The ATO is writing to small employers who have yet to start reporting or apply for a deferral, to remind them of their STP obligations.
The ATO has released its presentation to the 2019 Association of Superannuation Funds of Australia National Policy Roadshow outlining emerging focus areas for 2019–2020.
The ATO has recently seen a significant increase in queries about compassionate release of super.
An updated practice statement outlines options available for the ATO to recover a tax debt where the debtor is outside Australia.
The law is being changed to let the ATO report business tax debt information to credit reporting bureaus where businesses avoid their tax debts.
The Federal Court has set aside an AAT decision that income a business analyst derived through a company was subject to the PSI rules.
The ATO says that $10 billion has been refunded to Australian taxpayers so far this tax time, an increase of over $2 billion from this time last year.
The ATO reminds taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time.
Almost 700,000 taxpayers have claimed $2 billion of “other” expenses including non-deductible items such as dental costs, childcare and Lego sets.
The government’s Stay Smart Online website warns there has been a surge in scammers impersonating myGov and the ATO to trick people into giving them money or personal details.
The amount of the offset taxpayers may be entitled to, and the amount of any refund, will differ for everyone depending on individual circumstances.
Where employers report through STP and clients are linked to ATO online services through myGov, the ATO will inform via myGov that their end of year payment summary (income statement) is "Tax ready".
The ATO has released a guide to help employees decide whether their work expenses are deductible, and what records they need to keep.
For businesses, taxi travel by an employee is an exempt benefit if the travel is a single trip beginning or ending at the employee's place of work
The ATO says it has now collected over $250 million in additional GST since the GST on low value goods measure began on 1 July 2018.
The ATO said it will acquire overseas movement data from the Department of Home Affairs (DHA) for individuals with an existing HELP, VSL or TSL debt.
The Government has announced that it will lower the social security deeming rate for financial investments.
Starting immediately, low and middle income earners with an income up to $126,000 will receive up to $1,080 in LMITO
The Commissioner has released the amounts considered reasonable for employee claims for overtime meal expenses, domestic travel expenses and overseas travel expenses.
The ATO is contacting Single Touch Payroll enabled employers who have either ceased reporting for over 45 days or have submitted employees under multiple payroll or BMS IDs.
Older Australians downsizing from their family homes have contributed $1 billion to their superannuation funds.
To help taxpayers work out what they can claim, the ATO has developed 30 occupation guides for specific occupations.
There’s recently been a big tax law change that may reduce the tax deductions for many businesses across Australia.
The Minimum Wage Panel on 30 May 2019 handed down its minimum wage decision for 2019.
The ATO has reminded businesses that employ backpackers that they may need to pay superannuation guarantee for them.
The Commissioner has published a gazette notice setting out the record keeping requirements for cryptocurrency owners and traders. The data obtained from cryptocurrency designated service providers is being used to identify the buyers and sellers of crypto-assets and quantify the related transactions.
The Ombudsman has called for the ATO to immediately cease debt recovery action where tax disputes were before the AAT. The ATO states that its long standing policy on debt recovery for cases in dispute at the AAT is to only pursue disputed debt in "exceptional circumstances" and that there are only ''very rare cases''.
For the first time, as a result of the introduction of Single Touch Payroll (STP), taxpayers may need a myGov account in order to get the payment summary details they need to complete their 2019 tax returns.
The Notice of Requirement to Lodge a Return for Income Year Ended 30 June 2019 has been registered. This covers income tax returns and other lodgements.
With reported unpreparedness for (STP), mainly among small businesses, the ATO has reminded businesses about the STP exemptions and deferrals that are available.
The Federal Court has dismissed an appeal against a decision to pay a superannuation death benefit pension to a deceased’s de facto partner instead of a lump sum to his estate. It was not satisfied that the Tribunal had misunderstood its task or failed to take into account all the circumstances of the relationship.
Now that the Federal Election has been won by the Coalition, our combined focus needs to be on how you can save tax before 30 June 2019!
Now that the Federal Election has been won by the Coalition, many people are wondering about how this affects their tax position this year.
While the Coalition have promised company tax cuts and individual tax cuts, the majority of these are planned for a few years’ time.
The following information is new on ato.gov.au since the last update
There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election.
Legislation has recently passed to bring in STP reporting for all small employers from 1 July 2019.
There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election.
