When to lodge SMSF annual returns
All trustees of SMSFs with assets as at 30 June 2024 need to lodge an SMSF annual return (‘SAR’) for the 2023/24 financial year.
AAT rejects taxpayer’s claims for work-related expenses
Work-Related Deductions Denied AAT Rejects Taxpayer’s Expense Claims Lack of evidence and use of company vehicles led the AAT to disallow nearly $10,000 in work-related deductions for a traffic controller. In a recent decision, a taxpayer’s claims for various work-related expenses were rejected by the AAT. The taxpayer was employed as a traffic controller in […]
ATO’s notice of government payments data-matching program
ATO to Collect Government Payments Data for Enhanced Compliance Data matching for 2024–2026 will track payments to 60,000 service providers annually, improving tax transparency and accuracy. The ATO will acquire government payments data from government entities which administer government programs for the 2024 to 2026 income years, matching data on government payments made to service […]
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 […]
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 […]
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 […]
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 […]
Navigating the Main Residence Exemption
ATO ‘main residence exemption tips’ Key Considerations for Taxpayers When Selling a Home The main residence exemption needs to be considered in a variety of situations when a taxpayer sells a property they have lived in. The ATO hopes that the following tips will help in this regard: Taxpayers should consider if they have started […]
