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Daily updates: 22-26 February

26 February GST performance report for 2019-20 published Deputy Commissioner, Small Business, Deborah Jenkins has released the 2019-20 performance report for GST. Highlights include the difference between net GST accruals and cash collections of approximately $6.4 billion, compared with $1.6 billion in 2018-19. The ATO says the most significant component of this is an increase in unpaid

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Tax and SMSF audits on ATO radar, but leniency given

Late last year, the ATO told a parliamentary Senate Select Committee on COVID-19 that its plans were to start tax audits as soon as practical. Time and efforts however were diverted to the rollout of the JobKeeper and JobMaker schemes and other stimulus measures, with the ATO sourcing staff for this work by redeploying people

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Further Hayne Royal Commission recommendations pass lower house

The Financial Sector Reform (Hayne Royal Commission Response No. 2) Bill 2020 implementing a further four recommendations of the Financial Services Royal Commission to improve consumer protections (as outlined below) was introduced into the House of Representatives late last year and has just passed through the lower house. The four new factors, each aiming to

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Daily updates: 15-19 February

19 February ATO encouraging SMSF trustees to include ABN in annual return When lodging the SMSF annual return (SAR), the ATO encourages trustees to report the ABN of the fund as this then allows the ATO’s systems to match the correct members of that fund. It says this can be important should the member subsequently

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Make sure clients update their ABN: It can be vital

Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support. This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a concerning amount of ABN data

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The hazards of mixing business and private assets and money

One of the common mistakes that business coaches see start ups make is where newly-minted entrepreneurs fail to clearly distinguish between the business’s money and assets and their own private assets. But the fact is that doing so can lead budding business moguls into perhaps unintended negative tax consequences, and is a trap prevalent enough

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Treasury urged to amend full expensing law to give SMEs more flexible depreciation

Tax & Super Australia (TSA) and fellow professional bodies have recommended that Treasury amend legislation to ensure small- to medium-sized enterprises (SMEs) have the same flexibility as their larger counterparts to opt out of full expensing measures regardless of the method they use to calculate depreciation. TSA first raised concerns in December 2020 that Treasury Laws

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Daily updates: 8-12 February

11 February NEWSFree instructional webinar for new Online services for business The ATO, via its Small Business Newsroom, is hosting a free webinar to help users make the switch to the new service, which is replacing the Business Portal. The Connecting online with the ATO: Businesses webinar will help you find and log into the

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