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  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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,...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. 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...

  12. 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,”...

  13. 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

  14. 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...

  15. 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...

  16. ATO credit card ban delay could lead to higher usage

    The IPA has warned that the extension could lead to more taxpayers using credit cards to meet their tax obligations and larger cost blowouts. Following the ATO’s original announcement that it would stop accepting credit card payments from taxpayers...

  17. 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...

  18. 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....

  19. 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.”

  20. 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...

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