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  1. ATO issues fresh bitcoin warnings as scams surface

    office had identified fraudsters demanding bitcoin or other cryptocurrencies as a form of payment for fake tax debts late last year. “We became aware of scammers seeking payment in bitcoin last year. So far we have seen over $50,000 paid in bitcoin to...

  2. ATO issues FBT reminder as March deadline looms

    said. On 31 March, the FBT exemption for plug-in hybrid electric vehicles (PHEVs) will also end, meaning this might be the last year that employers could claim the exemption. However, an employer can continue to apply the exemption if the PHEV was used...

  3. ATO issues draft determination on dodgy circular financing schemes

    following the emergence of a tax avoidance scheme involving the early-stage investor tax offset. In a taxpayer alert issued last year, the ATO explained that the scheme promoted involves an investment opportunity in a start-up company. The scheme...

  4. ATO issues call-out for tax dobbers

    economy activities as its tip-off hotline continues to ring hot. Since launching its new Tax Integrity Centre (TIC) in July last year, the ATO has now received 27,000 tip-offs, with a record-breaking 15,000 tip-offs received in the first quarter of...

    • Type: Article
    • Author: Reporter
    • Category: Tax

  5. ATO issues $23m in assessments after latest ESST raids

    suspected of using, manufacturing, or supplying electronic sales suppression tools (ESSTs) to avoid paying tax. Over the last two weeks, ATO officers led raids on 17 premises associated with three businesses suspected of supplying or manufacturing ESSTs...

  6. ATO issues ‘last warning’ on overdue TPARs

    letters about their overdue TPAR and haven’t lodged their 2023 or prior year TPAR,” said the ATO in a recent update. “Last year we issued approximately $18m in penalties to more than 11,000 businesses,” it said. The ATO reminded tax professionals that...

  7. ATO investment strategy guidance ‘unnecessary’: SUPERCentral

    trustees what they are already telling themselves to do, argues SUPERCentral. The guidance, which was released by the ATO last week, advised SMSF trustees to set out why and how they’ve chosen to invest their retirement benefits in order to meet their...

    • Type: Article
    • Author: Adrian Flores
    • Category: Super

  8. ATO investigation uncovers ‘serious’ cases of SAN misuse

    of SMSF auditor numbers, and has also identified some more serious cases involving forged audit reports. In March and April last year, the ATO sent a list to approximately 5,000 auditors with funds that had reported them as the auditor on the 2017 SMSF...

  9. ATO interest charges: matters of interest

    ATO that is not in dispute. As of 30 June 2024, collectible debt was $52.8 billion, and has increased substantially in the last few years. The policy change also sends a message that those who do not pay their tax on time should not gain advantage over...

  10. ATO interest charges soar to highest level since GFC

    quarter rises to 11.15 per cent while the SIC annual rate goes up to 7.15 per cent. The second quarter of 2012 was the last time that either rate was higher. The ATO said GIC was applied to late payment of most taxes including income tax, FBT, GST and...

  11. ATO interest charges hit highest level in a decade 

    quarter of 2012 when the GIC annual rate was 10.62 per cent and the SIC annual rate was 6.62 per cent. For the same quarter last year, the rates only increased by 0.03 per cent, with the GIC rate at 7.07 per cent and the SIC rate at 3.07 per cent. The...

  12. ATO increasing data exchange with international regulators

    tax regulators in different countries is rapidly increasing, with the ATO turning in around 30,000 US expats to the IRS just last year according to a US tax lawyer. Moodys Gartner director Roy Berg explained that under the Foreign Account Tax Compliance...

  13. ATO in the firing line

    “The Budget forecasts for the 2014/2015 year will see total staffing in the general government sector return to the level last recorded in 2007/2008.

  14. ATO homes in on SMSF auditors

    funds.” Ms Fleming said that the number of auditors that the ATO has been referring to ASIC has increased over the last three years. “Of the 715 auditors that we’ve reviewed, we’ve referred 96 to ASIC. I think that is a reflection of the SMSF industry...

  15. ATO holds millions in unclaimed refunds after 200k skipped lodgment

    About 200,000 taxpayers who failed to do their taxes last year would “likely” have received a refund, according to the ATO, as part of a campaign to push for on-time income tax lodgment. With the deadline of 31 October for self-preparers edging closer,...

  16. ATO hits up professionals in multibillion-dollar swoop

    affected taxpayers and their professional advisers. The 1,000-person strong Tax Avoidance Taskforce, which was established last year, has been investigating the tax arrangements of a large number of companies, including multinational corporations...

  17. ATO hits SMSF trustees with record disqualifications, fines

    trustees from overstepping the mark. The ATO disqualified a record 753 SMSF trustees and imposed $29 million in penalties last year and has flagged renewed resolve to crack down on those persistently breaking the law in 2023–24. It said that compared to...

  18. ATO hits pause on ‘firmer’ tax debt collection

    however, has confirmed that it will not implement a universal pause on all compliance work, a departure from its position last year where it halted all debt and lodgement campaigns in light of the COVID-19 pandemic. “We have not halted our debt and...

  19. ATO hints at ‘common sense’ approach to COVID test deductions

    ATO is also taking a sensible approach to record-keeping, recognising that many may not have been keeping records since July last year.” Business clients were likely to have records to substantiate their claims, but employees who had previously...

  20. ATO hands down unusual penalty

    for failure to lodge, following up outstanding cases. However, the ATO prefers to leave prosecution as a measure of last resort, and would rather engage with trustees in an effort to help them meet their obligations, the spokesperson said. Also speaking...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Regulation
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