Small business tax returns: ATO focus
The ATO has announced areas of focus for small business tax returns will include deductions that are not related to business operations, omission of business income and insufficient record keeping practices.
STP Expansion: Extra reporting obligations
Single Touch Payroll (‘STP’) reporting has been expanded with extra reporting obligations for employers.
GST Fraud
The ATO is warning taxpayers about GST fraud and to be on the lookout for dodgy online ads, often on social media platforms, promising easy GST refunds.
Superannuation: Employers get ready for changes
Employers need to be aware of two important superannuation changes from 1 July 2022.
Double dip tax deduction warning
Taxpayers are warned not to ’double dip’ on tax deductions. Here are three common items that are often claimed twice.
ATO tax time priorities
The ATO has announced four key priorities that it will focus on this 2022 tax time.
Family Trust distributions are on the ATO Hit List – What you need to know
The ATO has changed its approach and compliance response, with family trust distributions on the hit list. Earlier this year the ATO released guidelines using ‘risk’ categories for trust distribution arrangements, indicating that the ATO is taking a more aggressive approach to investigating trust income distribution. It is expected that many family groups will pay…
Disclosure of business tax debts may affect credit rating
The ATO is writing to taxpayers whose credit rating may be affected if their tax debts are disclosed to credit reporting bureaus.
No changes to Private Health Insurance rebate
In a little bit of good news, Australians with private health insurance will NOT see decreases to the Private Health Insurance rebate from 1 April.
Overdue TPAR Penalties
The Taxable payments annual report (TPAR) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.