Our Insights
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 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
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
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
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
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
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
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
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
GST classification of products
Avoid GST Classification Errors: ATO Guidance for Small and Medium Businesses Self-Review Tips for Food and Health Product GST Compliance GST classification errors can lead
Tax incentives for early stage investors
Tax Incentives for Investors in Early Stage Innovation Companies (ESIC) Potential Tax Offsets and Capital Gains Tax Benefits for Qualifying Shareholders The ATO is reminding
Storing correct records for work-related expenses
Work-Related Deductions: What You Need for the New Financial Year Understanding Record-Keeping and Methods for Claiming Working from Home Expenses Taxpayers need to consider what
