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  1. Tax office targets compliance costs

    reducing compliance costs for business by progressing several “key strategies” in the coming year. In a statement released last week, the ATO said it is committed to reducing compliance by “providing contemporary services and making it easier for people...

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

  2. Tax Office targeting DPNs at directors with high-value assets

    “One is to encourage disengaged taxpayers to deal with the ATO. So that's a taxpayers that haven't dealt with the ATO in the last three months or 100 days,” said Mudford. “They're using that game as a tool to basically reengage that client.” Another...

  3. Tax office sounds warning on pensions

    responded to confusion regarding the partial segregation of assets for pension purposes. Speaking at the CPA SMSF conference last week, the ATO’s Kasey MacFarlane, assistant commissioner, SMSF segment, superannuation, confirmed that SMSF trustees cannot...

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

  4. Tax Office reveals disqualified trustees register

    The register of disqualified trustees shows the names of individuals who were disqualified between October 2012 and December last year, with a breakdown of state or country and postcode. A link to a gazettal notice has also been provided for each...

  5. Tax office reveals all SMSF penalties for FY15

    handed out about 54 education directions and 27 rectification directions, Ms Simmons said. The powers, introduced in July last year, allow the tax office to impose administration penalties on trustees for certain SIS Act breaches. In addition, the...

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

  6. Tax Office reveals adventurous, dubious claims ahead of tax time

    and has specifically placed work-related clothing and laundry claims on notice after a 20 per cent rise in claims over the last five years, with 6 million people claiming nearly $1.8 billion in laundry expenses last year. In a bid to showcase examples...

  7. Tax office releases new cryptocurrency updates

    that may arise through profits derived from cryptocurrency investment,” an ATO spokesperson told Accountants Daily late last month. The ATO will be using its existing and standard processes to address unexplained wealth and “conspicuous consumption”...

  8. Tax office provides clarification on LRBAs

    clarification from the ATO on whether two recent interpretive decisions will be applied retrospectively. In December last year, the ATO issued two interpretive decisions, ATO ID 2014/39 and ATO ID 2014/40, which confirmed that nil interest borrowing...

    • Type: Article
    • Author: Miranda Brownlee
    • Category: Tax

  9. Tax office issues warning on imminent rule change

    fund’s name within seven days of the SMSF acquiring it. Speaking at the SMSF Association’s national conference in Adelaide last week, the ATO’s Kasey Macfarlane said the commissioner is not going to be sympathetic to those who have not met the new...

    • Type: Article
    • Author: Miranda Brownlee & Katarina Taurian
    • Category: Tax

  10. Tax Office issues reminder as lodgement deadline approaches

    is encouraging people to take advantage of potential refunds by lodging their return or engaging a tax agent by 31 October. Last year, around 475,000 taxpayers who completed their own return lodged late. Of these late lodgers, over 300,000 had been...

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

  11. Tax Office issues crucial scam warning for businesses

    consequences. The Tax Office said ATO impersonation email scam reports had increased by over 300 per cent from the same time last year, with more scam reports expected around tax time as scammers were aware this is when people would usually hear from...

  12. Tax Office issues 8,710 DPNs over unpaid super in 2023–24

    more than double the 3,660 DPNs issued in relation to unpaid super in 2022–23. The Tax Office issued a warning to businesses last month, outlining its new compliance approach to unpaid tax and super. "We are now focusing on businesses who refuse to...

  13. Tax Office insurance data haul to capture ‘ordinary’ taxpayers

    of catching wealthy tax cheats, but its wide net could mean ordinary taxpayers get caught too, warns an accounting network. Last week, the Tax Office announced it would request to receive a further five years’ worth of policy information from over 30...

  14. Tax Office figures paint different negative gearing picture

    is mainly used by teachers, nurses and emergency service personnel. The ATO’s 2016–17 taxation statistics, released late last month, showed that those with the occupation category of chief executive or managing director, general manager or director were...

  15. Tax Office defends use of external debt collection agencies

    undisputed debt”, as concerns over the aggressive conduct of their staff linger. Speaking at the Senate Estimates last week, ATO chief service delivery officer Melinda Smith said the Tax Office sets clear service benchmarks for external debt collection...

  16. Tax office crackdown on SMSF trustees who 'play the system'

    practices in their own personal and business affairs could impact how the ATO views and scrutinises their SMSF. Late last week, Kasey MacFarlane, ATO assistant commissioner of the SMSF segment, superannuation, said that if the regulator finds an...

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

  17. Tax leader clarifies deadline details

    will be entitled to a longer period — subject to your lodgement history,” she explained. “If you have left your tax to the last minute, then speak to your local chartered accountant by 31 October and you might just be eligible for the extension.” 2....

    • Type: Article
    • Author: Cameron Micallef
    • Category: Tax

  18. Tax laws trap domestic abuse survivors in debt cycles, expert warns

    as statistics from the UNSW Tax Clinic showed that over 80 per cent of female clients self-reported domestic violence in the last year, up from 60 per cent in 2022. During a panel discussion at the Tax Institute’s annual summit last week, Associate...

  19. Tax Institute welcomes IGTO's proposed review areas

    of Taxation and Taxation Ombudsman (IGTO) released a consultation on its draft work plan for systemic reviews last month, which sets out the areas it has identified as suitable for broad, systemic reviews. The Work Plan has been divided into two...

  20. Tax Institute urges government to scrap Div 296, review NALI

    stakeholders on the current non-arm’s length income provisions to address uncertainties in the legislation that was passed last year. In its submission, the Tax Institute said further stakeholder consultation and redesign are needed on Div 296 to ensure...

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