

30-Jul-2018 Anderson & Associates

Read more

Tax gap for individuals is $8.8 billion, says ATO

The ATO has estimated the size of the “tax gap” between the tax the ATO collects and the amount it would collect if all taxpayers fully complied with the law.

30-Jul-2018 Anderson & Associates

Read more

Transacting with Cryptocurrency: updated ATO info

The ATO has updated the information on its website dealing with capital gains tax and cryptocurrency.

30-Jul-2018 Anderson & Associates

Read more

ATO gives small businesses the chance to seek independent review of ATO audit position

The ATO is running a 12-month pilot to extend its independent review service to certain small business taxpayers.

30-Jul-2018 Anderson & Associates

Read more

Illegal early access to super: ATO warning about scammers

Taxpayers are urged to be aware of scammers who promise to organise access to retirement savings for a fee.

30-Jul-2018 Anderson & Associates

Read more

Government launches new service to simplify business registrations

The new stand-alone service provides a simpler and clearer way to register a business.

02-Jul-2018 Anderson & Associates

Read more

Superannuation system: Productivity Commission draft report

The Productivity Commission has released a draft report that recommends a range of changes to improve Australia’s superannuation system.

02-Jul-2018 Anderson & Associates

Read more

SMSF compliance: don’t slip up

With the self managed superannuation fund (SMSF) annual return lodgment deadline upon us, minds should have already turned to meeting compliance requirements. The 2016–2017 financial year includes a few twists and turns which trustees should factor in to avoid late lodgement.

02-Jul-2018 Anderson & Associates

Read more

Advisory Board to help clamp down on the black economy

The Government is establishing a new Advisory Board to support its reform agenda to disrupt the black economy.

02-Jul-2018 Anderson & Associates

Read more

Major ATO focus on work-related clothing and laundry this tax time

This tax time, the ATO will be closely examining claims for work-related clothing and laundry expenses.

02-Jul-2018 Anderson & Associates

Read more

GST property settlement online forms available

From 1 July 2018, purchasers of newly constructed residential properties or new subdivisions must pay the related GST directly to the ATO as part of the settlement.

02-Jul-2018 Anderson & Associates

Read more

Personal tax cuts now law

The legislation to enact the Government’s seven-year personal income tax reform plan, as announced in the 2018 Federal Budget, passed Parliament on 21 June 2018.

02-Jul-2018 Anderson & Associates

Read more

Business lending practices in spotlight at Royal Commission

Bank lending practices for small and medium enterprises (SMEs) were in the spotlight when the Financial Services Royal Commission (FSRC) held its third round of public hearings in late May. These hearings focused on the conduct of financial services entities providing credit to SMEs.

25-May-2018 Anderson & Associates

Read more

Government announces introduction of one-off 12 month amnesty for super guarantee underpayment

The government has announced that it is introducing a one-off, 12 month amnesty for historical underpayment of the super guarantee.

10-May-2018 Anderson & Associates

Read more

ATO assessments issued for excess super pension balances

The ATO has started issuing excess transfer balance (ETB) tax assessments to self managed super fund (SMSF) members, or their agents, who had previously received an ETB determination and rectified the excess.

10-May-2018 Anderson & Associates

Read more

Businesses, get ready: GST on low value goods

From 1 July 2018, GST will be imposed on the supply low value goods from outside of Australia to Australian consumers. Businesses need to be ready for this change.

10-May-2018 Anderson & Associates

Read more

Banking Royal Commission wraps up evidence on financial advice

The Banking Royal Commission has wrapped up its two weeks of hearings focused on financial advice.

10-May-2018 Anderson & Associates

Read more

Financial Complaints Authority takes shape

Minister for Revenue and Financial Services Kelly O’Dwyer has announced the authorisation of the new financial dispute resolution scheme, the Australian Financial Complaints Authority (AFCA), which will start accepting complaints from 1 November 2018

10-May-2018 Anderson & Associates

Read more

Government to increase civil penalties for white-collar crime

In response to recent Senate Economics References Committee and Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce reports, the Federal Government has agreed to increase the civil penalties for corporate and financial misconduct (white-collar crime), for both individuals and bodies corporate.

