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
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
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...
Claiming tax losses: make sure you pass the test
Need to lower your company’s tax payable? The easiest way is to utilise prior-year tax losses, however, beware of conditions that apply With tax time 2021 nearly over, many businesses will now be finalising their tax returns. For many of these businesses, the 2020-21...
Deadline for Director Identification Number applications
The Director Identification Number regime is coming, with the application process to open soon. Do you know if it applies to you and what the deadlines are? The Director Identification Number regime came into force late in 2020 as a tool for the government to reduce...
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
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
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...
New stapled super changes coming for employers
There’ll soon be an extra step for employers that hire new employees in relation to the recent stapled super fund changes. Employers beware, from 1 November 2021, if you’re hiring new employees, there may be an extra step involved in determining which super fund...
Closing a business? Don’t forget the GST registration
If you’re closing or selling your business, don’t forget about the GST obligations you’ll have to meet including deregistration and lodgment of final returns. If the current prolonged lockdown and economic conditions has prompted you to sell or close your business,...