Data matching update
AUSTRAC transaction report information data-matching program The ATO will acquire transaction report information data from AUSTRAC for the period of 17 June 2021 through to 30 June 2027. AUSTRAC (the Australian Transaction Reports and Analysis Centre) is the Australian Government agency responsible for “detecting, deterring and disrupting criminal abuse of the financial system to protect […]
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 […]
ATO’s taxable payments reporting system update
Taxable payments annual report (‘TPAR’) for the 2020 financial year The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgement requirements under the taxable payments reporting system (‘TPRS’) for 2019/20. The TPRS is a black economy measure designed to assist the ATO to identify contractors who don’t report or under-report […]
Taxable payments reporting system lodgements
ATO’s taxable payments reporting system helps businesses compete on the level The Australian Taxation Office (ATO) has confirmed more than 60,000 businesses haven’t yet complied with lodgement requirements under the Taxable payments reporting system (TPRS) for 2019-20. The TPRS is a black economy measure designed to assist the ATO to identify contractors who don’t report […]
Proposed new record-keeping course
MYEFO – 2019/20 Treasury has released its Mid-Year Economic and Fiscal Outlook (‘MYEFO’) for 2019/20 forecasting a surplus of approximately $5 billion. One new tax-related measure of note in the MYEFO was the announcement the ATO would be provided with a new discretion to direct taxpayers (found to be lacking in their substantiation efforts under […]
The ATO hits the road
Could you be a black economy target? The ATO plans to visit almost 10,000 businesses this financial year in all States and Territories, across a variety of industries, as part of their strategy to deal with the black economy (they visited nearly 9,000 businesses in the 2018/19 financial year). According to Assistant Commissioner Peter Holt, […]
Latest ATO benchmarks released
ATO has released updated benchmark data from 1.5M small businesses around Australia To “help small businesses across the country . . . gauge the strength of their business and keep an eye on their competition”. Updated benchmarks for more than 100 industries are now available for the following categories: Accommodation and food Building and construction […]
ATO cash economy
Continued focus on the cash economy ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country. He further said that businesses that advertise as ‘cash only’ and businesses that are operating outside of the ATO’s performance benchmarks for their […]
Taxable Payments Reporting System
Expansion of the TPRS The Taxable Payments Reporting System (TPRS) has been expanded to the cleaning and courier services industries from 1 July 2018. Businesses that have an ABN and make any payments to contractors for cleaning or courier services provided on behalf of the business must lodge a Taxable Payments Annual Report (TPAR) each […]
Black economy recommendations
Black economy recommendations will impact day-to-day business Recently issued draft legislation has focused on introducing new measures to manage the growing cash economy in light of the Black Economy Taskforce recommendations and recent Federal Budget announcements. Two of these key recommendations are outlined below. Removing tax deductions for PAYG failure The Government is currently considering […]