10-May-2018 Anderson & Associates

Read more

Residential rental property travel expense deduction changes

Recent changes to Australian tax law mean that individuals, self managed superannuation funds (SMSFs) and “private” trusts and partnerships can longer claim tax deductions for non-business travel costs related to their residential rental properties

10-May-2018 Anderson & Associates

Read more

CGT main residence exemption to disappear for non-residents

A person’s Australian tax residency status may be about to assume a whole new meaning.

10-May-2018 Anderson & Associates

Read more

Data matching finds taxpayers with unnamed Swiss bank accounts

More than 100 Australians have been identified as “high risk” and will be subject to ATO investigation because they have links to Swiss banking relationship managers who are alleged to have actively promoted and facilitated tax evasion schemes.

ATO closely examines work-related car expenses

The ATO is concerned about taxpayers making mistakes or deliberately lodging false claims for work-related car expenses, and has announced it will be closely examining claims for these expenses in 2018 tax returns.

09-May-2018 Anderson & Associates

Read more

2018 Budget - Tax compliance and integrity

Important announcements regarding Tax Compliance and Integrity from the 2018 Budget which may affect you.

09-May-2018 Anderson & Associates

Read more

2018 Budget - Business Taxation

Important annoucements relating to business taxation from the 2018 Budget announcement which may affect you.

09-May-2018 Anderson & Associates

Read more

2018 Budget - Superannuation

Important announcements from the 2018 budget regarding superannuation which may affect you.

09-May-2018 Anderson & Associates

Read more

Personal tax rates: staged seven-year reform plan starting from 2018–2019

In the 2018–2019 Budget, the Government announced a raft of new measures relating to personal taxation, please find the important announcements below which may affect you.

30-Apr-2018 Anderson & Associates

Read more

What every employer needs to know about Fringe Benefit Tax

10-Apr-2018 Anderson & Associates

Read more

Single Touch Payroll reporting: ATO urges employers to get ready

The ATO is urging employers with 20 or more employees to start preparing now for the Single Touch Payroll (STP) reporting regime, which will be mandatory from 1 July 2018

10-Apr-2018 Anderson & Associates

Read more

Super guarantee: ATO compliance approach to non-payment

The ATO has released a fact sheet explaining its compliance approach to employers who fail to meet their superannuation guarantee (SG) obligations.

10-Apr-2018 Anderson & Associates

Read more

Superannuation rates and thresholds for 2018–2019

We summarise some of the key superannuation rates and thresholds for the upcoming financial year:

10-Apr-2018 Anderson & Associates

Read more

Goods and services tax on low-value imported goods

From 1 July 2018, goods and services tax (GST) will apply to some offshore supplies of goods valued at $1,000 or less that are purchased by consumers and brought into Australia.

10-Apr-2018 Anderson & Associates

Read more

Capital gains tax withholding: updated information for trustees

The foreign resident capital gains tax (CGT) withholding regime requires purchasers of Australian property to withhold an amount from the purchase price (for remission to the ATO) if the vendor is a foreign resident.

10-Apr-2018 Anderson & Associates

Read more

ATO releases latest small business benchmarks

The ATO has released its latest small business benchmarks, providing over 100 different industries with average cost of sales and average total expenses.

10-Apr-2018 Anderson & Associates

Read more

"Transition to retirement" pensions to become simpler

In welcome news for superannuation members, the government has announced plans to simplify the payment of transition to retirement income streams (TRISs) so that they will always be permitted to automatically revert to a dependant upon the death of the original pensioner

10-Apr-2018 Anderson & Associates

Read more

Court finds pay-as-you-go amounts "withheld" from salary payments

The Federal Court has ruled that pay-as-you-go (PAYG) amounts were “withheld” from a taxpayer's salary payments so that she was entitled to a tax credit, despite the amounts never being remitted or notified to the ATO by her employers.

10-Apr-2018 Anderson & Associates

Read more

ATO Embarking on e-Audits

The ATO has recently published information about the “e-Audit” technology it uses as part of its tax compliance activities.

01-Mar-2018 Anderson & Associates

Read more

Windfarm grant was an assessable recoupment

The Full Federal Court has dismissed a taxpayer’s appeal and held that a Commonwealth grant of almost $2.5 million for the establishment of a windfarm was an assessable recoupment (Denmark Community Windfarm Ltd v FCT [2018] FCAFC 11).

01-Mar-2018 Anderson & Associates

Read more

ATO now issuing excess transfer balance determinations

The ATO has advised that is now sending out excess transfer balance (ETB) determinations to individuals who have exceeded their superannuation transfer balance cap and not taken steps to remove the excess amount.

