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 […]
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 […]
Taxpayers able to apply CGT small business concessions
AAT Ruling on CGT Small Business Concessions Trust Eligible to Reduce Capital Gain to Nil Amid Valuation Dispute with the ATO The Administrative Appeals Tribunal (‘AAT’) recently held that a trust was entitled to apply the CGT small business concessions and, therefore, it could reduce a capital gain it made down to nil. In March […]
Government warns of ‘malicious’ myGov scammers
Stay Alert to Protect Your ATO Log-In Details from Scammers Government Warns of Rising Tax Fraud via Fake myGov Sites and Urges Vigilance The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud. The ATO has received a large number of reports of scammers using fake […]
Taxpayer unsuccessful in having excess contributions reallocated
AAT Decision on Excess Concessional Contributions Tax Taxpayer’s Liability Upheld for Contributions Exceeding Cap Despite Lack of Employer Agreement The Administrative Appeals Tribunal (‘AAT’) recently held that a taxpayer was liable to pay excess concessional contributions tax in relation to contributions made on his behalf by his employer. In the 2021 income year, the taxpayer’s […]
Illegal early access to super
Beware of Illegal Early Super Access Schemes ATO Warns Against Promoters Exploiting Super Funds for Non-Retirement Purposes Faced with tough times, some people may be thinking about accessing their super early. Taxpayers may have been approached by someone (a ‘promoter’) claiming that members of super funds can withdraw their super or use an SMSF to […]
ATO issues warning about false invoicing arrangements
SFCT Alert: Beware of Illegal Financial Schemes Businesses Warned Against False Invoicing Tactics to Evade Taxes and Super Obligations The Serious Financial Crime Taskforce (‘SFCT’) is warning businesses about using illegal financial arrangements such as ‘false invoicing’ to cheat the tax and super systems. False invoicing arrangements may consist of the following: an entity (the […]
