The ATO will target SMSFs that fail to lodge annual returns or ignore ATO reminders with a targeted compliance campaign.
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.
Single Touch Payroll (‘STP’) reporting has been expanded with extra reporting obligations for employers.
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.
Taxpayers are warned not to ’double dip’ on tax deductions. Here are three common items that are often claimed twice.
The ATO has announced four key priorities that it will focus on this 2022 tax time.
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…
The High Court has rejected a taxpayer’s attempt to disclaim an interest in trust income that arose as a result of a default beneficiary clause being triggered.
The ATO is writing to taxpayers whose credit rating may be affected if their tax debts are disclosed to credit reporting bureaus.
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.