Get your Rental Property claims right
Claims for rental property tax deductions contain errors in 90 per cent of cases, the Australian Taxation Office reports. It is planning a blitz on what it calls ‘its next big area of focus’.
The ATO says it recently completed investigations…
New PAYG laws to place focus on on-time BAS lodgment
Late last year, new legislation to deny an income tax deduction for certain payments if the associated withholding obligations have not been complied with were passed.
Payments that are impacted includes salary, wages, commissions, bonuses…
Statement from Commissioner Chris Jordan about transition to Single Touch Payroll for small employers
The ATO has provided a tailored approach to comply with STP for small employers.
Parliament has now passed legislation to extend Single Touch Payroll (STP) reporting to include all small employers (those with fewer than 20 employees) from…
Downsizer Superannuation Contributions
In an effort to reduce pressure on housing affordability, the government wants to encourage older Australians to sell their home in order to improve housing stock. To achieve this, the government has introduced a new opportunity for older Australians…
Reforming The Taxation Of Discretionary Trusts
A key feature of discretionary trusts is the ability to distribute income on a "discretionary" basis, which means no beneficiary has a particular entitlement to any income or capital assets in the trust and the trustees can make distributions…
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…
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…
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…
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…
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”,…