SMSFs and dividend stripping arrangements SMSFs and dividend stripping arrangements Editor: In November 2015, the ATO made an offer to SMSF trustees who may have implemented a dividend stripping arrangement substantially similar to the one described in Taxpayer Alert 2015/1 (TA 2015/1). SMSF trustees were invited to contact the ATO to make a voluntary disclosure […]
Last ATO reminder about 30 June SuperStream deadline
Last ATO reminder about 30 June SuperStream deadline Last ATO reminder about 30 June SuperStream deadline Editor: I know we’ve been harping on about this a bit, but so has the ATO – no doubt they’re worried that a lot of smaller businesses (and maybe SMSFs) are ignoring this, and will claim ignorance when they’re […]
ATO reviews the legitimacy of not-for-profit set ups
ATO reviews the legitimacy of not-for-profit set ups ATO reviews the legitimacy of not-for-profit set ups The ATO is reviewing arrangements by taxpayers located primarily in northern NSW and southern Queensland who may be incorrectly claiming to be a not-for-profit organisation in order to avoid paying tax. Assistant Commissioner Scott Parkinson said that the ATO […]
ATO warns against diverting PSI to SMSFs
By Bottrell Group on June 21, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles
ATO warns against diverting PSI to SMSFs ATO warns against diverting PSI to SMSFs The ATO is reviewing arrangements where individuals divert their personal services income (PSI) to a self-managed superannuation fund (SMSF) to minimise or avoid tax. Deputy Commissioner James O’Halloran said these types of arrangements are typically used by SMSF members at or […]
Vend
Vend Vend is a cloud-based retailing management platform that allows users to easily sell to their customers over a web-based point of sale. It also provides users with an e-commerce solution, enabling them to set up an online store and manage it centrally. Users are able to quickly add products, meet orders and track sales […]
ATO Small business
ATO Small business ATO reminder- What’s new for small business? ATO Small business What’s new for small business? Editor: The ATO has issued a Fact Sheet as a timely reminder before the end of the financial year on the changes announced in last year’s Budget. The ATO stated that the following tax concessions were announced […]
ATO business benchmarks
ATO business benchmarks ATO releases latest business benchmarks ATO business benchmarks The ATO says that the 2013/14 data is now available for the Small business benchmarks. The ATO uses the benchmarks as a guide on industry trends to identify businesses that may be avoiding their tax obligations by not reporting some or all of their […]
Super fund collectables
Super fund collectables The ATO is asking practitioners to review whether they have SMSF clients who hold investments in collectables or personal-use assets that were acquired before 1 July 2011. If so, they only have until 1 July 2016 to comply with the Superannuation Industry (Supervision) Regulations 1994 (SIS Regulations). From 1 July 2011, investments […]
TPB reminder
By Bottrell Group on April 21, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles
TPB reminder TPB reminder to Tax and BAS agents TPB reminder TPB reminder to Tax and BAS agents The Tax Practitioners Board (TPB) has issued a statement reminding Tax and BAS agents that they must complete their annual declaration with the TPB each year, other than in the year they need to renew their registration. […]
ATO’s SMSF Auditor Independence questionnaire
ATO’s SMSF Auditor Independence questionnaire Editor: The ATO has become increasingly concerned about the ability of self-managed superannuation fund (SMSF) auditors to comply with the independence requirements contained within Accounting Professional and Ethical Standards (APES) 110, where the registered tax agent is also the SMSF auditor of a fund. It is therefore not surprising that […]
Backpacker tax
Backpacker tax Government to re-think the backpacker tax Backpacker tax Review of tax arrangements for Working Holiday Maker visa program Deputy Prime Minister, Barnaby Joyce, and Assistant Agriculture and Water Resources Minister, Senator Anne Ruston, have welcomed a review into taxation arrangements for the Working Holiday Maker visa program. The review’s scope will cover taxation […]
Accountant Facing Court
Accountant Facing Court Accountant Facing Court over client underpaying workers Accountant Facing Court Gavin: In a rather disturbing development, the Fair Work Ombudsman has commenced legal proceedings against a Victorian accounting firm in relation to its alleged involvement in the underpayment of workers. We are going to follow this case closely and possibly seek a […]
Provision of Management Reporting and Job Costing
Provision of Management Reporting and Job Costing Provision of Management Reporting and Job Costing Does your business need deeper insight and analysis to support your growth strategies? Sound and timely management reporting will assist your business in decision making when assessing the businesses profitability, cash flow, growth and other key performance indicators (KPIs). Is your […]
Introducing the Digital Business Account. ATO beta team
Introducing the Digital Business Account. ATO beta team. 3/3/16 The ATO are introducing a series of tests for the new Digital Business Account. This account will be the main place for accessing services managed by various government bodies, making it easier for Australian businesses to access such services in a secure online channel. The concept […]
DHS benefits & entitlements
By Bottrell Group on March 29, 2016 in Australian Tax Office Updates, Interesting Articles, Motivation, Uncategorized
DHS benefits & entitlements DHS specified benefits and entitlements data matching The ATO has advised that it will collect information from the Department of Human Services (DHS) for the following benefits and entitlements: family tax benefits – part B; paid parental leave scheme; carers’ allowance; and Medicare entitlement statements. This data will be compared with […]
