Lost, damaged or destroyed tax records
The ATO knows that many taxpayers are facing lasting impacts left in the wake of natural disasters. As such, if they find their records have been lost or destroyed, whether in cyclones, floods or bushfires, the ATO can help. According to ATO Assistant Commissioner: “If you have a myGov account linked to the ATO, you’ll […]
Common business errors at tax time
Avoiding small business tax time errors The most common errors small businesses make when completing their tax returns are failing to: declare all income account for private use of business funds or assets keep all required records or have adequate record-keeping systems. To avoid making errors this tax time, first ask yourself if you have: […]
Extension on Division 7A loan repayments
Extension of time to make repayments on Division 7A loans To offer more support due to the ongoing effects of COVID-19, an extension of the repayment period is now available. It is available to those who were unable to make their MYRs by the end of the lender’s 2020/21 income year (generally 30 June). The […]
ATO property data-matching programs
New ATO data-matching programs involving property The ATO has advised that it will engage in two new data-matching programs dealing with property transactions, as follows: The ATO will acquire property management data from property management software providers for the 2018/19 through to 2022/23 financial years (relating to approximately 1.6 million individuals); and The ATO will […]
Cryptocurrency tax obligations
Cryptocurrency under the microscope this tax time The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars. ATO data analysis shows a dramatic increase in trading since the beginning of 2020, and has estimated that there are over 600,000 taxpayers […]
Work related expenses reminder
ATO warns on ‘copy/pasting’ claims The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns. Assistant Commissioner Tim Loh noted that COVID-19 has changed people’s work habits, so the ATO expects their work-related expenses will reflect this. […]
Family assistance payments
Child Care Subsidy and Family Tax Benefit payments deadline The ATO has reminded individuals receiving Child Care Subsidy and Family Tax Benefit payments from Services Australia that they and their partners must lodge their 2019/20 Individual tax returns by 30 June 2021. Lodgement deferrals with the ATO do not alter this requirement. Services Australia needs […]
JobKeeper fraud criminal conviction
First criminal conviction for JobKeeper fraud A person claiming to be a sole trader was convicted of three counts of making a false and misleading statement to the Commissioner of Taxation, in order to receive $6,000 in JobKeeper payments to which he was not entitled. He was not operating a genuine business and he had […]
Warning regarding new illegal retirement planning scheme
The ATO recently identified a new illegal retirement planning scheme SMSF trustees were informed that they could set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF, in an attempt to avoid paying potential tax liabilities. The ATO warns that taking part in this arrangement […]
ATO loses case on JobKeeper and backdated ABNs
JobKeeper claims and backdated ABNs On 24 March 2021, the Full Federal Court handed down its decision in a decisive case. It concerned the requirement that an entity claiming JobKeeper must have had an ABN on 12 March 2020, or a later time allowed by the ATO. The Registrar of the Australian Business Register had […]
