SMSF Assist changes
SMSF Assist website to close The SMSF Assist website will no longer be accessible from July 2018. The ATO will soon close their SMSF Assist website, as its function has been superseded by the advances made on the main website, ato.gov.au. Self-managed super fund (SMSF) trustees and professionals can use ato.gov.au as their central source of information for […]
Car claims this tax time
ATO driven to scrutinise car claims this tax time The Australian Taxation Office (ATO) has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work related expenses. Assistant Commissioner Kath Anderson said over 3.75 million people made a work-related car expense claim in […]
Holiday home rentals
Continued ATO focus on holiday home rentals The ATO recently advised they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays”. While it confirms that the private use of holiday homes by friends and family is entirely […]
Healthcare practitioners
Lump sum payments for healthcare practitioners If you are a healthcare practitioner, you may receive lump-sum payments. It is important to know how to treat these correctly when received. As part of the ATO’s work on the Tax Avoidance Taskforce, they see a number of arrangements in the healthcare services industry where a lump sum payment is made and […]
ATO focus areas
Commissioner’s speech highlights ATO’s focus The Commissioner of Taxation highlighted the areas in which the ATO has recently increased its focus, including: undeclared income individuals’ unexplained wealth or lifestyle incorrectly claimed private expenses unpaid superannuation guarantee, and cash-only businesses and those with low usage of merchant banking facilities, with black economy visits to over 2,600 […]
Inactive ABNs
Inactive ABNs will be cancelled by the ATO The ATO has recently advised that, in an effort to maintain accurate data, the Australian Business Register (ABR) periodically checks its records for Australian Business Numbers (ABNs) and automatically cancels those that appear inactive. Ultimately, a taxpayer’s ABN may be cancelled if they: have told the ATO […]
SMSF investing in cryptocurrencies
Bitcoin and cryptocurrencies like bitcoin are not money but are capital gains tax (CGT) assets If an SMSF transacts in cryptocurrencies, SMSF trustees and members need to be aware of the tax consequences. In each case these will depend on the nature of the SMSF’s circumstances. SMSFs involved in acquiring or disposing of cryptocurrency must […]
ATO focus on holiday home rentals
ATO sets sights on mistakes, errors and false claims made by rental property owners who use their own property for personal holidays As Australians enjoy the Easter break, they should be aware that the ATO is focusing on taxpayers who claim deductions for holiday homes that are not actually available for rent or only available […]
Small Business Super Clearing House
Guide to the new Small Business Super Clearing House The Small Business Superannuation Clearing House (SBSCH) joined the ATO’s online services on 26 February 2018. This is intended to streamline how businesses use the SBSCH, and will also include extra functionality, such as the ability to sort employee listings and payment by credit card. The […]
ATO’s focus on work-related expenses
This year, the ATO is paying close attention to what people are claiming as ‘other’ work-related expense deductions Important when taxpayers claim these expenses that they have records to show: they spent the money themselves and were not reimbursed; the expense was directly related to earning their income; and they have a record to prove […]
