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  1. ATO slammed over ‘soul-destroying’ fraud allegations

    to have that changed even with compelling evidence and a compelling case. You can see that the way the cases unfold can lead to very unfair outcomes that may not be correct.” In contrast, in cases of tax avoidance — a less serious finding — a taxpayer...

  2. ATO set for increased audits, debt crackdown

    take on the increased number of audits for inbound funding arrangements in the very near future,” said Zara Ritchie, global lead, transfer pricing, BDO. “The loss of the appeal and the case as a whole highlight the Australian courts’ view that the arm’s...

  3. ATO reins in early access to super tax schemes

    The ATO’s guidance also leans towards a pragmatic approach to fast-moving scenarios encountered by taxpayers that may lead them to withdraw and re-contribute their super. “We understand that these are uncertain times and people’s circumstances change,...

  4. ATO readies for ramped-up myGovID push

    more under way; we are looking at a public release sometime in October,” said Claire Miller, ATO’s digital program delivery lead. MyGovID is currently available for download from Apple’s App Store for iPhone 6 and above, with the Android version set to...

  5. ATO raids 'phoenix' businesses

    debts and the non-supply of purchased goods and services. In March, AccountantsDaily reported the ATO had been appointed to lead a newly-prescribed taskforce set up to combat the threats from phoenix businesses. These raids were conducted as part of...

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

  6. ATO puts 'dodgy donors' on notice over barter credit tax scheme

    and similar arrangements may be considered fraud and expose their businesses to investigation by the ATO. It could also lead to the repayment of tax with heavy penalties and interest, as well as legal action, it added. "Further, the scheme can trigger...

  7. ATO pursues $850m in fraudulent GST claims

    seeking an unearned refund.” Mr Day said deliberate attempts to defraud the ATO or a refusal to organise repayments would lead to tougher actions, including criminal sanctions. The ATO said anyone who had engaged in the fraud should call the ATO’s...

  8. ATO promises 12-day turnaround on error-free returns

    But common mistakes will lead to longer processing times, it says. The ATO has pledged to process most electronically lodged tax returns within 12 business days, but said delays are being caused by common mistakes. Tax agents and their clients needed...

  9. ATO practice statement lays down law on illegal early release perpetrators

    in the term ‘likely to result’, which provides the ATO with the very broad powers to crack down on activities that might lead to the illegal release of superannuation benefits, even if no withdrawal has been made,” she said. “This means that merely...

    • Type: Article
    • Author: Keeli Cambourne
    • Category: Tax

  10. ATO plans SMSF registration revamp

    of the ATO’s “reinvention” program, the regulator is looking to address the processes around SMSF registration that can lead to unnecessary hold-ups, ATO assistant commissioner Kasey Macfarlane told SMSF Adviser. “Currently a lot of things go on in the...

  11. ATO penalty disclosures criticised with comparisons drawn to the robo-debt scandal

    The way the ATO is currently dealing with SMSF compliance breaches is extremely distressing to trustees and could lead to mental health issues similar to the Centrelink robo-debt scandal, according to a leading SMSF auditor. Tactical Super director...

  12. ATO outlines focus areas for SMSF auditor compliance in 2025

    to be a concern for the ATO. These models inherently restrict the amount of time an auditor can spend on an audit and can lead to lower quality audits, particularly where the SMSF has more complex investments,” the Tax Office said. Finally, the...

  13. ATO issues warning on common CGT errors to Next 5,000 groups

    Mischaracterisation of information and poor record-keeping are leading to costly errors with capital gains tax among Next 5,000 groups, the ATO cautions. The ATO has revealed some of the top errors being made with capital gains tax (CGT) through its...

  14. ATO invites feedback on updated rental tax deduction compliance guide

    out during ‘peak periods.’ “The ATO’s draft interpretation states that using such properties during ‘peak periods’ may lead to a conclusion that the holiday home is not mainly used to produce assessable income,” Greco said. “Their interpretation focuses...

  15. ATO flags top tips for trustees in lead-up to EOFY

    Clarity, record keeping, and staying up to date with requirements are some of the areas trustees should pay attention to as the trust resolutions deadline approaches, the Tax Office has said. With the trust resolutions deadline on 30 June approaching,...

  16. ATO flags top target areas for FBT this year

    employers offer their staff, which is a car or a ute. Employers often did not classify motor vehicles correctly, which could lead to mistakes calculating FBT, Madigan cautioned. "There are different categories when it comes to motor vehicles. The first...

  17. ATO flags priority areas for Next 5,000 reviews for 2025

    One area the ATO is targeting with its reviews is businesses that are experiencing rapid growth, which the ATO said can lead to incorrect reporting if the tax governance framework isn’t fit for purpose for a growing business. The ATO said will also be...

  18. ATO flags common errors emerging from SuperStream rollovers

    errors it has recently received through SuperStream messaging due to missing data and incorrect information, which can lead to inaccurate reporting results for fund members. In a recent update, the ATO said it has recently noticed many error response...

  19. ATO flags alternatives, flexibility for next STP deadline

    to take up payroll to do STP. We’ll be working with industry to look at some alternate reporting mechanisms,” the ATO’s STP lead and Assistant Commissioner, John Shepherd, told Accountants Daily. “That was a learning from the pilot that we did with...

  20. ATO flags additional updates on information accessible ahead of TBC changes

    come into effect before 1 July 2021. “These are all things that may impact an individual’s entitlement to indexation or may lead us to determine that an individual has exceeded their transfer balance cap,” she said. “If you or your client think...

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