Blog
ATO "data mining" program targets offshore tax evaders
The ATO has announced that it is "mining data" to identify individuals with undisclosed offshore income and assets. The new information would be used to encourage people to disclose under Project DO IT, the ATO’s offshore disclosure initiative. The ATO will significantly increase i ..
Repairs to a rental property formerly used as a home
In recent years, there has been an increasing tendency for home owners to use an existing home as a rental property, especially where a new home has been purchased. In these situations, it is common for taxpayers to undertake repairs and maintenance to their existing home in order to make ..
Family court documents opened up to Tax Office
In a recent and possibly disturbing case for many taxpayers, the ATO has been able to gain access to family court documents in relation to a taxpayer who was already under investigation. Facts A husband and wife were parties to proceedings in the Family Court of Australia which were dism ..
Tax Amnesty for Overseas Tax Dodgers - Project DO IT
The ATO has announced an amnesty for taxpayers with offshore assets or income to voluntarily come clean by 19 December 2014. The ATO says that its Project 'DO IT' (i.e., 'disclose offshore income today') provides a last chance opportunity for those who haven't declared their overseas assets ..
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 ..
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 ..
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 ..
Contractor/Council Data Matching Program
The ATO has advised that it will acquire details of approximately 20,500 individuals providing contractor services to local government authorities in the 2010/11 and 2011/12 financial years from various local government Council and Shire authorities throughout: Queensland; Tasmania; New ..
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