ATO targeting SMSFs
ATO targeting SMSFs that fail to lodge annual returns The ATO has observed an increase in the number of SMSFs that fail to lodge their first annual return and become what the ATO refers to as ‘NEVER’ lodgers. The ATO is particularly concerned where there has been a roll-over into these SMSFs, as this is […]
Disclosure of business tax debts to CRBs
Credit Reporting Bureaus The ATO is in the process of writing to taxpayers that may be eligible to have their tax debts disclosed to credit reporting bureaus (‘CRBs’). The ATO can potentially report outstanding tax debts to a CRB where the following criteria are satisfied: The taxpayer has an Australian business number and is not […]
Changes to superannuation regulations
Be aware of various new regulations and opportunities surrounding your superannuation New legislation regarding contribution requirements, visibility and guarantee eligibility is currently or soon to be effective. Reporting re-contributions of COVID-19 early super relief super amounts Self-managed super fund (SMSF) members can now re-contribute amounts they withdrew under the COVID-19 early release of super program […]
Director ID regime
Preparing for the new Director ID regime As part of its Digital Business Plan, the Government announced the full implementation of the ‘Modernising Business Registers’ program. This included recently enacted legislation introducing the new director identification number (‘director ID’) regime. The director ID is a unique identifier that a director will need to apply for […]
SMSF update
Introducing SMSF rollover alerts Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund (SMSF). With the inclusion of SMSF rollovers in SuperStream, the ATO will send the fund an email and/or text message alert when the fund uses the SMSF verification […]
2021/22 Federal Budget
Omnis Group Federal Budget Summary 2021/22 Key points covered by this summary: Personal income tax changes Changes affecting business taxpayers Superannuation related changes 1. Personal income tax changes 1.1 Retaining the Low and Middle Income Tax Offset (‘LMITO’) for the 2022 income year The Government has announced that it will retain the LMITO for one […]
Warning regarding new illegal retirement planning scheme
The ATO recently identified a new illegal retirement planning scheme SMSF trustees were informed that they could set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF, in an attempt to avoid paying potential tax liabilities. The ATO warns that taking part in this arrangement […]
Super changes from 1 July 2021
Super Guarantee Charge set to rise to 10% from 1 July 2021 Consider: How does this affect salary packages? Need to ensure our employer clients update their payroll details Likely result is any pay increases will fund the increased SGC so less of that increase will be in take home earnings Concessional Super Cap rising to $27,500 Catch up rule […]
SMSF related party rental income deferrals
SMSF related party rental income deferrals due to COVID‑19 The ATO has made a determination to ensure that trustees of SMSFs do not inadvertently breach the ‘in-house asset rules’. This applies to a situation where the fund allows a related party to defer the payment of rent under a lease agreement (on arm’s length terms) […]
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 […]
