ATO

Omnibus tax integrity bill sent back to House with amendments

There is a bill making its way through Parliament at the moment, the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019, that could be described as an omnibus bill — a quick look at its table of contents can confirm this. The bill however met with amendments in the Senate,

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The tax agent and BAS agent portals are shutting soon

For some time now, the ATO has been making efforts to transition tax practitioners from the incumbent tax agent and BAS agent portals to its new Online services for agents system.  A public beta version closed in August last year, and since then detailed information has been made available, as well as information on related

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5 minute tax updates: 30 Sept – 4 Oct

Every (yes, every) return to be ATO-scrutinisedLove and affection re-think with commercial debt forgivenessStatement of tax recordNo discretion to remit superannuation excess transfer balance taxResidential vacancy fee: Annual return help, foreign ownersRetirement income review: details revealed PAYGW for staff in foreign service equalised through new admin instrumentTax debt relief appeal based on “serious hardship” not

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5 minute tax updates – Sept 23-27, 2019

SMSF status change if returns lateUse of cash to be restrictedOpt-out insurance change to SIS actSocial security payments offshore to require proof of lifeSG opt-out, NALI expands, LRBA share included in TSBEmployee share scheme concession access tightensLCT refunds; Interest on ATO super; Redundancy concession age aligns to pension ageAustralia-Israel DTA initiatedNo breach of SIS act

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Benefits that attract FBT, but not the requirement to report them

Your employer clients may have heard now and then about certain fringe benefits that, while still subject to the tax, do not have the same reporting burden as other benefits. There can be consequential or flow-on affects from this exemption from reporting, such as the influence this can have on adjusted taxable income (ATI). Employers

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The SMSF sector is growing by $23,200 every minute

The latest statistical report from APRA has been released (here’s a link to download it), which of course mainly focuses on the APRA-regulated superannuation funds in the retail and industry sectors. But the APRA statistics also make passing mention of ATO-regulated funds, the SMSF sector, which from June 2018 to June 2019 grew in total

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Super downsizer scheme: The take up so far (and some common errors)

The “Reducing Pressure on Housing Affordability Measure” — a bill with a second part that is otherwise known as the super downsizer scheme — started on 1 July 2018 and has allowed older Australians to sell their homes and contribute up to $300,000 of the proceeds from the sale into super. Recent figures from the ATO

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