Tax records education direction now in place
The ATO can now issue a tax-records education direction which will require an entity to complete an approved record-keeping course where the Commissioner reasonably believes that there has been a failure to comply with one or more specified record-keeping obligations under tax law. This is an alternative to imposing a penalty. It does not apply …
Commencement of DGR revocations
DGRs that have not yet registered as a charity with the ACNC may soon find themselves the recipient of a revocation status letter from the ATO. After the expiration of the transitional period on 14 December 2022, a review was conducted by the ATO which identified DGRs that did not meet the eligibility requirements for …
Work from home expenses: new rate
A new revised fixed-rate method for calculating WFH expenses will apply from 1 July 2022 onwards. This new rate of 67c per hour covers energy expenses, internet, mobile, home phone, stationery and computer consumables. With the previous shortcut method of 80c per hour no longer available, taxpayers will only have the choice between this new …
FBT car parking: primary place of employment
Employers that have provided FBT car parking benefits for the 2022-23 FBT year should be aware that ATO has finalised the changes to its ruling on car fringe benefits, specifically the concept of primary place of employment. A broad test of primary place of employment now applies. Considerations of whether a place is an employee’s …
ATO targeting private not-for-profits
As a part of its ever tightening compliance net, the ATO has recently announced it is targeting specific tax avoidance behaviour in the not-for-profits sector. The first is private foundations used to operate businesses or income producing activities on which no tax is paid. In some cases, a small portion of the income made may …
Upcoming FBT-related changes
Late last year, the ATO released a draft addendum to its car parking fringe benefits ruling. 2023 sees it resuming that work. Following consultation, it is planning to release the addendum sometime in February. It is also planning to release an update to Chapter 16 of its FBT – a guide for employers in April …
Sharing economy reporting regime commences soon
Compulsory reporting of information to the ATO for sharing economy platforms is now in place. The legislation to implement this recently passed both Houses of Parliament after lapsing due to the election. With the passing of the legislation, the ATO is expected to more easily monitor the compliance of participants through data-matching. This new reporting …