Helpful Articles and News from Garnet

Data-matching: Medicare Exemption Statement

Data-matching: Medicare Exemption Statement

ATO has announced the extension of its Medicare exemption statement data-matching program. As the year draws to an end, the ATO has extended another data-matching program, this time into the Medicare Exemption Statement (MES). The MES is a statement that outlines the...

Up and coming changes to super

Up and coming changes to super

Changes to the work test, downsizer contributions, first home super saver scheme, and the minimum threshold for super guarantee has been introduced. How will these changes to super affect you? The government has recently introduced a raft of superannuation and related...

ATO’s use of the GST Analytical Tool

ATO’s use of the GST Analytical Tool

Details have been released on the GST Analytical Tool (GAT) used by the ATO in GST reviews and assurance. So, how does it work? The ATO says this tool is used to obtain assurance that business taxpayers are paying the right amount of GST. It uses a standard method...

ATO scrutinising gifts or loans from overseas

ATO scrutinising gifts or loans from overseas

Taxpayers that have received gifts or loans from overseas family and relatives beware, the ATO is currently scrutinising these types of transactions. The ATO has recently issued an alert, warning taxpayers against disguising undeclared foreign income as gifts or loans...

COVID-19 relief for SMSFs extended

COVID-19 relief for SMSFs extended

The ATO has announced the extension of various COVID-19 relief for SMSF trustees to the 2021-22 financial year. Due to the ongoing economic impacts of COVID-19 on large parts of Australia, in particular, those States and Territories which have had to endure lengthy...

Medium and emerging private groups ATO program

Medium and emerging private groups ATO program

The ATO is continuing to run the medium and emerging private groups program, if you and your associates have “wealth” over $5m you could be targeted. The ATO runs many compliance programs targeting privately owned and wealthy groups, while the majority of the...