01-Mar-2018 Anderson & Associates

Read more

Social security means testing of lifetime retirement income streams

The Department of Social Services (DSS) has released its proposed means testing rules for pooled lifetime retirement income streams.

01-Mar-2018 Anderson & Associates

Read more

Corporate tax avoidance: latest ATO targets

The ATO has provided an update on its latest focus areas and the compliance projects it is undertaking to reduce corporate tax avoidance.

01-Mar-2018 Anderson & Associates

Read more

Moving to combat the black economy

The Black Economy Taskforce was established in 2017 “to develop an innovative, forward-looking whole-of-government policy response to combat the black economy in Australia, recognising that these issues cannot be tackled by traditional tax enforcement measures alone"

01-Mar-2018 Anderson & Associates

Read more

Bill to change residential property GST arrangements

A Bill has been introduced into Parliament that, when passed, will require purchasers of new residential premises and new subdivisions of potential residential land to pay the goods and services tax (GST) on the purchase directly to the ATO as part of the settlement process from 1 July 2018.

01-Mar-2018 Anderson & Associates

Read more

Changes to small business CGT concessions

Treasury has released draft legislation to make sure that taxpayers will only be able to access the small business CGT concessions for assets that are used (or held ready for use) in the course of a small business or are an interest in a small business

01-Mar-2018 Anderson & Associates

Read more

Bill to implement housing affordability CGT changes

As part of the 2017–2018 Budget, the Federal Government announced a range of reforms intended to reduce pressure on housing affordability

31-Jan-2018 Anderson & Associates

Read more

Guidance for SMSFs on transfer balance reporting

The ATO has released further guidance on when SMSFs need to report events affecting their members’ transfer balance accounts (by making a transfer balance account report, or TBAR) for the purposes of the $1.6 million pension cap.

31-Jan-2018 Anderson & Associates

Read more

Superannuation integrity changes

The Government has released a consultation paper and exposure draft legislation to give effect to the following superannuation taxation integrity measures it announced in the 2017–2018 Federal Budget:

31-Jan-2018 Anderson & Associates

Read more

Tax consequences of trust vesting

The ATO has issued a long-awaited ruling on trust vesting, including changing a trust’s vesting date and the CGT and income tax consequences of vesting

31-Jan-2018 Anderson & Associates

Read more

Taxing employee share scheme dividend equivalent payments

The ATO has made a new determination that dividend equivalent payments made under an employee share scheme (ESS) are assessable to an employee as income when they receive the payment for or in connection with services they provide as an employee.

31-Jan-2018 Anderson & Associates

Read more

Fringe benefits tax: employees’ private use of vehicles

The ATO has issued guidance for employers on determining an employee’s private use of a vehicle.

31-Jan-2018 Anderson & Associates

Read more

Disclosing business tax debt information to credit agencies

The Federal Government has released draft legislation and a draft legislative that will authorise the ATO to disclose a business’s tax debt to registered credit reporting bureaus.

31-Jan-2018 Anderson & Associates

Read more

ATO guidelines: profit allocation within professional firms

The ATO has become aware that its guidelines on Everett assignments and the allocation of profits within professional firms are being misinterpreted for some higher-risk arrangements, including the use of related-party financing and self managed superannuation funds (SMSFs).

31-Jan-2018 Anderson & Associates

Read more

Housing affordability measures now law

Legislation has been passed to implement the 2017–2018 Federal Budget housing affordability measures. The following will start on 1 July 2018:

21-Dec-2017

Read more

5 money mindsets that hold you back

What’s holding you back from taking control of your financial future? Discover the five mind tricks that can stop you from achieving financial success and what you can do to avoid them.

31-Oct-2017

Read more

The 2 key things that can affect your business value

11-Sep-2017

Read more

Super assets total $2.3 trillion at June 2017

APRA has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the June quarter 2017.

11-Sep-2017

Read more

First Home Super Saver Scheme – draft legislation

Treasury has released draft legislation to implement the 2017–2018 Federal Budget superannuation measures aimed at improving housing affordability by the establishment of the First Home Super Saver Scheme (FHSSS).

