Injured Worker Data Matching Program The Comcare Chief Executive Officer has announced that Comcare will request and collect from the ATO details of approximately 4,500 individuals who are currently receiving, or have received, incapacity payments in relation to a Comcare workers’ compensation claim for any period during the financial years 2009/10 through 2011/12. Injured workers […]
Credit and Debit Card data matching program
Credit and Debit Card data matching program The ATO will request and collect data relating to credit and debit card sales of approximately 900,000 merchants for the periods from 1 July 2012 to 30 June 2014 from the following financial institutions: Commonwealth Bank of Australia; St George Bank; Westpac Banking Corporation; Australia and New Zealand […]
Lodge newly registered SMSF annual returns on time
Lodge newly registered SMSF annual returns on time The ATO has issued a reminder that the 2013 SMSF annual return for new registrants is due on 28 February 2014. To help clients to prepare for lodgment, the ATO recommends letting them know the audit report needs to be completed so that their SMSF annual return […]
Lodgement performance requirements
Lodgement performance requirements The ATO has issued new information regarding its expectations of tax agents in relation to their lodgment performance. From 1 July 2013, they will apply “specific treatments”, taking a differentiated approach, to improve lodgment performance across the tax profession. Before applying a “treatment”, they will contact the agent to discuss the circumstances […]
FBT return lodgement date change
FBT return lodgement date change In consultation with the tax profession, the ATO has changed the lodgement due date for all tax agents lodging 2014 FBT returns electronically, regardless of the number of FBT clients agents have. Due dates for lodgement of 2014 FBT returns lodged: electronically – the due date is 25 June 2014; […]
ATO withdraws controversial segregation determination
ATO withdraws controversial segregation determination The ATO has withdrawn TD 2013/D7 with effect from 11 December 2013. TD 2013/D7 explained the Commissioner’s preliminary view about when an asset of a complying superannuation fund is “invested, held in reserve or otherwise being dealt with for the sole purpose of enabling a fund to discharge liabilities payable […]
Amendments to Auditor Independence requirements
Amendments to Auditor Independence requirements The accounting professional and ethical standards board (APESB) has released amendments to APES110- code of ethics for professional accountants, to align it with the recent amendments to the international code issued by the international ethics standards board for accountants (IESBA). The revisions to the code incorporate IESBA’s amendments in respect […]
Government announces further changes to FOFA
Government announces further changes to FOFA The government has stated that, although it supports the principles of the Future of Financial Advice (FOFA) reforms, the previous government “went too far, creating unnecessary complexity, imposing significant burdens on the industry and reducing the availability and increasing the cost of advice to consumers.” Consequently, it has announced […]
Recent tax and super cases
Recent tax and super cases Sole director of corporate trustee did not ‘control’ trust The AAT has held that the sole director and shareholder of the corporate trustee of a discretionary trust did not ‘control’ the trust for the purposes of the CGT small business concessions. Instead, the AAT found that the trust was not […]
Reprieve for limited recourse borrowing arrangments
Reprieve for limited recourse borrowing arrangments The ATO has become aware of a number of issues regarding the application of the in-house asset exemption provided by S.71(8) of the SIS Act to an investment in a related trust held by an SMSF as a required part of a limited recourse borrowing arrangement (LRBA). The in […]
Car expense rates per km- 2013/14
Car expense rates per km- 2013/14 The car expense rates per kilometre have been set for the 2013/14 year. They have been increased for the first time since 2008/09 2012/13 small car 63c medium car 74c large car […]
Review of unlegislated tax measures completed
Review of unlegislated tax measures completed The Assistant Treasurer has announced the outcome of consultations over the backlog of 92 announced but unlegislated tax and superannuation measures. The government previously announced that 18 of those measures would proceed, 3 would be amended and 7 would not go ahead. Of the remaining 64 measures that were […]
Professionals ‘misusing’ partnerships of trusts
Professionals ‘misusing’ partnerships of trusts The ATO is reviewing arrangements involving accountants, lawyers and other professionals operating through partnerships of discretionary trusts, and conducting examinations in appropriate cases, to consider whether the transactions are effective at law. The ATO acknowledges that professional practices may “legitimately operate as a partnership of discretionary trusts, but in some […]
Tax help for people affected by bushfires
Tax help for people affected by bushfires The ATO has assured people directly affected by bushfires that their refunds will be fast tracked and that they will have additional time to lodge tax returns and activity statements. Specifically, for people in affected suburbs ( eg: Stoneville and Parkerville, Western Australia (Postcode 6081) – check the […]
GIC and SIC rates for March 2014 quarter
GIC and SIC rates for March 2014 quarter The ATO has released the March 2014 quarter rates for the General Interest Charge (GIC) and the shortfall Interest Charge (SIC) as follows: GIC annual rate- 9.59% GIC daily rate- 0.02627397% SIC annual rate 5.59% SIC daily rate 0.01531507% Also, the interest rate on overpayments, Interest rate […]
