ATO

ATO takes aim at ‘you-scratch-my-back’ auditing arrangements

It has long been an accepted standard that the auditor of an SMSF needs to be independent of that fund, and be a third party entity to the SMSF. This requirement is written into the SISR legislation. There have of course been breaches of this requirement, and instances where auditors and/or fund trustees have suffered

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Daily updates: 9-13 November

13 November NEWSASIC to extend “no action” position in face of continued COVID conditionsASIC has announced that it will extend the deadline for both listed and unlisted entities to lodge financial reports under Chapters 2M and 7 of the Corporations Act (the Act) by one month for certain balance dates up to and including 7

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5 minute tax updates 2-6 November

Seasonal worker taxation fact sheet providedClients missed SG deadline?Ongoing small business focus from ATO revealedMore on exemption from FBT for retraining and reskilling benefitsNew guidance for re-shaped R&D incentiveSignificant SMSF reporting change buried in Treasury’s “portfolio” amendmentsProposal to change rules so super complaints can continue to be dealt withGST and property: Quick ATO guidance for

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If your client’s dire financial straits includes a tax debt

Whether your client is usually running a business, or trying to under these COVID-19 conditions, or is just an individual trying to make ends meet, there is nothing worse for them than to find, on top of everything else, that they have ended up with a tax debt owing to the ATO. This may also

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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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