Illegal phoenixing: ATO retaining refunds
The ATO now has broader powers to retain refunds in instances where taxpayers have outstanding notifications. While the exercise of this discretion will not be taken lightly, the Commissioner indicates that it will be used in circumstances where the taxpayers are identified as engaged in high-risk behaviour or those engaging in illegal phoenix activity. For …
Seasonal workers: tax obligations
If you’re a seasonal worker that’s been stuck in Australia due to closed borders or difficulty getting flights home, you may be getting worried that you’ll be considered a tax resident of Australia. Don’t fret, to clear up the confusion around the seasonal workers program, the ATO has issued a clarification indicating that under certain …
Budget 2020 – what’s in it for my business?
In his second Budget, the Treasurer, Josh Frydenberg has unleashed $300bn to support the economy and get growth back on track. With Australia’s unemployment rate at a 22-year high, it’s no surprise that this Budget is all about job recovery. To encourage private enterprise and businesses of all sizes to hire new employees the government …
2018 SAN misuse mailout results
Results from the 2018 SAN misuse mailout along with additional actions taken since we contacted tax agents who prepared the 2018 annual returns. Source: https://www.ato.gov.au/Super/Sup/2018-SAN-misuse-mailout-results/
31 October due date may apply to your SMSF
If you did not lodge your previous years SMSF annual return (SAR) on time or are a new SMSF preparing your own SAR, your due date for 2019-20 is 31 October 2020. Source: https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/News/31-October-due-date-may-apply-to-your-SMSF/
Corporate tax transparency data
We are notifying certain corporate tax entities in September that we’ll be extracting data from their lodged tax returns for the 2018–19 Report of entity tax information. Source: https://www.ato.gov.au/Business/Business-bulletins-newsroom/General/Corporate-tax-transparency-data/
Reminder: more businesses need to lodge TPAR
With the ultimate distraction of the pandemic, many businesses around Australia may not be aware that they will be required to lodge a Taxable Payments Annual Report (TPAR) for the first time this year. Not only has the TPAR expanded to include road freight, information technology, and security, investigation or surveillance services this year, due …
Insight into GST compliance
As most Australian companies focus on the health of their customers and staff at this critical time, it is important to not neglect the business side of things, especially GST. Recently, the ATO provided an update on one of its GST assurance programs. While aimed at large public and multinational companies, the methodologies on how …
Working from home: what can I deduct?
With the majority of Australia now under lockdown to slow the COVID-19 pandemic, many employers are either encouraging their employees to work from home or have now instituted mandatory work from home policies. While working from home has its benefits, there may be extra expenses too, ranging from printing costs, the need for more internet …