ATO

Whether you’re an individual filing a tax return or a savvy business owner, updating your details is so important for good record keeping and compliance.

In this article, we’ll explore the ATO’s agenda items for 2023, highlighting the three hotspots subject to increased scrutiny: rental property.

The area of tax law that addresses the tax impact of providing benefits is the Fringe Benefits Tax (FBT) regime.

We’ve all heard the terms “tax offset” and “tax deductions.”  While many use these terms interchangeably, the reality is that they have two different meanings. As such, they have varying impacts on your tax result when it comes to completing your return! It’s true that both tax offsets and tax deductions can help you reduce […]

Single Touch Payroll Phase 2 was designed to require businesses to report additional information to the ATO each time payrun is filed. Therefore, every business in Australia with staff members are required to comply with STP reporting requirements. Notably, the government has provided businesses utilising Xero payroll an extension to 31 March 2023 to report […]

In the last 10 years of being an Accountant, hands down, this system is the one that trips clients up constantly. If there was a matrix of PAYG Instalments, I think it would look a little like this:                   Clients either understand it and pay it, don’t […]

Over the past few weeks there have been changes, developments, enhancements and clarity provided by the ATO regarding JobKeeper. Some helpful, some to be desired, but all in all JobKeeper is certainly keeping us Accountants on our toes! Please see below update for those of you who are DIY’ing your JobKeeper applications. Here’s a quick […]

The ATO has announced a one-off opportunity for employers to “self-correct” noncompliance of super guarantee payments without penalty. After estimating that $2.85 billion is currently owed in late or missing super guarantee payments, the ATO are running a 12-month amnesty period where employers can voluntarily disclose undeclared super guarantee shortfalls or missing payments. Employers who […]

The ATO are cracking down on the cash economy in a bid to catch people out who are hiding their true wealth by trading in cash. The new data matching strategy is designed to catch out anyone from cash in hand tradies to organised crime gangs trying to legitimise their money by buying assets. Using […]

Each year the ATO has typically more than 640 million transactions reported to them. In this the ATO aims to contact in excess of 450 000 tax payers for data matching concerns, 245 000 pursuits around the cash economy, more than 43 000 GST and other indirect tax refund integrity checks, audits, reviews and more. […]

Well that’s not very entertaining! It’s annual Christmas party time for you, your staff and clients, but before you get stuck into the Vodka Cruisers and Jager Bombs let’s make sure you’re up to speed on the taxman regulations for the festive season. Generally, not one to walk around quoting tax legislation but it seems […]

Accountants aren’t usually considered the most colourful of folk. The wallflower of the finance world, it’s easy to think we’re all number crunchers and spreadsheet lovers who let their hair down but once a year, sometime past June; who spend too much time face-to-face with your money and your paper work and not enough face-to-face […]