ATO Record-keeping

ATO’s record-keeping tips

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, as this should help them avoid penalties that may apply and reduce the possibility of the ATO denying their expense claims. The following are some of the ATO’s top tips to…

SMSF non compliance

SMSF: Paying the price for non-compliance

The ATO has issued a warning that there are various courses of action available to them when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws, including applying administrative penalties. To learn about administrative penalties that could be imposed.  A number of factors determine the amount of the administrative penalty, including:

Safeguarding your data

Safeguarding your data

Individuals affected by the recent Optus and Medibank data breaches are likely on heightened alert with regard to safeguarding your data. The ATO has assured taxpayers that ATO systems have not been affected by the breach. Information for those caught up in a data breach is available from the Australian Cyber and Security Centre at…

Labor Budget Announcement 2023

Labor’s Federal Budget 2022 – Announcement

This week, Federal Treasurer Dr Jim Chalmers handed down his first Labor Government Federal Budget. As expected, it delivered on key election commitments relating to aged care, childcare, education and acknowledged cost of living challenges with some practical solutions including lowering prescription costs. Following is a quick overview for business owners and individuals.