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Reforming Administration of Tax Deductible Gift Recipients

By on February 15, 2018 in Australian Tax Office Updates, NTAA
  The Government will reform the administration and oversight of organizations with Deductible Gift Recipient (DGR) status. The Minister for Revenue and Financial Services said, “These sensible reforms will enhance the role of the Australian Charities and Not-for-profits Commission (ACNC), strengthen governance arrangements, reduce administrative complexity and ensure continued trust and confidence in the sector.” [...]

ATO’s Annual SMSF Statistics

By on February 15, 2018 in Australian Tax Office Updates, NTAA
The ATO has released its latest statistics on the SMSF sector with the publication of the annual Self-Managed Superannuation Funds: A Statistical Overview 2015-16. According to Assistant Commissioner Kasey Macfarlane, “SMSFs account for 99.6% of all superannuation funds and 30% of the $2.3 Trillion in total superannuation assets in Australia.” “The annual statistics highlight the [...]

Licences and permits for your business

By on February 9, 2018 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, The Bottrell Office
  Did you know you can find all your local council, state and federal government licences and permits to run your business in one simple search? If not, it’s worth taking the time to use the Australian Business Licence and Information Service (ABLIS). What is ABLIS? ABLIS is the government’s online search tool that tells [...]

Lodgment Obligations for SMSF Trustees in Pension Phase

By on January 17, 2018 in Australian Tax Office Updates, Interesting Articles

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

By on January 17, 2018 in Australian Tax Office Updates, Interesting Articles

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 […]

Encouraging Digital Lodgment

By on January 17, 2018 in Australian Tax Office Updates, Interesting Articles

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 […]

No Expense ‘incurred’ with purchase of sequestered carbon

By on October 18, 2017 in Australian Tax Office Updates, Interesting Articles
The federal court upheld the Commissioner’s amended assessment denying a business taxpayer, Academy Cleaning & Security Pty Ltd. (‘academy’), a deduction of $420,000 for the purported purchase of 15,000 tonnes of ‘sequestered carbon’ Facts The taxpayer’s business included providing security and cleaning services under contracts that it won in tender processes, and one of the [...]