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,...
Selling property: don’t forget the clearance certificate
Thinking of selling your property? Don’t forget you’ll most likely need to obtain a clearance certificate from the ATO. With spring weather warming up and the Australian property market is still running hot in all States and Territories. If you’re thinking of selling...
Div 293 concessional contributions assessments
High-income individuals may receive a Div 293 concessional contributions tax assessment in the mail for the 2018-19 or 2019-20 income years, it is not a mistake. Div 293 tax is imposed on individuals that exceed the high-income threshold of $250,000. The consequence...
Are State/Territory COVID-19 grants assessable?
Has your business received State or Territory COVID-19 grants in the past tax year? If you have, you may not know that some grants may be taxable while other grants are not. After another challenging year, businesses may be wondering whether the amounts they’ve...
New sharing economy reporting regime proposed by ATO
As the sharing economy becomes more prevalent and fundamentally reshapes many sectors of the economy, the government is scrambling to contain the fallout. While there is no standard definition of the term sharing economy, it is usually taken to involve two parties...
Reminder: super changes for the 2021 financial year
From 1 July 2021, a whole raft of super changes as a part of the government’s more flexible superannuation has come into effect. Three of the most important superannuation changes consist of: the increase in bring-forward arrangement contributions cap, the removal of...
ATO data matching of lifestyle assets extended
ATO is continuing its blitz on individuals with the extension of a data-matching program on lifestyle assets, find out what details will be captured here. Owners of lifestyle assets beware, the ATO has extended its data-matching program for another 2 years. The...
Tax consequences of rental concessions, deferral or waiver
If you’re a tenant or a landlord and have either received or given rental concessions, deferrals or waivers during the last financial year, here's how the concessions should be treated. As many tenants and landlords turn their attention to their 2020-21 tax returns,...