Tax Tips For Business Owners

ATO Focus This Tax Time

By Warren Kruger / June 25, 2022 / 0 Comments

The ATO has announced four key areas that it will be focusing on for Tax Time 2022: Record-keeping. Work-related expenses. Rental property income and deductions. Capital gains from crypto assets, property, and shares. Before claiming income tax deductions for their expenses, taxpayers must ensure: they spent the money themselves and were not reimbursed; if an […]

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ATO To Start Clearing Backlog Of ENCC Release Authorities

By Warren Kruger / June 11, 2022 / 0 Comments

Due to “unavoidable delays caused by improvements to” its systems, the ATO will start issuing requests to release excess contributions and other charges for individuals who did not make an election on the tax treatment of their excess non-concessional contributions (‘ENCC’) for prior financial years. This may result in a higher than normal number of […]

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ATO Warns About GST Fraud

By Warren Kruger / June 7, 2022 / 0 Comments

Taxpayers are being warned to be on the lookout for dodgy online ads, often on social media platforms, promising easy GST refunds. The ATO recently issued a media release about large-scale GST fraud attempts exceeding $850 million, that involve customers setting up an ABN without operating a business, and then submitting fictitious BAS statements to […]

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Employers Need To Prepare For Changes Under Single Touch Payroll Phase 2 Expansion

By Warren Kruger / June 1, 2022 / 0 Comments

Single Touch Payroll (‘STP’) reporting has been expanded. This expansion, known as ‘STP Phase 2’, means that employers will need to start reporting extra information to the ATO each time they run their payroll. Some digital service providers (‘DSPs’) needed more time to update their products and applied for deferrals, which cover their customers – […]

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High Court Rejects Attempt To Disclaim Interest In Trust Distribution

By Warren Kruger / May 15, 2022 / 0 Comments

The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered. Facts The taxpayer, Ms Natalie Carter, was one of five default beneficiaries of the Whitby Trust, a discretionary trust. For the 2014 income year the trustee had failed […]

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Disclosure Of Business Tax Debts

By Warren Kruger / May 10, 2022 / 0 Comments

The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’). The ATO can potentially report outstanding tax debts to a CRB where the following criteria are satisfied: The taxpayer has an Australian business number and is not an excluded entity; […]

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