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  1. ATO’s growing data access ‘alarming’, says TaxTank CEO

    Taxpayers should be questioning the ATO’s right to their private information as many taxpayers are unaware this could lead to unexpected fines and consequences in the future, Kelly said. “Many Australians are unaware of the ATO’s extensive reach into...

  2. ATO’s adviser strategy zeroes in on late-paying partners

    Taskforce’s efforts to target advisers given their “important role” in supporting businesses. “Taxpayers take their lead from their advisers. Therefore, it’s critical that advisers ensure their own tax and super affairs in order,” said the ATO. Under...

  3. ATO's new CGT focus to increase compliance risks on SMSFs

    The recent focus from the ATO on capital gains tax (CGT) concessions can lead to increased compliance risks for SMSFs involved along with additional flow on super consequences if the CGT relief is not correctly applied. The ATO recently issued a...

  4. ATO yet to analyse profit-making companies on JobKeeper

    the ATO if it had done any analysis on companies with increased profits while on JobKeeper, as the Opposition continues to lead calls for large corporates to return the wage subsidies before paying out executive bonuses and dividends. “From the ATO...

  5. ATO wins landmark diverted profits case against Pepsi

    the DPT could be an effective tool in the “ATO’s arsenal to tackle multinational tax avoidance”. “The Pepsi matter is a lead case for our strategy to target arrangements where royalty withholding tax should have been paid.” While the decision could be...

  6. ATO warns taxpayers to disclose now

    to disclose offshore income and assets now under the 'Project Do It' initiative or expect compliance action that could lead to significant penalties. Deputy commissioner Michael Cranston said the ATO will begin requesting information exchanges with...

    • Type: Article
    • Author: Michael Masterman
    • Category: Tax

  7. ATO warns tax professionals of scams

    often contain an attachment or fake links requesting the recipient to lodge a form. Opening these attachments or links can lead to spyware or a virus being downloaded. In a separate communication, the Tax Practitioners Board also warned tax agents to be...

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

  8. ATO warns against profit shifting

    of taxpayer alerts as an early warning to taxpayers and their advisers about emerging profit-shifting arrangements that may lead to tax avoidance. “Taxpayer alerts set out our concerns on emerging practices,” Mr Hirschhorn said. “They are an effective...

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

  9. ATO urges vigilance following registration scams 

    new ways to target the community. “We expect to see more of these malicious attempts to steal identity details in the lead up to tax time,” he said. “We are concerned about a recent increase in the number of victims reporting scams around TFN and ABN...

  10. ATO urged to postpone tax determination on NALI and CGT

    Treasury.” The industry associations also warned that the proposed calculation method outlined in the tax determination may lead to unfair tax outcomes for super funds. “We recognise that the results of the calculations in the draft TD arise because of...

  11. ATO to triple credit referrals in ‘stronger actions’ on debt

    to more than six every business day. “In FY2023-24 we expect to issue over 50,000 intent-to-disclose notices that may lead to over 2,500 businesses being subsequently disclosed.” The projected figure of 2,500 amounts to almost 10 every business day and...

  12. ATO to streamline transfer balance cap reporting framework

    reporting,” the ATO said. All SMSF industry stakeholders are welcome to provide feedback and can contact consultation lead Fiona Athanasiadis, Superannuation and Employer. The consultation is expected to be completed by December 2021. The event-based...

  13. ATO to ramp up scrutiny of $20K tax break use

    can result in follow-up contact,” Mr Croker said. “Spending leaves a data trail, and the ATO expects that trail to lead to bona fide business activity. Few appreciate the huge amount of data the ATO collects to monitor business spending patterns.” CA...

  14. ATO to lead two new crime taskforces

    The tax office will lead two newly-prescribed taskforces set up to combat threats from phoenix businesses and the misuse of trust structures. Acting ATO deputy commissioner Will Day welcomed the ATO's role in the taskforce, saying phoenix activity...

  15. ATO to home in on incorrect tax residency claims

    is a key risk in the privately owned and wealthy group market,” the Tax Office said. “Incorrect residency disclosures may lead to other tax risks, which may present for the taxpayers and their wider group.” It was also noted that additional risks may...

  16. ATO to adopt 'more explicit and consistent' approach on tax debt interest

    dispel the myth that they do not provide finance businesses with tax debts. The Tax Office is hopeful this approach will lead to better management of debts on an ongoing basis and also resolve some of its current debt book, he said. Hirschhorn also said...

  17. ATO tells accountants to caution clients of scammers 

    head over heels for a scammer”. The ATO is telling accountants to ensure their clients are aware of possible scammers in the leadup to tax time. The Tax Office said ensuring clients know of the warning signs was crucial to avoid them “falling...

  18. ATO tax governance scrutiny driving corporate transformation

    says Thomson Reuters. With the Tax Office changing its approach to engaging with businesses, Thomson Reuters regional lead for strategic alliances and global firms, Hydar Al Ammar, said that he has seen businesses begin to reach out to better understand...

  19. ATO takes aim at ‘reckless’ claims of legal privilege

    withheld from the ATO. “Reckless LPP claims over non-privileged documents unduly hinder ATO investigations and lead to extended disputes about information gathering, instead of focusing on the resolution of the substantive issue,” she said. “These...

  20. ATO stands by ruling despite gym deduction win

    a high degree of anaerobic fitness (that is, a degree of muscle strength sufficient to control a large German shepherd on a lead in a volatile situation) and a high degree of aerobic fitness (that is, a degree of speed and agility sufficient to enable...

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