Top 5 ways to trip up with SMSF annual returns
The ATO has compiled, from many years’ worth of annual return data supplied by self managed superannuation funds, what it says are the top five errors committed by SMSF trustees
FBT and vehicles under COVID-19 restrictions
The pandemic period under which we labour continues to have outcomes that may at first have not been obvious, but as time and lodgement considerations come to pass, more taxation
JobKeeper payments to get data match scrutiny between ATO and Social Services
Notice was posted recently in the Commonwealth Gazette (C2020G00570) of a data matching program that is to be launched between the ATO and Services Australia — the government body that
Planning tool to help businesses reopen
The government’s National COVID-19 Coordination Commission (NCCC) has released an online planning tool to help businesses develop a plan to keep their workers, customers and the community safe as they
GST obligations now come under the director penalty regime
The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received assent on 17 February 2020. The legislation includes a range of measures targeting illegal phoenixing including penalties for directors related
Regulator Roundup March 2020
Increasing maximum SMSF members to six is still official policy The SMSF Association held its annual conference recently, which was addressed by Assistant Minister for Superannaution, Senator Jane Hume, who
Regulator Roundup February 2020
Taken goods for private use? Here’s the latest values for tax purposes The ATO knows that many business owners naturally help themselves to their trading stock and use it for
Concession for testamentary trusts wound back
In the Federal Budget last April, the Government announced it would make changes to the tax treatment of testamentary trusts, and an exposure draft of amendments was released by Treasury
Super strategies will soon need to factor in new transfer balance caps
When the legislation to limit the amount that can be transferred into a pension account took effect on 1 January 2017, there was always written into those rules a requirement
Unpaid “crypto” tax another big target for ATO revenue collection
For some time now, the ATO’s data matching arm has been collecting bulk records from Australian cryptocurrency designated service providers. It follows a growth in Australian taxpayer participation with bitcoin
Regulator Roundup November 2019
Draft guidance directs that capital gains are not to be included in FITO limit A draft taxation determination has been issue by the ATO to clarify that capital gains are
SMSF contribution paid this year, but you want to allocate to it next year
The ATO has in place a ruling that can allow a superannuation contribution to an accumulation account made in one financial year to be deemed to “take effect” (that is,
Regulator Roundup – October 2019
High Court confirms Full Federal Court’s Harding tax residency ruling The ATO’s application for special leave in the residency matter of Harding v Commissioner of Taxation has been refused by
How transfer pricing actually works – and why it’s abused
Multinational tax avoidance is proving to be a sore point for Australians. You’ve heard about the big players – Facebook, Google, Apple – and there is speculation they might be
Regulator Roundup – September 2019
ATO takes aim at ‘you-scratch-my-back’ auditing arrangements It has long been an accepted standard that the auditor of an SMSF needs to be independent of that fund, and be a