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 […]
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 […]
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 to significant under-reporting of GST for some taxpayers. The ATO recently issued guidance for small to medium businesses on self-reviewing GST classification of food and health products. The use of […]
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 work-related expenses they will be looking to claim in the new financial year, and what records they will need to substantiate those deductions. Records can be kept as a paper […]
Taxpayers can start lodging their tax returns
Streamlined Tax Lodgment: ATO Pre-Filled Data Simplifies the Process Ensure Accurate Deduction Claims and Stay Informed of Changing Rules With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies and private health insurers), the ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their tax returns. […]
ATO may cancel inactive ABNs
ATO’s Review of Inactive ABNs Ensuring Continued Eligibility and Steps to Reapply if Your ABN is Cancelled The ATO regularly reviews, and sometimes cancels inactive Australian Business Numbers (‘ABNs’). The ATO may review a taxpayer’s ABN if the taxpayer has not reported business activity in their tax return, or there are no signs of business […]
ATO to Acquire Medicare Exemption Data
Notice of Medicare levy exemption data-matching program Ensuring Accurate Claims for Medicare Levy and Surcharge Exemptions for 2024-2026 The ATO will acquire Medicare Exemption Statement data from Services Australia for the 2024 to 2026 income years, including individuals’ full names, dates of birth, residential addresses, entitlement status and approved entitlement details. The objectives of this […]
