Daily Update – 18 January 2022

No Jobkeeper entitlement – previous employee nominationThe AAT has ruled that a taxpayer who was both an employee and sole trader could not qualify for JobKeeper payments as a “business participant” as she had previously given a nomination notice to her employer for Jobkeeper payments as an employee. This was despite the cessation of her

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Daily Update – 7 December 2021

News Federal Budget submissions soughtThe Federal Government is seeking submissions from individuals, businesses and community groups on their priorities for the 2022-23 Budget. The Government places considerable importance on receiving submissions in developing its budget strategy and policies. The submissions are due by close of business on 28 January 2021. Excess super contributions tax: no basis to

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Tax & Super Australia welcomes audit into ATO engagement with tax agents

Tax & Super Australia (TSA) has welcomed the Australian National Audit Office’s (ANAO’s) announcement that it will audit how the ATO supports and engages with tax agents.  The ANAO said the audit’s objective was to assess the effectiveness of the ATO’s engagement with tax agents in achieving efficient and effective tax and superannuation systems. The

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TSA will support members to meet new CPE requirements

Tax & Super Australia (TSA) has re-affirmed its commitment to continue to provide members with practical, best practice and well-rounded CPE options after the Tax Practitioners Board (TPB) confirmed an increase in CPE requirements for tax agents and BAS agents. TSA had raised concerns with the TPB over its initial proposals to increase CPE after

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New laws to add fairness to super splitting during divorce

Tax & Super Australia (TSA) has welcomed the passage of legislation which improves the way superannuation is divided in family law proceedings.  The new law provides an information sharing mechanism between court registries and the ATO to improve the visibility of superannuation assets, allowing people to get access to proper information about their spouse’s superannuation

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TSA welcomes Inspector-General’s report on how the ATO communicates taxpayer rights after members report inadequacies

Tax & Super Australia (TSA) has welcomed the Inspector-General of Taxation and Taxation Ombudsman’s (IGTO’s) report – An investigation into the effectiveness of the Australian Taxation Office (ATO) communications of taxpayer rights to complain, review and appeal ­– after nearly 60% of TSA members said the ATO’s communication in this area was inadequate.   While 82% of respondents

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ATO’s deferral of single touch payroll phase 2 a relief to business

Tax & Super Australia (TSA) has welcomed the ATO’s decision to give businesses and digital service providers (DSPs) more time to transition to phase 2 of single touch payroll (STP) in light of the extra workload businesses have taken on during the COVID-19 pandemic.  The second phase of STP, known as STP2, continues the automation

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Resolving lodgement program issues would reduce tax agent stress

Tax & Super Australia (TSA) has called for the ATO to consider tax agent feedback about its lodgement program after a TSA member survey showed that the program caused nearly two thirds of tax agents stress, and most believe the Inspector General of Taxation should review the ATO’s administration of it. Nearly 450 TSA tax

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The ATO’s stance on LCR 2021/2 prompts unprecedented concerns for super funds

The ATO’s release of LCR 2021/2 – which relates to expenditure incurred by superannuation funds under non-arm’s-length arrangements ­– is probably the most concerning tax interpretation ever made by the ATO regarding superannuation funds, says Tax & Super Australia (TSA).  All superannuation fund trustees (from both SMSF and APRA regulated funds) should be very concerned

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