Input tax credits denied due to lodging BASs late
Be aware of the expiry date when lodging BAS in order to claim any input tax credits The Administrative Appeal Tribunal (‘AAT’) has held that a taxpayer could not claim $91,239 of input tax credits (‘ITCs’) at least partly because it lodged the relevant BASs more than 4 years too late. Specifically, the GST Act […]
ATO warning to SMSFs ‘Paying the price for non-compliance’
There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws This includes applying administrative penalties. A number of factors determine the amount of the administrative penalty, including: the type of contravention; when it occurred; and the number of penalty units that […]
Why tax credits and refunds are being offset
Is your refund or credit less than expected? The ATO has reached out to small businesses who may have recently received a letter advising that they have a debt on hold and any credits or refunds would be offset against this debt. As a result, such a small business may find that their refund or […]
Data breach lessons
Optus data breach The ATO is aware of last year’s Optus data breach and that people who have been affected might be concerned about their personal data, and is assuring people that ATO systems have not been affected by the Optus data breach. The ATO recommends that anyone who thinks they have been affected by […]
SMSFs investing in crypto assets
ATO advice for SMSFs thinking about investing in crypto assets The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice from a licensed financial adviser. There are organisations that offer trustees help to set up a fund or use their existing fund to invest in […]
Xero’s STP Phase 2 roll out
Everything to know (and do) for the final stage of Xero’s STP Phase 2 rollout By now, most business owners are probably familiar with Xero’s approach to getting payroll data ready for Single Touch Payroll Phase 2. This will see businesses build on their existing STP reporting to share more information with the ATO and other […]
Christmas Parties and Gifts 2022
With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients FBT and ‘entertainment’ Under the FBT Act, […]
Check that holiday employees get the right super
Is your system updated for the latest SG changes? The ATO is reminding employers that the holiday season is fast approaching and that their holiday casuals may now be eligible for super. From 1 July 2022, employers need to pay super for employees at a rate of 10.5%, regardless of how much they are paid, […]
It’s time to transition to STP Phase 2
Over recent months, Xero has been keeping us updated on Xero’s Single Touch Payroll (STP) Phase 2 rollout. This will see businesses build on their existing STP reporting to share more information with the ATO and other government agencies whenever you process a pay run. Xero has now announced that all three stages of the rollout are […]
Valuing fund assets for an SMSF’s annual return
One of many responsibilities trustees have when managing an SMSF is valuing the fund’s assets at market value. This must be done every income year, so the ATO knows the SMSF has complied with super laws. The market value of an asset is the amount someone could be reasonably expected to pay if the asset […]
