12/04/2024: ATO cracking down on unlawful tax schemes
The ATO has warned against illegal tax schemes, clarifying that while legal tax planning is fine, exploiting the system is not. These schemes, which promise illegal benefits, can involve reducing income, inflating deductions or misusing rebates, and are often complex, aiming to evade taxes. Promoters range from advisers to salespeople, and the ATO advises caution, …
Trust reporting changes from 1 July 2024
Changes to simplify reporting for trustees and beneficiaries are commencing from 1 July 2024 as a part of the Modernisation of Trust Administration Systems (MTAS) project. From that date, labels in the statement of distribution, which is a part of the trust tax return, will be modified, a new schedule will be introduced for all …
12/04/2024: Get ready for FBT time
The end of the FBT year is upon us once again. Employers that have provided their employees with fringe benefits any time during the 2024 FBT year – 1 April 2023 to 31 March 2024 – will need to lodge an FBT return and pay any liability by 28 May 2024. With the landscape of …
Small business litigation funding: improvements recommended
A recent Inspector-General of Taxation and Taxation Ombudsman (IGTO) has recommended improvements to the small business litigation funding program. The report by the IGTO was mainly based on 2 completed dispute investigations, with a further 3 investigations currently underway. The original intention of the funding program was to mitigate the disadvantage that small business taxpayers …
AirAsia Partnership Success
After an extended hiatus, it was an absolute joy to step back into REDQ! ✈️ A big shoutout to the dedicated finance and legal team at AirAsia for their warm reception and enlightening us on the airline’s visionary growth plans for the future. We have been standing shoulder to shoulder with the AirAsia Group as …
ATO alert: diverting profits to SMSFs
The ATO has issued an alert, warning taxpayers against entering arrangements where special purpose vehicles (SPVs) are used to divert profits of property development projects to SMSFs. Specifically, it is reviewing arrangements where one or more SMSFs have or acquire direct or indirect ownership of SPVs that undertake a property development project and due to …
ASIC: super trustees need to step up efforts
In recent media releases, ASIC has called on superannuation trustees to step up efforts in the areas of appropriately dealing with members money, and consolidating duplicate member accounts. The calls follow 2 ASIC reviews which identified either poor trustee practices or deficiencies in these areas. “We expect all trustees to closely review their policies and …
18/08/2023: Does GST apply to crypto-assets?
The issue of GST and crypto-assets have started concerning more businesses as digital currency becomes more common-place in terms of trading and using the assets for payment. The GST treatment of assets will largely depend on whether a crypto-asset is considered to be a digital currency, and whether digital currency it is being used as …
18/08/2023: Tax Time 2023: lodgment period underway
With only a little more than a month into tax time, the ATO has given the green light for taxpayers with uncomplicated financial affairs to lodge their returns. It says that the information it collects from employers, banks, private health insurers, share registries and other institutions have now been prefilled and ready to go on …