Could your staff celebration attract FBT?
Consider if fringe benefits tax (FBT) may apply or you could end up with an unexpected FBT liability. With the holiday season kicking off, you may be planning a celebration with your staff. Before you hire a restaurant or book an event, make sure you work out if the benefits you provide your employees are […]
ATO’s notices of data-matching programs
ATO Expands Data Acquisition for Enhanced Compliance from 2024 to 2027 New initiatives will gather comprehensive information from various sources, impacting millions—understand what data the ATO will collect and its implications for taxpayers The ATO will acquire officeholder data from ASIC and other bodies for the 2024 to 2027 income years, including name, address, date […]
ATO security safeguards for victims of fraud recently enhanced
Enhanced Security Measures for Victims of Identity and Tax Fraud Taxpayers affected by fraud can now set up Strong online access for easier, secure use of ATO services—learn how to protect your account long-term Where a taxpayer has been the victim of identity, tax or super fraud, the ATO may apply security safeguards to their […]
Omnis Financial Planning – Winter 2024 Newsletter
Prepare for Life In this issue – Living your best life in retirement If you’re nearing retirement age, it’s likely you’re wondering if you will have enough saved to give up work and take it easy, particularly as cost-of-living increases hit some of the basic expenses such as energy, insurance, food and health costs… Help […]
Valuing fund assets for SMSFs
Essential Asset Valuation for SMSF Trustees: A Yearly Requirement Ensure accurate market value assessments to streamline your SMSF audit and annual return—learn how to provide the necessary evidence and avoid potential delays One of the many responsibilities SMSF trustees have every income year is valuing their fund’s assets at market value. The market value of […]
myGovID becoming myID
myGovID is Rebranding to myID: What You Need to Know No action required for users—your login details and access to government services will remain the same after the update The digital identity app ‘myGovID’ will soon be changing its name to ‘myID’. While the name is changing, the login and security will not change. Taxpayers […]
Avoid a tax time shock
Smart Tax Planning: Key Steps to Stay on Top of Your Obligations Ensure you’re setting aside the right amount of tax by reviewing loans, insurance and income details—learn how proactive steps can save you from a surprise tax bill! Individual taxpayers can take the following steps right now to ensure the correct amount of tax […]
Penalties imposed on taxpayer who falsely amended tax returns
AAT Upholds ATO Decision on Shortfall Penalties for False Tax Returns Reckless Conduct Leads to Penalties for Incorrect Deductions Claimed on Amended Returns The Administrative Appeals Tribunal (‘AAT’) recently affirmed the ATO’s decision to impose shortfall penalties on a taxpayer who had lodged false amended income tax returns. The taxpayer had lodged income tax returns […]
Australia’s Digital ID Act and new Trust Exchange
Australia’s Digital Identity Revolution: Introducing Trust Exchange (TEx) and New Legislation Government Unveils Groundbreaking Trust Exchange Technology, Supported by Enhanced Digital ID Legislation for Greater Privacy and Security In a significant development for digital security and convenience, the Albanese Government has unveiled its plans for a groundbreaking digital infrastructure, aimed at transforming how Australians verify […]
Receiving payments or assets from foreign trusts
Foreign Trust Payments: Potential Tax Liabilities for Beneficiaries Understanding When Foreign Trust Distributions Must Be Included in Assessable Income Additional tax liabilities may arise when money or assets of a foreign trust are paid to a taxpayer or applied for their benefit, and they are a beneficiary of the foreign trust. These can include: loans […]
