Each year the ATO collects new data from financial institutions that they then use to match with their own information obtained from say income tax returns and business activity statements. Continue reading
The ATO has recently announced that they are working towards reducing GST compliance costs for small businesses. The change comes as a result of listening to the concerns of small businesses, software providers, tax professionals and industry associations. Continue reading
With the 2016 Spring Racing Carnival just around the corner and summer not too far behind, your thoughts could be focused on purchasing that thoroughbred racehorse or the 50ft yacht you have always dreamed of. Be warned though, the ATO will request information from insurance providers on insurance policies held for certain classes of assets. Continue reading
Under the National Innovation and Science Agenda (NISA), the Australian Government is encouraging innovation by aligning business laws and our tax system with a culture of entrepreneurship and risk-taking. As a way of attracting investors to early stage innovation companies, from 1 July 2016 the Government has provided some attractive tax incentives for investors. Continue reading
With the 2016 tax season in full swing, the ATO is reminding everyone to be vigilant of potential tax-related scams. Assistant Commissioner Graham Whyte has advised that scammers are particularly active during tax time due to the large number of people lodging their tax returns. Continue reading
It’s that time of year where you start gathering all of those work related receipts you “filed” away for safe keeping. Once you have your PAYG summary and your receipts are in order, you are good to come in and see us to get your tax done. So, what will the ATO be paying extra attention to this year? Continue reading
Many clients prepare their own quarterly BAS as a way of keeping their accounting costs down. Did you know that the ATO can impose penalties for incorrectly reporting your tax liabilities or even amending a BAS? These short term savings could end up costing you more in the long run. Continue reading
Paying tax in Australia is based on a system that relies on self-assessment. When errors in your self-assessment occur, there is a very real possibility that you could be liable for penalties or interest charges. The penalties and fines issued by the ATO are designed to “encourage taxpayers to take reasonable care in complying with their tax obligations”. Continue reading
SuperStream is part of the Government’s superannuation reform package which requires super contributions to be paid electronically using an online solution. The deadline for contributions to be paid electronically by EFT or BPay for all employers and self-managed super funds (SMSF’s) was 30 June 2016. Continue reading
With the 2016 Fringe Benefits Tax (FBT) year done and dusted, we thought it timely to provide an update on what’s new for the 2017 year, as well as some of the key changes relating to FBT rulings. Continue reading
The ATO makes it very clear that when it comes to their compliance programs, they are active with their review and audit practices. They also advise that data matching is a key component of their surveillance programs.
Tax compliance is more than just an annual income tax return. It is a key document that the ATO uses to interact with a business and who they select to be audited.
Succession planning of a self managed superannuation fund (SMSF) is inherently complicated. It is also one of the most important aspects of running your own SMSF.
When it comes to passing on your personal property, the concept of using a will is relatively well understood. When it comes to a will, there are rules that detail how a will is made and how it is signed. However, when it comes to the assets of a SMSF, you cannot make a will that effectively disposes of assets because these assets are not actually yours. They are owned by a trustee who holds the SMSF’s assets for the benefit of the members and their beneficiaries.