Engaged in ride-sourcing services?
ATO ride sourcing data-matching program The ATO will acquire ride-sourcing data relating to approximately 200,000 individuals to identify individuals that may be engaged in providing ride-sourcing services during the 2022/23 financial year. Here’s what you need to know. The data items include: identification details (driver identifier, ABN, driver name, birth date, mobile phone number, email […]
In the ATO’s sights this Tax Time
The ATO has announced its three key focus areas for this Tax Time Make sure you are up to date as necessary The areas of focus are: rental property deductions; work-related expenses; and capital gains tax. ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where they often see mistakes being […]
Know the rules for accessing superannuation
ATO warns SMSF trustees against illegal early access to superannuation Reminder of strict rules on using SMSF funds for personal or business expenses and related party investments The ATO has reminded SMSF trustees that their SMSF must be operated for the sole purpose of providing retirement benefits for its members. This means SMSF trustees can’t […]
2023-24 Federal Budget Summary
Modest but meaningful A range of measures provide cost-of-living relief to individuals such as increased and expanded JobSeeker payments and better access to affordable housing. As part of the measures introduced for small business, a temporary $20,000 threshold for the small business instant asset write-off will apply for one year, following the end of the […]
Super guarantee rate change scheduled
Get ready for a change in the super guarantee rate The superannuation guarantee (SG) rate will increase from 10.5% to 11% on 1 July 2023. Employers, remember to update your payroll system to align with these changes. The new SG rate applies to payments made to workers on or after 1 July 2023. The Superannuation […]
Further eligibility age change for downsizer contributions
Be aware of new eligibility rules regarding superannuation downsizer contributions In another recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023. This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022. From 1 January 2023, […]
Improving payroll governance
Make sure you’re up to date on payroll compliance How employers can understand and meet their payroll obligations and some of the common issues seen by the ATO. How to meet your employer obligations The ATO wants to help you ensure your entity’s payroll governance measures are designed effectively and fit for purpose. This means […]
ATO’s recordkeeping tips
Avoid penalties and reduce the possibility of expense claims being denied The ATO has reminded taxpayers that they should understand the record-keeping requirements for their business and keep accurate and complete records as they occur. This should help them avoid penalties that may apply and reduce the possibility of the ATO denying their expense claims. […]
ATO warning to SMSFs ‘Paying the price for non-compliance’
There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws This includes applying administrative penalties. A number of factors determine the amount of the administrative penalty, including: the type of contravention; when it occurred; and the number of penalty units that […]
SMSFs investing in crypto assets
ATO advice for SMSFs thinking about investing in crypto assets The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice from a licensed financial adviser. There are organisations that offer trustees help to set up a fund or use their existing fund to invest in […]
