tax

The delayed income tax offset, and how it can help

You may not get many clients who can use this tax offset, but one day you may very well get one in the door who will appreciate your familiarity with, and knowledge about the application of, the delayed income tax offset. The offset has also been labelled the lump sum payment in arrears offset. It

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SMSFs: Voluntary disclosure deadline for PSI payments extended

The ATO has announced that it is extending the deadline it had set for SMSF trustees to disclose any personal services income that has been diverted to their fund. The concern for the ATO, as outlined in a taxpayer alert (TA2016/6) it issued last year, is the minimising or avoidance of tax obligations that can

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Practical tips and advice for tax practitioners from the ATO

The ATO has provided links to tips and advice for tax professionals about common errors, plus other topics of interest. Practical tips and advice for tax practitioners from the ATO For your practice, find out about: Where to find help for using the portals Client list – checks to make before clients are removed Reduce

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The ATO’s “GST-light” offer for new small businesses

The ATO says that it has “listened to the concerns of small businesses, tax professionals, industry associations and software providers”, and is working towards reducing GST compliance costs for small businesses. “We are reducing the amount of GST information required for the business activity statement (BAS) to simplify GST bookkeeping and reporting requirements,” it says.

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