ATO reminder to small businesses this tax time
Small business owners beware, the ATO is again putting the appropriateness of deductions and omission of business income under the microscope this tax time. During this tax time, the ATO has once again reminded small businesses of their tax obligations and highlighted...
Record Keeping
You are legally required to keep records of all transactions relating to your tax and superannuation affairs. Failing to keep correct records can have financial consequences. You are legally required to keep records of all transactions relating to your tax and...
Tax Time 2022 is around the corner
The ATO is reminding businesses this tax time 2022 to see if there are tax-deductible items or concessions they are able to access and to consider their record-keeping habits of the past year. As the end of another tax year approaches, the ATO has reminded businesses...
Personal super deductions: remember the notice
Considering making a personal contribution to super and would like to claim a deduction on the contributions made? Remember to give the required notice! If you are considering making a personal contribution to your super and would like to claim a deduction on the...
Single Touch Payroll (STP): Phase 2
Employers not yet reporting additional information under Phase 2 of STP should be getting ready to transition. Single touch payroll (STP) has now entered into Phase 2, although most employers may not yet be reporting under this phase as many digital service providers...
Tax time 2022: ATO focus areas
2022 Tax time is fast approaching, and this financial year, the ATO will again be focusing on a few key areas to ensure that individuals are doing the right thing and paying the right amount of tax. These key areas are considered by the ATO to be problem areas where...
COVID related support for Self Managed Super Funds
Due to COVID-19, trustees of a Self Managed Super Fund may provide or accept certain types of relief, which constitute contraventions of the super laws, the ATO is offering support to SMSF trustees. You may also have been stranded overseas because of travel bans,...
Operation Protego: detecting GST fraud
ATO is cracking down on GST fraud with Operation Protego, set up to investigation around $850m in potentially fraudulent payments. The ATO has lifted the lid on its most recent operation to stamp out GST fraud, Operation Protego, in order to warn the business...
More ATO action on super guarantee non-compliance
Employers take note, the ATO could soon be taking a tougher stance in addressing super guarantee non-compliance. The Australian National Audit Office (ANAO) has recently issued a report on the results of an audit conducted on the effectiveness of ATO activities in...
Changes coming for crypto and digital assets
It is estimated that more than 800,000 Australians participated in the crypto & digital assets market in the last three years. With the release of terms of reference for various reviews into the regulation and taxation of crypto & digital assets, it’s time to...