Blog
ATO Focuses on Rental Property Owners
With Tax Time 2016 just around the corner, the ATO has stated it will be paying close attention to excessive interest expense claims, and incorrect apportionment of rental income and expenses between owners. The ATO is also looking at holiday homes that are not genuinely available for rent, and ..
ATO reminder about 30 June SuperStream deadline
With the 30 June 2016 deadline looming, the ATO strongly encourages small businesses to get on board with SuperStream as soon as possible. SuperStream is the standardisation of how employers make super contributions on behalf of their employees, and involves employers sending all super paym ..
2016/2017 Federal Budget
The government handed down the 2016/17 Federal Budget on Tuesday 3rd May. It included (among many changes) proposed personal income and company tax cuts from 1 July 2016, the extension of GST to all imports (irrespective of value) from 1 July 2017, an increase in the small business entity ..
SMSFs and Collectables – last opportunity to comply!
From 1 July 2011, SMSF investments in collectables and personal-use assets have been subject to stricter rules than SMSF investments in other assets (such as shares and property). However, SMSFs that already had investments in such assets before 1 July 2011 were given five years to comply wi ..
ATO Warns about iTunes Scammers
The ATO is reminding the public to be alert to scammers impersonating the ATO demanding iTunes gift cards as a form of tax debt payment Of the 8692 phone scam reports the ATO received in April 2016 in relation to the fake ATO tax debt scam, 58 reports mentioned the scammer demanding paymen ..
ATO's continuing focus on trust property developers
In recent years, the ATO has focused on trusts developing and selling properties as part of their normal business. When these developed properties are sold, some trusts incorrectly claim a 50% CGT discount. The ATO will continue to target arrangements that display the following charact ..
Contractor payments data matching program
The ATO has advised that it is continuing its Contractor payments data-matching program. It will acquire data from businesses that it visits as part of its employer obligations compliance program during the 2016/17, 2017/18 and 2018/19 financial years. The data collected from businesses is u ..
ATO SuperStream deadline rapidly approaching
With the SuperStream deadline of 30 June rapidly approaching, ATO Deputy Commissioner James O’Halloran says now is the time for employers who are not yet using SuperStream to cross it off their to-do list. SuperStream is the new way employers must pay super. It means paying super and sendin ..
Budget Update
2016/17 Budget Superannuation Reform Changes 1. Effective Budget Night – 7.30pm (AEST) 3 May 2016 1.1 New lifetime cap for non-concessional superannuation contributions The government will introduce a $500,000 lifetime non-concessional contributions cap The lifetime cap will take in ..
ATO Reminder - Whats New For Small Business
Instant asset write-off – simpler depreciation rules Small businesses can immediately deduct the business portion of most (new or secondhand) assets if they cost less than $20,000 and were purchased between 7:30pm on 12 May 2015 and 30 June 2017. From 1 July 2017, the threshold will ..
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