ATO reminder about appointing an SMSF auditor
The ATO is reminding trustees of self-managed super funds that they need to appoint an approved SMSF auditor This must occur no later than 45 days before the lodgment of their fund’s SMSF annual return (for example, for the 2022 income year). In particular, the ATO says: “Don’t risk approaching an auditor the day before […]
JobKeeper audits underway
First reports of ATO audits lands one small business in debt Imagine going through all the rigmarole to apply for JobKeeper when COVID-19 restrictions were rife, only to have your application rejected months later by Tax Office auditors? That is what has now happened to one small business owner in Melbourne who took a DIY […]
Property inspections – are physical inspections necessary?
COVID-19 and tax depreciation reports Where a physical inspection of premises is not performed, this increases the risk of deductions being missed or errors being made. Property investors and businesses will often engage a specialist quantity surveyor to prepare a tax report on capital works and depreciation deductions available to them under the tax law […]
Lifestyle assets continue to be an ATO audit target
Lifestyle assets targeted The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. The ATO expects to receive information about assets owned by around 350,000 taxpayers from 2016 to 2020 […]
ATO cash economy
Continued focus on the cash economy ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country. He further said that businesses that advertise as ‘cash only’ and businesses that are operating outside of the ATO’s performance benchmarks for their […]
Mid-Year Economic and Fiscal Outlook
MYEFO report Mid-Year Economic and Fiscal Outlook (‘MYEFO’) report recently released. It indicates that the underlying Budget deficit is expected to be $5.2 billion in 2019 (down from the $14.5 billion deficit estimated in the 2018/19 Federal Budget). The substantial deficit reduction is reportedly a result of increased tax collections, with individual tax collections up […]
Xero case study
Transposition error gets bookkeeper the snip Eve runs a successful hair salon in The Hills and has a friendly, professional manner that all her devoted clients love. She is also a conscientious business owner and knows how easily the books can get on top of her, which is why she appointed an external bookkeeper from get-go. This […]