11-Sep-2017

Read more

Segregated current pension assets

A warning has been issued from the Actuaries Institute that tens of thousands of self-managed super funds (SMSFs) could be at risk of incorrectly claiming exempt current pension income (ECPI) under the ATO's approach to segregated current pension assets.

11-Sep-2017

Read more

Super system reforms

Australian Prudential Registration Authority (APRA) has written to RSE licensees setting out its approach to the Government’s super system reforms aimed at enhancing APRA's prudential powers to improve member outcomes.

11-Sep-2017

Read more

GST: simplified accounting for food retailers

The ATO has released a draft determination on the choice available to you, if you are a food retailer, to use a simplified accounting method (SAM) to help you to work out your net amount by estimating your GST-free sales and GST-free acquisitions of trading stock

11-Sep-2017

Read more

New downsizing cap available

If you are aged 65 or over, your home is your main residence for CGT purposes and you have owned it for a minimum of ten years, you could benefit from new draft legislation.

11-Sep-2017

Read more

Activity statements can now be lodged in advance

The ATO says nil activity statements can be generated early in some cases. Under normal bulk processes, activity statements generally issue from the ATO by the end of the month.

11-Sep-2017

Read more

ATO increases its scrutiny on work-related expenses

Despite wide publicity on the issue, the ATO has reminded taxpayers that it is increasing its scrutiny on work-related expenses. Last year over 6.3 million people made a work-related expense claim for clothing and laundry expenses, totaling almost $1.8 billion.

11-Sep-2017

Read more

Further guidance for tax losses via a new “similar business” test

The ATO has released a draft guideline on how they will apply the new “similar business test” to supplement the existing “same business test” used for testing whether a company can utilise an earlier year tax loss.

11-Sep-2017

Read more

Foreign resident CGT withholding: early recognition of tax credit

The Commissioner has made a determination to modify the time at which the vendor is entitled to a tax credit in respect of an amount withheld under the foreign resident CGT withholding rules.

11-Sep-2017

Read more

Budget changes to foreign resident CGT: draft legislation

Draft legislation has been released to implement 2017–2018 Federal Budget measures relating to the CGT liability of foreign residents.

11-Sep-2017

Read more

Bill to increase Medicare levy

The Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017 has been introduced to implement the Government's 2017–2018 Budget announcement to increase the Medicare levy by 0.5% to 2.5% from 1 July 2019 in order to help finance the National Disability Insurance Scheme (NDIS).

16-Aug-2017

Read more

Companies should consider reporting tax liabilities: AASB

Sometimes it’s unclear how tax law applies to a company transaction or circumstance and how the ATO will treat it. New guidance from the International Financial Reporting Standards Interpretations Committee (IFRIC) explains how companies should reflect this uncertainty in their accounting for income taxes.

16-Aug-2017

Read more

ASIC takes action on super fund disclosures

Under Australia’s superannuation law, super funds must disclose transparency information on a website and keep it up to date at all times.

16-Aug-2017

Read more

Tax assessments confirmed for undisclosed business income

The Administrative Appeals Tribunal has ruled that the ATO was correct to issue tax assessments of $3.7 million and penalties of $3.3 million to a business taxpayer that had underreported its income and failed to lodge several years worth of tax returns. The taxpayer, PSI Pty Ltd, argued that it owned and rented out several Sydney properties, but did not engage in other business activities or receive the significant amounts of income that the ATO had assessed to it.

16-Aug-2017

Read more

Federal Court rules on PAYG avoidance

The Federal Court and Administrative Appeals Tribunal have agreed with the ATO that a business, Sunraysia Harvesting Contractors Pty Ltd, was making use of a “sham” arrangement with three other companies to avoid pay as you go (PAYG) and payroll accounting responsibilities

16-Aug-2017

Read more

Tax debts: setting up a payment plan

Does your small business have a tax debt? The ATO encourages you to get in touch to set up a payment plan. If the debt is $100,000 or less, you can use the ATO’s self-help service to easily arrange paying by instalments.

16-Aug-2017

Read more

Asset write-offs

Small businesses with a turnover of less than $10 million can get an immediate deduction for assets that cost up to $20,000 each in their 2016–2017 return. The $20,000 threshold now applies until 30 June 2018.

16-Aug-2017

Read more

Working holidaymakers and tax returns for 2017

If your business employs working holidaymakers – or you’ve been one yourself this year! – you need to know about the “backpacker tax” changes that came into effect from 1 January 2017.