We have been working with you to make business activity statement (VAS) reporting simpler for small business. From 1 July 2017, small businesses will only be required to report: GST Collected (1A) GST entitled to be claimed (1B) Total sales (G1). We have started testing the solution with small businesses, software developers and tax professionals. [...]
Some taxpayers are incorrectly varying their pay as you go (PAYG) instalment rate or amount. This may result in a debt at the end of the financial year and attract a general interest charge (GIC) if the variation was significantly incorrect. We may contact you to discuss your clients’ PAYG instalment variations and how to [...]
In conjunction with the introduction of the temporary budget repair levy (of 2%, payable by high income earners), the FBT rate was also increased from 47% to 49% for the 2016 and 2017 FBT years. However, the rate will revert to 47% from 1st of April 2017.
The Chair of the Tax Practitioners Board (‘TPB’), Ian Taylor has reported that it is just over a year since the TPB launched the annual declarations process and, of those practitioners who have had annual declarations due, 98% have lodged on time. The annual declaration is due on the anniversary of the practitioner’s renewal date, [...]
In September 2016, the ATO released a Consultation Paper (‘Proposed changes to penalties for small business and individuals’) that sought feedback regarding its proposal to provide one chance before applying a penalty to eligible small businesses and individuals for: False and misleading statements for failure to take reasonable care; and Failure to lodge on time [...]
The ATO has provided some insightful information at the 1 March 2017 Senate Estimates Hearing when addressing various questions posed to its high-ranking Commissioners. Of interest were the responses and discussions dealing with the following three topical taxation issues. The ATO’s management of reviewing CGT compliance While acknowledging the CGT is still an area that [...]
The ATO has issued another DIS regarding the decision in the case of WTPG V FCT [2016] AATA 971, which concerned whether a taxpayer could claim deductions for travel expenses they incurred for their spouse to accompany them to a work-related conference in Lindon as their personal carer. The taxpayer suffered from medical conditions that [...]
A woman has been sentenced to three year’ jail by the New South Wales District Court after being convicted of three counts of refund fraud. The conviction comes after a two-year joint investigation between the Australian Federal Police and the ATO, which led to the woman’s arrest in 2014 along with her co-accused (who was [...]
