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Suburban scammers pushing illegal early access to super
The ATO has become aware of people in some suburban areas of major cities attempting to encourage others to illegally access their super early (generally for a fee) to help them to purchase a car, to pay debts, to take a holiday, or to provide money to family overseas in need. The ATO advises ..
ATO guide to the 5 most common Tax Time mistakes
As Tax Time 2018 has 'kicked off', the ATO has profiled the five most common mistakes they see, including taxpayers who are Leaving out some of their income (e.g., forgetting a temp or cash job, capital gains on cryptocurrency, or money earned from the sharing economy) Claiming deductions for ..
Tax time tips for small business
The ATO claims that it is committed to supporting small businesses and making it as easy as possible for them to understand and meet their tax obligations at tax time. Consequently, Assistant Commissioner Mathew Umina has some tips to help small business in the lead up to and during tax ti ..
ATO putting clothing claims through the wringer
A focus on work-related clothing and laundry expenses this Tax Time will see the ATO "more closely examine taxpayers whose clothing claims don't suit them". According to Assistant Commissioner Kath Anderson, around 6 million people claimed work• related clothing and laundry expenses last ye ..
What super housing measures mean for SMSFs
The ATO has reminded members of SMSFs that they will be able to use their voluntary super contributions to assist with buying their first home, or to make a contribution into their super from the proceeds of the sale of their main residence (under changes passed by Parliament in December 2017). ..
ATO scrutinising car claims this tax time
The ATO has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work related expenses. Assistant Commissioner Kath Anderson said: “We are particularly concerned about taxpayers claiming for things they are not enti ..
Continued ATO focus on holiday home rentals
The ATO has recently advised that they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays” . While it confirms that the private use of holiday homes by friends and family is entirel ..
Inactive ABNs will be cancelled by the ATO
The ATO has recently advised that, in an effort to maintain accurate data, the Australian Business Register (or ‘ABR’) periodically checks its records for Australian Business Numbers (‘ABNs’) and automatically cancels those that appear inactive. Ultimately, a taxpayer’s ABN may be cancelled i ..
New superannuation rates and thresholds released
The ATO has published the key superannuation rates and thresholds for the 2018/19 income year. The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000. The CGT cap amount will ..
ATO warning regarding small business record-keeping
According to the ATO, of all of the things that can cause small businesses to fold, "high on that list is poor record keeping". More than half of the businesses they visited in their Protecting honest business campaign needed to improve their record keeping. Issues they found include busines ..
Recent Posts
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- Motor vehicle registries data matching program protocol
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- ATO Updates
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- Scammers impersonating tax agents
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