The ATO is reviewing GST payments for arrangements where property developers acquire land from government entities.
The ATO has begun issuing determinations for individuals’ excess concessional contributions to super for the 2017–2018 financial year.
The Federal Government intends to align genuine redundancy and early retirement scheme payments with the Age Pension qualifying age.
The ATO has released updated guidance on tax-deductible home office and electronic device expenses.
From 1 July, a new 12-month exemption from the work test for new retirees aged 65–74 with total super below $300,000 will give many older Australians extra time to boost their super.
The Federal Government intends to make it easier, cheaper and quicker for small businesses to resolve tax disputes with the ATO.
Homeowners may have to pay CGT where there is a formal agreement for a family member to reside in their home; the Board of Taxation will review this treatment.
The ATO has issued tips for avoiding common errors when reporting net small business income and claiming the small business income tax offset for unincorporated small businesses.
The Federal Government has allocated $1 million to set up 10 tax clinics at Australian universities under a trial program.
An electronic information-sharing mechanism to allow super assets to be more swiftly and accurately identified during family law proceedings.
The ATO has warned taxpayers and their agents to be on high alert for tax scams.
Taxation Determination TD 2018/15 considers the CGT consequences of granting an easement, profit à prendre or licence over an asset.
The ATO has issued guidance to provide information about how the First Home Super Saver and downsizer contribution schemes work.
The Government will amend the super tax laws to to address some minor but important issues, as part of the ongoing super reforms.
The Government has announced it will establish new funds to provide longer-term equity funding for small businesses.
Some businesses are making simple mistakes reporting their GST.
Eligible corporate taxpayers will pay 25% in 2021–2022, rather than from 2026–2027.
The ATO has reported a decline in the overall value of work-related deductions for tax time 2018.
The ATO expects that 200,000 people could miss out on a tax refund this year because they haven’t lodged a tax return.
The ATO has started issuing excess concessional contributions determinations for 2017–2018.
The Institute of Public Accountants (IPA) and the IPA Deakin SME Research Centre have recommended a range of tax reforms
Electronic sales suppression tools that misrepresent or hide business income are now banned.
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.
Non-business travel costs connected to residential rental properties are not deductible; the ATO has released new guidance.
The ATO has published information about how tax applies for people who receive compensation from financial institutions.
ATO Assistant Commissioner Superannuation Tara McLachlan has given a speech on “Administration issues under the transfer balance cap”.
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.
A closer look at the methods that help to process tax returns and correct mistakes.
Closing submissions on super entities set out the relevant evidence in relation to the 17 entities examined
ATO education campaign to help correctly claim work-related expenses using its guides and tool kits.
The ATO has updated its tax guidelines for cryptocurrency transactions.
Public examinations of more than 45 entities have commenced in the Federal Court.
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.
ATO Assistant Commissioners’ update on SMSF issues and practical considerations
Observations from the ATO Deputy Commissioner, Superannuation, at the National SMSF Conference in Melbourne.
The ATO is running a 12-month pilot to extend its independent review service to certain small business taxpayers.
Taxpayers should be on “high alert” for tax-related scams at tax time.
The new stand-alone service provides a simpler and clearer way to register a business.
The proposed new rules will ensure offshore sellers of hotel accommodation in Australia calculate their GST turnover in the same way as local sellers.
Taxpayers are urged to be aware of scammers who promise to organise access to retirement savings for a fee.
The ATO estimates the annual direct impact of illegal phoenix activity and establishes a hotline for reporting phoenix behaviour.
The Board of Taxation’s recently published report makes recommendations to modernise and simplify the rules.
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.
Funds in the “growth” category continue to provide strong positive returns.
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.
The ATO has updated the information on its website dealing with capital gains tax and cryptocurrency.
The Government is establishing a new Advisory Board to support its reform agenda to disrupt the black economy.
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.
This tax time, the ATO will be closely examining claims for work-related clothing and laundry expenses.
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.
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.
The Productivity Commission has released a draft report that recommends a range of changes to improve Australia’s superannuation system.
The government has announced that it is introducing a one-off, 12 month amnesty for historical underpayment of the super guarantee.
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.
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.
The Banking Royal Commission has wrapped up its two weeks of hearings focused on financial advice.
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.
A person’s Australian tax residency status may be about to assume a whole new meaning.
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.
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
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.