Input tax credits denied due to lodging BASs late
Be aware of the expiry date when lodging BAS in order to claim any input tax credits The Administrative Appeal Tribunal (‘AAT’) has held that a taxpayer could not claim $91,239 of input tax credits (‘ITCs’) at least partly because it lodged the relevant BASs more than 4 years too late. Specifically, the GST Act […]
Coronavirus: Government announces new tax measures
ATO’s support measures to assist those affected by COVID-19 The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth billions of dollars. Some of the key tax measures include: From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 (for […]
Bushfire crisis response
The ATO’s Bushfire crisis response In response to the devastating bushfires across large parts of Australia, the ATO has been keen to advise those impacted that it understands peoples priority is their family and community. If taxpayers live in one of the identified impacted postcodes, the ATO will automatically defer any lodgments or payments, meaning […]
Bushfire assistance
ATO November 2019 bushfire assistance Following the devastating bushfires across large parts of NSW and Queensland in November, the ATO has offered ongoing support. In particular, a specific helpline (1800 806 218) has been established that can be used by those impacted to seek assistance, such as to: obtain extra time to pay tax debt […]
New GST withholding rules
Common errors with new GST withholding rules The ATO has noticed some common errors made in activity statements since the introduction of “GST at settlement” on 1 July 2018. These new laws require purchasers to withhold GST on settlement (and pay it to the ATO directly) generally when buying ‘new residential premises’ from developers. In […]
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 […]
Xero case study
Transposition error gets bookkeeper the snip Eve runs a successful hair salon in The Hills and has a friendly, professional manner that all her devoted clients love. She is also a conscientious business owner and knows how easily the books can get on top of her, which is why she appointed an external bookkeeper from get-go. This […]
Meet Senior Accountant, Daniel Carlino CPA
Daniel Carlino CPA Omnis Group Senior Accountant As a Certified Practising Accountant, Daniel Carlino manages Omnis Group’s clients by reviewing Business Activity Statements, financial accounts and income tax returns for individuals, partnerships, trusts and companies. He has a strong understanding of how best to work with small and medium enterprise, likely because Daniel hails from […]
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 […]
