5 minute tax updates: 20-24 January

Proposal to widen STP to record child support paymentsDisaster relief collection optionsAfter this week, myGovID will be the default login optionDeferred tax obligations granted for bushfire affected taxpayers Men’s sheds and women’s sheds proposed to gain DGR statusSupport program that helps Indigenous businesses to be expandedATO seeking input from practitioners with know-howPayment deemed to be

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Car parking fringe benefits and arm’s length valuation

The ATO has announced that from February it is intending to contact a selection of business taxpayers that provide car parking benefits to their employees, and that use the market value method to arrive at a taxable value, to ensure these values have been calculated correctly. Speaking to Accountants Daily, Tax & Super Australia Tax

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Corporate myGovID frustrations revealed and (partially) allayed

The Corporate Tax Association (CTA) is an advocacy body representing major companies in Australia on corporate tax issues. Late last year, on behalf of its members, the CTA forwarded to the ATO a list of questions that its members had asked in relation to the rollout of myGovID. As Tax & Super Australia’s members will

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A year-old drop-off in newly establishing SMSFs has been reversed

Since September 2018, the number of newly established SMSFs started to drop. But the latest SMSF data from the ATO shows that by the same date a year later, establishments had grown again to almost the same level. The number of SMSF establishments for the September 2018 quarter hit 6,189, but dropped to less than

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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 their own purposes. This common practice can occur in businesses such as butchers, bakers, corner stores, cafes, wine shops and more. The ATO regularly issues guidance for business owners on the value it expects will be allocated

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5 minute tax updates: 13-17 January 2020

Automatic deferrals availableFolding money burnt by bushfire? All may not be lostTPB help for bushfire affected practitionersVictorian bushfire responseNSW help for bushfire-affected citizensPayments to support volunteer firefightersNew way to view tax accounts on ATO siteClaims for SG contributions through SBS clearing house at year-end allowed in same yearTransition to retirement changesDisaster relief bone fidesSome Victorian

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CGT rollover rules under review

Late last year it was announced by the government that the Board of Taxation (BoT) would be tasked with reviewing the rules around CGT roll-overs. At present, the taxation law allows certain CGT events to occur without crystallising liabilities to tax in circumstances where it is considered appropriate for the CGT liability to be deferred

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Reconstructing tax records after a natural disaster

The ATO says it can help if you have individual clients who have lost their records due to a natural disaster such as a bushfire. It says it can achieve this by providing on-site visits to help your client reconstruct their lost or destroyed tax records and/or assistance to work out reasonable estimates if their

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Tax relief and assistance for bushfire affected taxpayers

The Treasurer Josh Frydenberg has announced that disaster relief payments to individuals and businesses will be tax exempt. “This decision will ensure that every dollar that is paid out to affected individuals, businesses and primary producers goes to supporting them during these difficult times and to rebuilding their livelihoods,” Frydenberg said. Notably, the exemption will

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