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  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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...

  13. 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,...

  14. 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...

  15. 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

  16. 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...

  17. 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...

  18. 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...

  19. 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

  20. 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...

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