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 […]
Asset valuation guidelines for SMSFs
Mastering SMSF Asset Valuation Understanding the Importance, Principles and Processes of Valuing Self-Managed Super Fund Assets If you have a self-managed super fund (SMSF), you need to have your fund’s assets valued regularly to remain compliant with Australia’s superannuation legislation. While the Australian Taxation Office (ATO) generally accepts SMSF asset valuations that follow the guidelines, it […]
Avoiding common Division 7A errors
Navigating Division 7A: Ensuring Compliance with Private Company Obligations Guidelines for Business Owners to Manage Payments, Benefits, and Loans from Private Companies Private company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional tax obligations (which are often referred to as their ‘Division 7A’ obligations). There […]
Small business concessions
Unlocking Tax Concessions for Small Business Owners ATO’s Reminder The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay. This depends on their business structure, their industry and their aggregated annual turnover. For example, small business owners who have an aggregated […]
Sale of land subject to GST
AAT Rules on GST Liability for Land Sale Enterprise Activities Determination The AAT recently held that the sale of land by a taxpayer was subject to GST, as it was a supply made in the course of an enterprise being carried on by the taxpayer. The taxpayer purchased a single parcel of land in 2013 […]
