The latest apps to join our marketplace
From retail to property management apps, say hello to the exciting newcomers to Xero’s app marketplace. Abtrac – Professional Services Available: Australia, New Zealand Abtrac manages all your projects, timesheets, disbursements, offers professional looking invoices and synchronises clients, and invoices with Xero. Abtrac saves time, streamlining processes and centralising key data. Approval Donkey – Accounting Available: Australia, New Zealand […]
Lodgment Obligations for SMSF Trustees in Pension Phase
Earlier last year, the ATO contacted self-managed super funds (SMSFs) that have failed their regulatory obligations by not lodging multiple SMSF annual returns while clearly remaining active. Feedback from trustees who subsequently lodged returns identified a group of trustees in pension phase. Because these trustees were drawing a pension and not lodging personal income tax […]
How e-Audits are Changing the Way the ATO Engages with Clients
Conducting e-Audits is one of the approaches the ATO uses to ensure that businesses are paying the right amount of tax by assessing the integrity and governance controls of business and IT systems. It involves obtaining electronic data to compile, verify and analyse electronic record keeping and accounting information taxpayers provide. If a taxpayer is […]
Tool for Applying the Margin Scheme to a Property Sale
The ATO is recommending that taxpayers use their recently updated GST property decision tool to work out if GST applies to their property sales. The tool can be used to determine GST on the sale, lease or purchase of real property (including vacant land, residential and commercial premises), and was recently updated for easier use […]
Don’t Duplicate Rental Deductions
Encouraging Digital Lodgment
The ATO has advised that, from November, the ATO may send clients that lodge paper activity statements an email or SMS message encouraging them to lodge through the digital channels. The message will include a link to the ATO’s Online Services page for information about lodging and paying online, but will also include the option […]
