Blog
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 ..
Small business panel to boost ATO's Expertise
The ATO is inviting Australia’s small business owners to apply to join its new 'small business consultation panel' to help cut red tape and boost the ATO’s small business expertise. The consultation panel will bring together small business operators with: - at least t ..
Why we must all exercise great care with super at year ended
Note: This case involves a taxpayer being penalised with excess contributions tax (ECT) because payments that his bookkeeper was supposed to make in the 2009 and 2011 years inadvertently all ended up in the 2010 year. As is often the case with ECT, this all ended in tears. The taxp ..
ATO Encouraging Women To Put More Into Super
The ATO is encouraging women to take an active interest in their superannuation to help overcome the retirement savings shortfall many are currently experiencing, saying “It’s never too late". Assistant Commissioner Megan Yong said, “On average, Australian women currently r ..
Super Update From The ATO
Some SMSF statistics As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total supe ..
Recent Posts
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- Motor vehicle registries data matching program protocol
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- ATO Updates
- Company loans to shareholders under review
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