ATO

5 minute tax update: 12-16 October

Data matching and the reporting of asset disposals for CGTIs ATO being put on a cost-of-operation diet?FFC hands decision win in Healius appeal to CommissionerSTP reporting: ATO has compiled a troubleshooting pageWithholding schedule update released post budget rates changesGuideline on SMSF penalty administrationChange made so super providers do not re-use payment reference numbersSMSF auditors reminded

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5 minute tax updates: 5-9 October

Insolvency reform consultation openSmall business tax concessions extended to more SMEsGranny flats to be CGT freeGST BAS toolkit under developmentGST and transaction account acquisitions made outside of AustraliaTPB announces increased service provision for BAS agentsE-invoicing unstoppableBusiness support grants in Victoria to be non-assessable (and could spread)Economy recovery bill introducedAdvisers get to give feedback on code

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5 minute tax updates: 14-18 September

JobKeeper 2.0 rules have been releasedThree legislative instruments released on JobKeeper extensionAll your JobKeeper extension questions will be answeredUpdated guidance on JobKeeper from ATOQuo vardis GST?Land duty valuations: New guidance from Victorian SROFASEA confirms dates and venues for 2021 examsAcquisition of economic entitlements in VictoriaSun will not have set on permitted worker permits, so re-issuing

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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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5 minute tax updates: 7-11 September

SG amnesty is now closedForeign exchange rates updatedPS LA 2004/11 on documents used as a tax invoice updatedGIC and SIC rates, October to December 2020Revenue NSW releases practice note on payroll tax and sharesATO to issue practitioners with list of their JobKeeper clientsCorporate card holders and no-invoice input tax credit claimsCOVID-19 relief: Changes to the

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5 minute tax updates: 31 August – 4 September

Hybrid mismatch clarificationPRRT augmentation and GDP factors updated for 2020New guide released for R&D tax incentive – comments invitedCapital gains and foreign income tax offset adviceBoard of Tax says corporate tax residency rules need urgent reformTPB webinars for the rest of the calendar yearDetermination ensures continued access to cars and car parts for disabledBring forward

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5 minute tax updates: 24-28 August 2020

PSI “unrelated clients test” not met for services provided via intermediaryAppeal made on proceeds from share disposal as ‘taxable property’SAN misuse mailout about to hit SMSF trusteesAnnual return for a client’s SMSF is more than for income taxDraft PCG on related party cross-border financing seeking practitioner feedbackFranchise arrangements and capital outgoings decision appealAccredited e-invoicing service

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5 minute tax updates: 17-21 August 2020

TPAR lodgment due in one week for businesses who pay contractorsAPRA issues consultation letter to authorised deposit-taking institutionsATO’s compliance approach to arm’s length debt testFailure to lodge on time penalty admin statement updatedFast key code guide issued for tax and BAS agentsGuidance on long term casual employee JobKeeper eligibilityAdvice under development under strain during COVID-19Scheme

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5 minute tax updates: 13-17 July

Remote exam option for locked-down Melbourne financial advisersMore myGov scams reported by ATOGST on court orders and out-of-court settlementsShort-term accommodation provided as a business (more information required)HELP repayment rates for 2020-21Business income reminder for your clientsDraft legislative instrument for STP closely held payee exemptionDraft GST determination ensures continued access to GST-free vehicles for disabledReimbursement for

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5 minute tax updates: 18-22 May

Div 7A trust entitlements and new lodgment dayBEPS and a re-definition of significant global entityChild support via STP reportingPractice statement law administration COVID-19 updatedDraft instrument released for commentsCapital allowance car limit increase for 2020-21June due datesLegislative instrument finalised on intermediary LRBAs and in-house assetsTotal and permanent disability claim support for COVID-19Where the Commissioner’s remedial power

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