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 […]
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 […]
ELS replaced
ELS replaced ELS to be phased out but 31 March next year ELS replaced The ATO has advised that it is working with practitioners and their software providers to deliver an SBR-enabled practitioner lodgement service for all returns and statements. From July 2016, this service will become its main lodgement channel replacing the electronic lodgement […]
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 […]
Extra time for foreign investors to register agricultural land
Extra time for foreign investors to register agricultural land The ATO has advised that foreigners who own land in Australia now have until 29 February 2016 to come forward and register their agricultural land holdings. Legislation that passed on 1 December 2015 now requires all foreigners with agricultural land holdings to enter their interest onto […]
Trusts’ compliance with anti-avoidance rules reviewed
Trusts’ compliance with anti-avoidance rules reviewed The ATO has announced that it is reviewing selected trusts’ compliance with sections 100AA and 100AB of the ITAA 1936. These anti-avoidance rules are designed to prevent trustees using tax-exempt entities to shelter the trust’s net income. Specifically, it is looking at situations where a tax exempt entity is […]
Taxpayer misses out on small business CGT concession
Taxpayer misses out on small business CGT concession A taxpayer’s claim that a related trust was entitled to the small business 15-year exemption* was rejected because a loan from his trust had to be included in the net value of his CGT assets. Note:- To be able to satisfy the “maximum net asset value test”, […]
Tax help for people affected by recent bushfires
Recent advice regarding Zero Interest LRBAs and SMSFs
Recent advice regarding Zero Interest LRBAs and SMSFs Editor: Although the ATO originally indicated that LRBAs from related parties with non-commercial features, such as zero interest being charged, were “OK”, they changed this position last year. In particular, two IDs released late last year (IDs 2014/39 and 40) basically state that any income derived from […]
ATO action taken against agent non-lodgement
ATO action taken against agent non-lodgement Earlier this year, the ATO ‘encouraged’ tax agents with overdue tax obligations to bring their own tax returns and activity statements up to date. The ATO issued final notices to agents with outstanding obligations in April, with a due date of 1 June 2015. In June, 131 agents who […]
ATO correspondence
By Bottrell Group on February 5, 2016 in Hints & Tips, Interesting Articles, Motivation, Uncategorized
ATO correspondence Editor: The ATO has asked that we (and other professional associations) share the following information regarding their recently published guide on “Finding ATO correspondence”. This is no doubt thanks to the angst we (and others) have been passing on to them regarding how difficult it has become to keep track of these communications. […]
Increase ‘small lost threshold’ for super
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office
Increase ‘small lost threshold’ for super The superannuation (Unclaimed Money and Lost Members) Act 1999 was recently amended* so that, from 31 December 2015, the small lost threshold for super accounts is increasing from $2, 000 to $4, 000. (*) Amended by the tax and superannuation laws amendment (2015 Measures No. 4) Act 2015, which […]
ATO’s Visa Data Matching Program
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office
ATO’s Visa Data Matching Program The Department of Immigration and Border Protection will provide the ATO with names, addresses and other details of visa holder, their sponsors and migration agents for the 2013/14 to 2016/17 financial years. The data items that will be provided are: Address and contact history for applicants and sponsors; All visa […]
Recent advice regarding LRBAs and SMSFs
By Bottrell Group on January 29, 2016 in Australian Tax Office Updates, Hints & Tips, Interesting Articles, Motivation, The Bottrell Office, Uncategorized
advice LRBAs SMSFs advice LRBAs SMSFs In a recent meeting of the Superannuation Industry Relationship Network (involving the ATO and others in the industry), it has been reported that the ATO wants all SMSFs with non-commercial related party limited recourse borrowing arrangements (LRBAs) to put them on arm’s length terms as soon as possible, and […]
