Blog
ATO keen for taxpayers to avoid tax-related scams
The ATO is concerned about the number and frequency of email and mobile phone scams that are occurring. These scams claim to come from the ATO and usually offer a tax refund. Generally, they link to a bogus ATO website asking for personal information and credit card details. The ATO ad ..
Repairs to a rental property formerly used as a home
In recent years, there has been an increasing tendency for home owners to use an existing home as a rental property, especially where a new home has been purchased. In these situations, it is common for taxpayers to undertake repairs and maintenance to their existing home in order to make ..
Family court documents opened up to Tax Office
In a recent and possibly disturbing case for many taxpayers, the ATO has been able to gain access to family court documents in relation to a taxpayer who was already under investigation. Facts A husband and wife were parties to proceedings in the Family Court of Australia which were dism ..
Tax Amnesty for Overseas Tax Dodgers - Project DO IT
The ATO has announced an amnesty for taxpayers with offshore assets or income to voluntarily come clean by 19 December 2014. The ATO says that its Project 'DO IT' (i.e., 'disclose offshore income today') provides a last chance opportunity for those who haven't declared their overseas assets ..
Federal Court overturns AAT excess contributions decision
A Federal Court ATO test case has overturned an Administrative Appeals Tribunal (AAT) decision that there were 'special circumstances' that allowed an excess contribution to a super fund to be disregarded. The case involved husband and wife taxpayers, Mr and Mrs Dowling, who were primarily c ..
ATO data matching projects
The ATO has announced that it will conduct the following three data matching projects: - Online selling – the ATO will obtain details of online sellers who sold goods and services to the value of $10,000 or more in the 2011/12 and/or 2012/13 financial years via online selling sites. ..
ATO's new initiative to resolve tax disputes
The ATO has announced an in-house facilitation process for taxpayers to resolve tax disputes. Tax agents and their clients are now able to use this service in audits and objections involving indirect tax, small business and individual taxpayers, and private groups and high wealth individual ..
Super caps increased for 2014/15
The ATO has announced the following changes to the superannuation contributions caps. Concessional contributions cap These include: - employer contributions (including those under a salary sacrifice arrangement); and - personal contributions claimed as a tax deduction by ..
Change in the FBT Rate - 2014/2015
The FBT rate of tax has been increased from 46.5% to 47% from 1 April 2014. The new rate of tax and the consequent increased gross-up rates follow: FBT Year Ended Rate of Tax 31 March 2015 47.0% 31 March 2014 46.5% ..
SMSF Trustees may soon be fined for breaches by their fund.
Newly enacted legislation will apply to impose penalties on trustees for contraventions occurring in their super fund from 1 July 2014. They will also apply to contraventions that were made prior to 1 July 2014 and continue after that date. For example, if a fund has lent ..
Recent Posts
- ATO watching for foreign income this Tax Time
- "Outrageous" deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- The ATO hits the road
- Motor vehicle registries data matching program protocol
- ATO guidance regarding 'downsizer contributions'
- ATO Updates
- Company loans to shareholders under review
- Scammers impersonating tax agents
- Expansion of the TPRS