Daily Update – 13 December 2021

ATO: Scheduled maintenance over closedown period
The ATO has advised that it will be undertaking scheduled maintenance on a number of their systems over the annual closedown period from midday Friday 24 December 2021 until they reopen on Tuesday 4 January 2022. During this period the following systems will be unavailable: SuperTICK; SMSF verification service (SVS); SMSFMemberTICK; SuperMatch; Fund validation service (FVS); Small business superannuation clearing house (SBSCH). However, reporting to ATO for batch bulk request processor (BBRP) services will be available on Member Account Attribute Service (MAAS) and Member Account Transaction Service (MATS). Batches submitted through these services will still be accepted by the ATO during the maintenance period.

ATO: Corporate tax compliance on upward trend
The ATO has published its seventh annual report on corporate tax transparency, which showcases the trend towards improved voluntary tax compliance among large corporates. Deputy Commissioner Rebecca Saint explained that the report reflects the ATO’s intensive engagement with the top end of town in recent years. “While the tax paid by this population may fluctuate year on year, the overall trend couldn’t be clearer. Corporates are placing a higher value on tax compliance, driving consistent and willing voluntary participation,” Ms Saint said.

Reminder: Single disciplinary body for financial advisers
A reminder: As a result of the passing of the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021, from 1 January 2022 The “Tax (Financial) Adviser” (TFA) services can only legally be provided for a fee by the following: (a) a registered tax agent; (b) a qualified tax-relevant provider; or (c) where a TFA service is provided on an entity’s behalf by another person (such as the licensee or authorised representative), that other person is a registered tax agent or a QTRP; and (d) a legal service provider. Further details can be found here.

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    This daily news round-up brings you a selection of the latest news and updates on the COVID-19 coronavirus pandemic, as well as tips and tools to help you stay informed and protected. Confirmed cases of COVID-19 have passed 270.1 million globally, according to Johns Hopkins University.

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