ATO

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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When changing your practice structure, don’t forget the regulator

The Tax Practitioners Board (TPB) has issued information for tax agents that change practice structures. In most cases, the TPB will require notification of these changes within 30 days. Note however that there may also be a need to apply for registration for the new business structure, which includes getting a new registration number to operate

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Low-cost assets and the threshold rule for your small business clients

The threshold rule allows a business to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets. The rule is meant to help your small business clients save time because they don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital

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SMSF event-based reporting: What needs to be reported, what doesn’t

Since event-based reporting started for SMSFs from 1 July 2018, the ATO says that for the larger part, SMSF trustees have mostly adjusted to the new requirements. Now that an entire income year under the transfer balance account report (TBAR) regime has been completed, some teething problems have emerged, which were to be expected. A

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Letters of engagement: A practical approach from the TPB

The TPB has released a practice note that is intended to provide practitioners with practical guidance and help in relation to them using letters of engagement with their clients. The practice note was first released as a draft in early May this year, with submissions to it closing early June. The new practice note (a

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Illegal early release from SMSFs on ATO’s high-risk watch list

In a speech given earlier this year, the ATO’s Assistant Commissioner for Superannuation, Dana Fleming, focused on the risk areas that the ATO had identified as being of most concern — and as being most in need of action. Each year the ATO analyses its data to identify the key risk areas that then form

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