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  1. ATO dodges ‘flak’ with penalties approach to STP

    a lot of flak” if it questions every pay-run data it receives. Speaking at MYOB Partner Connect 2018 in Melbourne, ATO STP lead and assistant commissioner John Shepherd said the tax office has received an influx of questions from practitioners and...

  2. ATO dispels myths about super rules in response to fake articles

    of relying on unofficial online content, particularly for trustees managing their own super. “Not only can misinformation lead to poor financial decisions, but many of these sites are phishing or scam platforms designed to harvest personal data,”...

  3. ATO details SMSF monitoring strategy

    industry more generally and providing assistance where required." Each auditor contravention report received by the ATO will lead to the SMSF being risk rated on the basis of the information in the report and other information, with funds receiving a...

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

  4. ATO debt recovery changes to strain AAT resources, increase burden of proof

    action will further strain the resources of the AAT and increase the burden of proof for small businesses that could lead to ineffective outcomes in tax disputes, according to CA ANZ. The government has recently released draft legislation that outlines...

  5. ATO debt call centre ‘unfit for purpose’

    Routine verification checks for many who deal with the ATO constantly tie up hours of lawyers and tax agents’ time but lead nowhere when the amount exceeds the threshold. “I do not believe the ATO call centre is working properly in relation to...

  6. ATO cracks down on property investors as errors creep up

    “Our data analytics scrutinise returns for rental deductions that seem unusually high. We will ask questions, and this may lead to a delay in processing your return.” Common mistakes include failing to declare all rental income or any capital gains from...

  7. ATO crackdown on profit restructuring leading to higher tax bills: RSM

    practitioners’ earnings were not being appropriately taxed as personal income. Kristy Binns, RSM Australia corporate tax leader, said the PCG applied to professional services businesses that used structures such as trusts to distribute profits....

  8. ATO confirms LRBA focus in diversification probe

    letters to ensure they have documented how they considered investing in an investments where sharp price fluctuations could lead to significant losses.”

  9. ATO confirms changes to ‘bugbear’ reporting issue

    they can make those declarations on each STP report for the next 12 months,” Assistant Commissioner and Single Touch Payroll Lead at the ATO John Shepherd told Accountants Daily. The declaration requirement is long-standing for the tax profession, but...

  10. ATO clears up FAQs about Single Touch Payroll

    alike have cleared up some common points of confusion about associated AUSkey and myGov requirements. The ATO’s project lead for STP, John Shepherd, joined a panel of professionals to discuss the practical implications of STP earlier this week. You can...

  11. ATO clarifies super guarantee amnesty confusion

    senior tax trainer, Robyn Jacobson acknowledged the tricky environment for advisers but believes disclosure will ultimately lead to better outcomes for clients. “The employer will always be better off disclosing than not disclosing: they will either get...

  12. ATO calls out tax advisers still making ‘basic’ errors

    practitioners, and financial advisers – to “leverage” their influence on clients’ compliance. “Taxpayers take their lead from their advisers, who set the standard for integrity, so, it’s critical that advisers ensure their own tax and super affairs are...

  13. ATO announces tax time changes for TPAR data

    to lodge after this date instead. “Lodging in July or early August means this information may not appear yet. This could lead to omissions, the need for amendments, and repayment of refunds later,” it said. “Lodging after 28 August gives you the best...

  14. ATO and Lunar seize over $6m of illicit tobacco in West Victoria

    crime groups from becoming involved. “We have said previously that Victoria police is focused on targeting syndicate leaders, directors, facilitators and organisers responsible for this criminal offending,” Hatt said. “That remains a key priority for...

  15. ATO ‘scrutinising’ section 109RB requests, practitioners warned

    having regard to Division 7A or putting in place arrangements deliberately intended to circumvent Division 7A will also not lead to a favourable exercise of that discretion on the basis of an honest mistake or inadvertent omission,” she said. “It’s...

  16. ATO ‘intimidating’ firms under new partner profit guidelines: IPA

    to self-assess, and in doing so, to provide this information to the ATO in response to an information request, which could lead to a review.” The ATO’s guidelines stem from a concern that owners of a professional firm are being taxed on an “artificially...

  17. ASX-listed firm names CA, CPA in exec ranks

    founded by Bryam Johnston and Martin Smith in 2006. The firm’s board yesterday announced two significant changes to its leadership. Mr Johnston, who is a fellow of the Institute of Chartered Accountants, has stepped down from the role of CEO to solely...

  18. Associations call for extension of energy incentive

    smart and efficient energy upgrades for small businesses.” “We also note that poorly selected or implemented upgrades could lead to unwanted consequences. For example, where electrification from gas takes place, there is a clear need for electric...

  19. Association offers different take on survey results

    or “high” for their ethics and honesty, compared to nurses who came first at 94 per cent. However, accountants continued to lead the financial-related profession, outperforming bank managers, financial planners, insurance brokers, and real estate...

  20. Asset betterment: operation, obligation and onus

    in Australia. A failure by the taxpayer to call witnesses, such as their accountant/tax agent or family members, can also lead the AAT to infer that their appearance would have been detrimental to, or at least would not have assisted, the taxpayer’s...

    • Type: Article
    • Author: Robyn Jacobson, The Tax Institute
    • Category: Business
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