Fairer dealings at the ATO, especially for small business
IN BRIEF ATO Second Commissioner Andrew Mills says the ATO has listened to criticisms and is promoting a “culture of fairness” in how it deals with taxpayers, especially SMEs. The recently implemented Independent Review for Small Business allows small business owners who have been audited by the ATO to ask for a review of the […]
New “work test” exemption for recent retirees
Many superannuation members are surprised – and sometimes frustrated – to learn that Australia’s superannuation system places tight restrictions on who can make contributions after age 65. Generally, individuals aged between 65 and 74 years must satisfy a “work test” in order to make: non-concessional contributions (i.e. personal contributions for which the member does not claim […]
Deemed Dividend Rules: New 10-Year Loan Model
Division 7A is a long-standing tax integrity measure that treats certain payments by private companies to shareholders or their associates as unfranked “dividends” for tax purposes. Those deemed dividends are then assessable income of the recipient and taxed at the recipient’s marginal tax rate. Current laws include an important exception to these rules: a payment is […]
Super Guarantee Compliance: Time To Take Action
The government is getting tough on employers who fail to make compulsory superannuation guarantee (SG) contributions. A host of measures are being implemented, ranging from improved reporting systems through to proposed employer penalties of up to 12 months’ imprisonment. Here, we examine two particular initiatives that will require some businesses to take action in the next […]
New SMS scam ‘spoofs’ ATO number
ATO assistant commissioner Karen Foat said the agency has been following the development of a new scam that sends SMS messages under the guise of a phone number that appears to be sent from the tax office. The tactic, known as “spoofing”, is a common technique used by scammers in an attempt to make their […]