No ATO compliance action regarding excise and takeaway alcoholic drink sales

The ATO has updated its excisable alcohol guidance to absorb COVID-19 circumstances in regard to takeaway beverages. This is in light of some relaxing of state and territory liquor licensing requirements to allow the sale of takeaway alcoholic beverages during COVID-19 restrictions. The ATO says it will not take compliance action in the following alcohol

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JobKeeper lessons learned: ATO offers assurances on possible overpayments

Under the first version of the JobKeeper scheme put in place in the earlier stages of the COVID-19 crisis, eligibility to participate was determined by a decline in turnover. However that earlier decline in turnover test was based on “projected GST turnover” — not the actual GST turnover that the latest JobKeeper scheme is to

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New data matching program between Centrelink and ATO regarding STP

Notice was posted this week in the most recent Commonwealth Gazette (C2020G00744) of a data matching program that is to be launched between the ATO and Services Australia — the government body that became the executive agency in February this year in the Social Services portfolio (responsible for health, social and welfare payments and services).

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Some ATO forms that SMSF trustees may need

SMSF trustees may find that occasionally a particular form is needed to be able to complete an administrative task for the ATO. Rather than have you searching the vast labyrinth of the ATO’s website for SMSF forms, we thought it helpful to list some of the required forms here (you could even bookmark this page,

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Payment times scheme bills passed

A study undertaken last year highlighted a reality that the small business sector has been grappling with for years — that long and late payment times (more than 30 days) to small businesses adversely affects not only on these businesses but also more broadly across the economy, with a ripple effect meaning businesses that are

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SMSF regulations to allow six members under new legislation

A bill has been introduced, the Treasury Laws Amendment (Self Managed Superannuation Funds) Bill 2020, that partially implements the measure to allow an increase in the maximum number of allowable members in self-managed superannuation funds and small APRA funds from four to six. First floated in the 2018-19 Federal Budget, the remainder of the measure

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The ATO service SuperMatch was suspended, but now starting again

SuperMatch had been offered by the ATO as a service to connect APRA-fund trustees with information about super fund accounts, including lost member accounts and any ATO-held money belonging to existing fund members or individuals who are joining a fund. It provided information about: all active accounts held by that member all categories and amounts

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ASIC spreads regulatory burden on financial advisers thinner under COVID action

A recently issued ASIC instrument, which commenced on 15 August, amends an existing instrument to extend the Australian Financial Services (AFS) licensing exemption for financial counselling services to small businesses with less than 100 employees. Prior to this, the definition of “financial counselling service” applied only to individuals. The existing 2017 instrument was put in

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Lost your tax file number? Here’s what to do

If you’ve lost your tax file number (TFN) there are a few options for you to try to get it back. Your first avenue of inquiry, if you use the services of a tax agent or accountant, will be to ask them for your tax file number as you will have previously provided it to

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