Compliance actions available to the ATO: SMSFs
The ATO has been ramping up compliance activity in response to an increasing number of SMSFs which have been identified as not complying with superannuation obligations. A quick refresher for trustees on how the ATO deals with SMSF non-compliance and the range of compliance action available to the ATO may assist trustees to act proactively …
ATO shifting to firmer debt collection
The Commissioner has flagged a return to firmer debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to. It warns business taxpayers not to treat ATO liabilities like a free loan, and reiterates that businesses are only temporary custodians of …
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 …
Small business bonus deduction: technology investment
Small businesses may be able to get a bonus 20% deduction for any business expenses and depreciating assets used improve their digital operations. This includes digital enabling items such as computer software and hardware, digital media and marketing, e-commerce related goods or services, and systems or monitoring services related to cyber security. The bonus deduction …
ATO SMSF focus areas for 2023
In a recent speech, Justin Micale, ATO Assistant Commissioner of Self Managed Super Funds Risk and Strategy area outlined the risks on ATO’s radar in the SMSF space and provided some insights on approaches the ATO is using to address those risks. While most of these are returning favourites such as identity fraud, investment scams …
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 …
11/08/2023: Small business energy incentive
The government has released plans to introduce a small business energy inventive to help small and medium businesses electrify and save on their energy bills. The proposal is currently in the consultation stage, but once implemented will see businesses with an aggregated annual turnover of less than $50m gain access to a bonus 20% tax …
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 …
ATO flags common GST reporting errors and how to correct
The ATO has reported that some businesses are making simple mistakes reporting their GST. The ATO reminded taxpayers to avoid the following common GST reporting errors: Transposition and calculation errors No tax invoice Transaction classification Accounting systems If a taxpayer finds a mistake made on a previous activity statement, the ATO says they can: correct …