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  1. ATO handed more power with new DPT laws

    to implement the new Diverted Profits Tax (DPT) will shift the power bar further towards the ATO, according to one mid-tier. Last week the federal government introduced legislation to implement the new DPT. BDO tax partner, Mark Molesworth, said the...

  2. ATO guideline gives clients ‘breathing space’

    years to repay certain corporate beneficiary entitlements and releasing an accompanying practical compliance guideline. Last week, the ATO released guideline PCG 2017/13, allowing trusts to refinance unpaid entitlements of corporate beneficiaries for an...

  3. ATO graduate program for 2025 closing soon

    and integrity. Our graduate program is available to graduates who have completed their university degree within the last 5 years or are in their final year of study. “Our program brings in some really talented people and I’m excited to meet the 2025...

  4. ATO gives taxpayers green light to lodge returns

    from previous years as rules around claims could change. “Make sure you don’t just ‘copy and paste’ your deductions from last year, because you might be missing out on everything you’re entitled to. Check out the guidance on our website about what you...

  5. ATO gives insight to 'audit of auditors' process

    In a compliance briefing last week the ATO has given insight to its process for auditing SMSF auditors, including what triggers the ATO to review SMSF auditor behaviour. The ATO expects to engage with approximately 1,000 SMSF auditors this year to...

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

  6. ATO gets defensive on big business tax compliance

    larger, than the large corporate tax gap that we released of $2.5 billion dollars,” said commissioner Chris Jordan late last year. [email protected]

  7. ATO funding to bring more taxpayers under real-time scrutiny

    this money – so they’re not reviewing necessarily what happened three or four years ago, they’re reviewing what happened last year,” he said. “Or they’re saying, ‘We read in the newspapers that you're selling this, or we saw on TikTok you might be...

  8. ATO freezes $80m worth of assets detailed in Pandora Papers

    Federal Court after he was alleged by the ATO to have engaged in tax avoidance arrangements. The Federal Court of Australia last Friday (8 October) approved the freezing of $83.2 million worth of assets either owned in part or full by property...

  9. ATO focuses on dodgy work-from-home claims

    WFH deductions, acting assistant ATO commissioner Sylvia Gallagher said, with 4.1 million taxpayer claims already exceeding last year’s figure and a huge increase on 2019, when there were just 1.4 million. Work-related expenses would continue to look...

  10. ATO focus on historical tax debts creating ‘challenging environment’, warns lawyer

    or tax liabilities that are outstanding," said Lancaster. "I think that one of the key themes that I've noticed over the last two to three years after the Covid holiday is that a lot of the historical debts are now being chased with some vigour."...

  11. ATO flashes warning over $7.2bn car expenses claims

    Over $7.2 billion in work-related car expenses claimed last year have placed the popular deduction firmly in the headlights of the ATO this tax time. According to ATO assistant commissioner Karen Foat, over 3.6 million people made a work-related car...

  12. ATO flags alternatives, flexibility for next STP deadline

    Commissioner, John Shepherd, told Accountants Daily. “That was a learning from the pilot that we did with small business last year. The finding of that was that not all small employers would want to take up a payroll product, and also, the need to have...

  13. ATO finds accounting firms with data, cyber security breaches

    to take proactive measures with cyber security this tax time, after a spate of incidences involving accounting firms last year. Speaking on the ATO’s Tax Time Cyber Security webinar, ATO chief information security officer, Jamie Norton said there were a...

  14. ATO finalises tax determination on circular financing arrangements

    (if any) risk on their investment. It first raised concerns about these arrangements in a taxpayer alert issued in December last year. In the alert, the ATO warned that advisers were encouraging investors and start-up owners to claim the early-stage...

  15. ATO finalises guidance on new discretion to retain refunds

    obligations have not been fulfilled. The passage of Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 early last year now allows the Tax Commissioner to retain a refund where a taxpayer has an outstanding notification that is required...

  16. ATO figures show property investors missing out on tax breaks

    expressed concern about the change in the knowledge levels of SMSF investors over time. “Since the borrowing rules over the last number of years have been relaxed around property for SMSFs, even though they've tightened them up again now, people were...

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

  17. ATO eyes undisclosed foreign income as fresh offshore data rolls in

    have financial dealings in countries like China, the United Kingdom, Switzerland, Singapore and the United States. Last year, 106 Australians who were suspected of utilising tax evasion schemes through holding unnamed numbered Swiss bank accounts were...

  18. ATO eyes foreign tax credits in compliance crackdown

    urged to review historical claims following the court’s affirmation of the ATO’s interpretation of the FITO provisions. Late last week, the High Court refused a taxpayer’s application for special leave to appeal the Full Federal Court’s decision in...

  19. ATO extends JobKeeper monthly declaration after system downtime

    such, the ATO has now confirmed it will continue to accept and process late declarations. “As our systems were unavailable last weekend due to planned system maintenance, we will continue to process the monthly declaration to reimburse employers for...

  20. ATO extends initial JobKeeper payment deadline

    are eligible.” The extension in time to meet the wage condition comes after the ATO registered the alternative tests late last week and the Treasurer revealing that further changes would be made to the JobKeeper rules. Assistant Treasurer Michael Sukkar...

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