ATO

The ATO’s administrative treatment of retrospective legislation

Retrospective tax law changes take affect for a period before the date of enactment, once the legislation is passed. For example, legislation that came into law in the last half of 2017 now makes a reality a measure first proposed in the May 2017 Federal Budget. The “housing tax integrity” bill solidifies the government’s intention

[ Read More ]

Be aware of your clients’ “fingers crossed” expense claims

The ATO has found that certain “higher risk” expenses are typically incorrectly claimed by taxpayers time and again. If your clients persist in suggesting the following expense claims, it will pay to go over the details to make sure the claim is not knocked back. Travel between home and work Travel between home and work

[ Read More ]

ATO business visits uncover some lax taxation habits

The ATO has been visiting businesses across Australia as part of its ongoing focus on the cash and hidden economy, a campaign it has dubbed Protecting honest business. In particular, it has been focusing on businesses advertising “cash-only” or dealing mainly in cash. The name of its campaign refers to the unfair advantage these cash

[ Read More ]

SMSFs: Here’s an extensive toolkit of ATO forms you’ll need

SMSF trustees may find that occasionally a particular form is needed to be able to complete an administrative task for the ATO. SMSFs: Here’s a complete list of tax office forms you’ll need Rather than have you searching the vast labyrinth of the ATO’s website for SMSF forms, we thought it helpful to list some

[ Read More ]

Deduction item D10 (cost of managing tax affairs) to be split

In response to feedback and recommendations from the tax profession, the ATO has announced that for Tax Time 2018 it will implement a change to split deduction label D10 – the cost of managing tax affairs – on the individual income tax return. Deduction item D10 (cost of managing tax affairs) to be split As

[ Read More ]