Blog
Pre-retirees: Avoid 'too good to be true' tax schemes
The ATO has launched a new project called 'Super Scheme Smart', an initiative aimed at educating individuals about the potential pitfalls of 'retirement planning schemes', to keep them safe from risking their retirement nest egg. According to the ATO, individuals most at risk are those approach ..
The 'sharing economy' in the ATO's sights
The ATO is concerned that those earning money from the 'sharing economy' may not realise they have to declare these amounts on their tax return. In the sharing economy, buyers and sellers are connected through a facilitator who usually operates an app or website. Assistant Commissioner G ..
Tax time is prime time for scams
The ATO is reminding Australians to be on the lookout for tax-related scams during tax time, as scammers are particularly active because of the large number of people lodging their tax returns. Assistant Commissioner Graham Whyte said that, while most people were able to identify scams, ..
Tax implications for the sharing economy
The ATO is reminding taxpayers who earn income through the sharing economy that they have tax obligations they should consider. Examples of sharing economy services include: Ride-sourcing – providing taxi travel services to transport passengers for a fare Renting out a room or a whole house ..
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 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 ..
Recent Posts
- ATO watching for foreign income this Tax Time
- "Outrageous" deductions rejected
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- 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