ATO

The SG amnesty is a step closer

The Senate Economics Legislation Committee has tabled its report on Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019 and recommended that it be passed. (Scroll down to take our poll on the SG Amnesty.) The bill, which was re-introduced earlier this year, amends relevant legislation to provide for a one-off amnesty to encourage employers to

[ Read More ]

Date set for shut down of tax agent and BAS agent portals

The ATO has announced that the date for the shut down of the portals will be 29 November. Specifically at 11.30pm AEDT. The earlier than expected timing is, the ATO says, to clear the decks before implementing its “Activity Statement Financial Processing” project (ASFP), the name it has given to a system enhancement that aims

[ Read More ]

Use-of-cash draft rules released

Draft rules supporting the new currency restriction legislation have been released by Treasury. The legislation bans the use of cash for some transactions of more than $10,000, and has just been passed by the House of Representatives. The Currency (Restrictions on the Use of Cash) Rules 2019 specifies, among other things, the transactions that will

[ Read More ]

The ATO has announced it is cleaning out its ABN cache

Not keeping lodgements current or missing reporting deadlines are some of the key indicators to the ATO that a business may no longer be operational. It says it uses information from tax returns, other lodgement activities and even from third parties to help it decide whether ABNs are still being used. The ATO has announced

[ Read More ]

Omnibus tax integrity bill passes both Houses with amendments

There is a bill that has just been passed by both houses pf Parliament, 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 met with amendments in the

[ Read More ]

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

[ Read More ]

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

[ Read More ]