News
The ATO says that it is trialling “certainty letters” in a pilot program. The letters are being sent to some taxpayers to confirm that their 2014-15 tax returns are finalised, namely “to acknowledge and provide certainty to taxpayers who meet their obligations and do the right thing”. According to the ATO, receiving this letter means…
Read More
The ATO says it has undertaken its first ever automatic sharing of bank information with the US Internal Revenue Service (IRS). Details of over 30,000 financial accounts worth over $5 billion are being provided to the US under the new powers of the US Foreign Account Tax Compliance Act (FATCA). According to the ATO, the…
Read More
The ATO has published information warning taxpayers who undertake their own valuations – or use valuations from people without adequate qualifications – that they risk incorrectly reporting their tax and may therefore become liable to pay administrative penalties. The ATO also state that the majority of taxpayers who use a qualified valuer or equivalent professional…
Read More
The ATO is reminding large and medium employers they must be SuperStream compliant by no later than Saturday 31 October 2015. The ATO previously announced it would allow these employers (those with 20 or more employees) an additional four months to adopt SuperStream, following the 30 June deadline. With the extended deadline now rapidly approaching, the…
Read More
The Inspector-General of Taxation (IGT) will review the ATO’s employer obligations audits and compliance activities, with a particular focus on the impact on small businesses. A major focus of the review will be the difficulties caused by the need to determine employee or independent contractor status. Other issues raised for consideration by the IGT include:…
Read More
The ATO has announced that it is increasing its focus on rental property deductions and is encouraging all rental owners to double-check their claims before lodging their tax return. The ATO is paying particular attention to excessive deductions claimed for rental properties, especially those located in popular holiday destinations around Australia.
Read More
The Treasurer Joe Hockey has outlined the case for change in Australia’s tax system, particularly personal income tax rates, in a recent speech. Mr Hockey said the starting point for tax reform must be bracket creep, when people are pushed up into higher tax brackets as a result of inflation and rising wages. Mr Hockey…
Read More
The ATO and members are seeing an increase in unscrupulous and sophisticated groups attempting to impersonate ATO officers in order to commit fraud. Scammers are becoming increasingly aggressive, threatening and pervasive in the community. The ATO have already undertaken significant efforts to educate the community about these scams and will soon provide further guidance on…
Read More
ASIC has released two information sheets to improve the quality of advice provided by advisers on self managed superannuation funds (SMSFs): Information Sheet 205 Advice on self managed superannuation funds: Disclosure of risks. It explains the relevant conduct and disclosure obligations, the risks that should be considered by the adviser and disclosed to the client…
Read More
The ATO has advised taxpayers that it will be focusing this year on unusually high work-related expenses claims across all industries and occupations. Technology enhancement and use of data is improving the ATO’s ability to identify and investigate such claims, it has said. The ATO will also focus on claims that are already reimbursed by…
Read More
