New labels in the 2019 SMSF annual return signals ATO’s risk profiling of trustees
The SMSF annual return for 2019 has a number of new questions and labels that SMSF trustees need to be aware of. In previous years, the ATO advised trustees that
Regulator Roundup – August
GST obligations to be included under the director penalty regime The strengthening of the director penalty regime has seen director penalty notices (DPNs) extended to superannuation guarantee obligations from 1
If you think the ATO got it wrong, here’s what you can do
You are allowed to take issue with the ATO if it disagrees with your self-assessment of your tax position. If you believe the ATO’s assessment is incorrect, the first step
ATO expects many laundry claims will be hung out to dry
This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to — and which you should approach with caution when
Regulator Roundup – July
New labels in the 2019 SMSF annual return The SMSF annual return for 2019 has a number of new questions and labels that SMSF practitioners and trustees need to be
Main residence CGT exemption when there is no “residence”
Main residence CGT exemption when there is no “residence” There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence”
Regulator-roundup – June 2019
EOFY last-minute tax planning tactics for individuals This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the
Regulatory Roundup – May 2019
When are digital products ‘connected with Australia’ for GST purposes? With the purchase of digital products such as the streaming or downloading of movies, apps, and e-books and so on
Federal Budget 2019
The Treasurer Josh Frydenberg’s first budget has lots of goodies with few “baddies”. This was to be expected with the next federal election only weeks away and the Coalition Government trying
Regulatory Roundup – March 2019
Remember that a fuel tax credit increase has just gone through Fuel tax credit rates are indexed twice a year, in February and August, in line with the consumer price
Single touch payroll employers to send payment summaries to myGov
From 1 July this year employers with 20 or more employees will report to the ATO in real time from their payroll software. The changeover to Single touch payroll (STP) is
Regulatory Roundup – February 2019
SG on leave loading? Yes, and no — so it pays to check An issue has surfaced in recent times that in some cases may require a change in the
New guideline on deceased estate tax debt and legal personal representatives
One of the major concerns for taxpayers in taking on the role of a legal personal representative is that the Tax Commissioner may treat legal personal representatives (LPRs) as having
Small business CGT concession changes will tighten eligibility
The legislation Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018 has just recently passed both houses in Canberra, which among other measures also makes changes to the long-established
Regulatory Roundup – December 2018
The shake up that’s coming to Division 7A Discussion about reforms to Division 7A has been bouncing back and forth between Treasury and the ATO for many years — since