Latest News
ABN Intent To Cancel Program
| | | The ATO is reviewing Australian business numbers (‘ABNs’) to identify potentially inactive ABNs for cancellation, and it has introduced a new automated process to allow taxpayers (or their tax agents) to confirm if their ABN is still required via a secure voice response system. An ABN may be selected if the taxpayer […]
Super Is Now Following New Employees
The ATO is reminding employers that, as of 1 November 2021, there is an extra step they may need to take to comply with the choice of super fund rules. If a new employee does not choose a super fund, most employers will need to request the employee’s ‘stapled super fund’ details from the ATO […]
Varying PAYG Instalments Due To COVID-19
| | | Varying PAYG instalments throughout the year is now an option for taxpayers if they think they will pay too much, compared with their estimated tax for the year. To assist taxpayers who continue to be affected by COVID-19, the ATO has stated that it will not apply penalties or interest on varied […]
Permanent Changes To AGMs And Electronic Communications
The Government has introduced into Parliament a Bill to permanently allow companies to use technology to meet their regulatory requirements, and ensure that companies can continue to meet their obligations amid the uncertainty of the COVID‑19 pandemic. These reforms build on the recently renewed temporary relief, which we reported in September 2021, and which will […]
AUSTRAC Transaction Report Information Data-Matching Program
| | | The ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30 June 2027. AUSTRAC (the Australian Transaction Reports and Analysis Centre) is the Australian Government agency responsible for “detecting, deterring and disrupting criminal abuse of the financial system to protect the community from […]
Preparing For The New Director ID Regime
| | | As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program. This included recently enacted legislation introducing the new director identification number (‘director ID’) regime. The director ID is a unique identifier that a director will need to apply for once and will keep […]
Work-related expense claims rejected by Administrative Review Tribunal (‘ART’)
The Administrative Review Tribunal (‘ART’) recently disallowed a taxpayer’s claims for many different types of work-related expenses. The taxpayer was employed full-time as an engineer, working from home two days a week. For the 2023 income year, he claimed deductions totalling over $61,000, in relation to (among other things) car expenses, travel expenses, clothing expenses, […]
Check GST credit claims before lodging BASs
Taxpayers who are registered for GST can get GST credit claims (or ‘input tax credits’) for the GST included in the price of goods and services they buy for their business. However, if they buy something for both business and private use, they need to apportion their GST credit to only claim the business use. […]
Government payments programs
The ATO is reminding taxpayers that receive government payments for delivering services under a Commonwealth program, such as healthcare, disability support or child care, that they have an obligation to: keep accurate records; and report any such income they receive in their tax return. The ATO recently advised that it would be contacting taxpayers and […]
Contractors omitting income
Through data matching, the ATO is seeing some contractors incorrectly reporting or contractors omitting income. Contractors need to report all their income in their tax return, including payments made by businesses for their contracting work. Note that, as part of the taxable payments reporting system (‘TPRS’), certain businesses must lodge a ‘Taxable payments annual report’ […]
Businesses using cash to dodge obligations
The ATO is ‘cracking down’ on businesses that use cash to dodge obligations on their tax, employer and business. Businesses that do this may: – fail to report all sales transactions and fail to issue receipts; – avoid paying GST, income tax, PAYG withholding, super guarantee, insurance and work cover protection; – report their income […]
$20,000 instant asset write-off extended
Editor: The Government recently passed legislation to extend the $20,000 instant asset write-off for small businesses by 12 months to 30 June 2026. Taxpayers should note that if their business has an aggregated annual turnover of less than $10 million, they may be able touse the instant asset write-off (‘IAWO’) to immediately deduct the business […]