ATO

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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5 minute updates 27 April – 1 May

Guidance on applying the turnover testsAAT special measures aimed at keeping the gavel raisedJobKeeper guides for employers issued (STP and non-STP)ATO says tax agents can enrol clients for JobKeeperFBT return lodgment deferred, but still requiredSMSF auditor guidance for rental property issuesAAT confirms ATO decision on family trust distributions to residual beneficiaryVictorian emergency relief measures become

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SG amnesty bill passes both houses and is now law

The Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 has been passed by the Senate without amendment and received royal assent on 6 March. The bill contains measures that allow employers to make deductible payments, without penalties, of outstanding superannuation guarantee charge (SGC) amounts if: they relate to the period 1 July 1992 until 31

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Top 5 ways to trip up with SMSF annual returns

The ATO has compiled, from many years worth of annual return data supplied by self managed superannuation funds, what it says are the top five errors committed by SMSF trustees when lodging their annual tax return. Knowing where other SMSF trustees have tripped up in the past can go a long way tp make sure

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Corporate veil just got a lot thinner

The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received assent on 17 February 2020. The legislation includes a range of measures targeting illegal phoenixing including penalties for directors related to GST liabilities (making directors personally liable for unpaid GST if the unpaid liability is not paid within 21 days of a director penalty notice

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ATO offers hand on deceased client information access conundrum

There was one stand-out problem that was identified early in relation to the closure of the tax agent portals and its replacement with the Online Services for Agents facility. The problem was the issue of tax practitioners being legally unable to access deceased taxpayers’ information through the new online services even though the taxpayer had been

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Deceased estates: Guidance to tying up those loose ends

To make it easier to finalise deceased estates, there have been some improvements in the ATO’s guidance for managing the tax affairs of deceased estates. First of all, there is now a telephone option to notify the ATO that a taxpayer has passed away. You can phone 13 28 61 to give the ATO an “unofficial” notification

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