Blog

ATO Updates

Chris Thorne - Thursday, December 06, 2018

The ATO has extended its data matching program, this time focusing on share data. The ATO will continue to receive share data from ASIC, including details of the price, quantity and time of individual trades dating back to 2014, with more than 500 million records obtained. The ATO will use t ..

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Company loans to shareholders under review

Scott Robertson - Tuesday, December 04, 2018

The Government has released a consultation paper outlining proposed reforms to ‘simplify’ the loan agreements that are generally required when a shareholder (or their associate) borrows funds (or receives a payment) from a related company. Broadly, where a private company makes a payment or ..

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Expansion of the TPRS

Scott Robertson - Monday, November 12, 2018

The Taxable Payments Reporting System (‘TPRS’) has been expanded to the cleaning and courier services industries from 1 July 2018. Businesses that have an ABN and make any payments to contractors for cleaning or courier services provided on behalf of the business must lodge a Taxable Payments  ..

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Increase in Private Health Insurance excesses

Chris Thorne - Monday, October 15, 2018

Legislation has been passed by Parliament to implement the Private Health Insurance ('PHI') reforms announced by the Government in October 2017. The measures are designed to simplify PHI and make it more affordable for consumers by improving the value of PHI either in the form of low ..

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More help for drought-affected farmers

Scott Robertson - Thursday, October 11, 2018

As part of the next phase of its drought assistance policy (which includes various other measures), the Government announced that farmers will be able to immediately deduct the cost of fodder storage assets. Previously, these types of assets (such as silos and hay sheds used to store  ..

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Increased scrutiny of home office claims

Chris Thorne - Tuesday, October 02, 2018

Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for 'other work-related expenses', which includes home office expenses. Reportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has recently advised that it wi ..

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Crowdfunding donations to help drought-affected farmers

Scott Robertson - Thursday, September 27, 2018

The ATO is currently offering various support measures to individuals and businesses from drought-affected communities to help with managing their tax and super obligations or who are struggling with their mental health. It has also recently provided a summary of the potential tax impact of ma ..

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The Company Tax Rate Saga

Scott Robertson - Friday, September 07, 2018

In the last week of the August Parliamentary sittings, the controversial corporate tax cut plan for the big end of town (i.e., companies with an aggregated turnover of over $50 million) was defeated. In addition, long-awaited legislation impacting the company tax and franking rates for sma ..

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ATO guide to the 5 most common Tax Time mistakes

Chris Thorne - Thursday, August 02, 2018

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 ..

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ATO putting clothing claims through the wringer

Scott Robertson - Tuesday, July 17, 2018

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 ..

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