Read our questions and answers about director ID to find out, what to do if you’ve missed the deadline, more about who needs one, and how you can get it. I’ve missed the 30 November deadline, what now? If you missed the deadline, you can still apply for your director ID. We’re taking a reasonable approach…
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Businesses that have trouble paying employee super will need to lodge before 30 May. Employers that will struggle to pay an employee’s minimum superannuation guarantee (SG) amount on time and to the right fund, must remember to pay the superannuation guarantee charge (SGC) this tax time, says the ATO. “We understand that paying your employees’…
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Widely used trust practices had been known about for years, says IPA. Advisers have relied for years on common practices “considered legitimate” for trust taxation and the ATO should have acted earlier if they were unacceptable, the IPA says in its 100A submission. As a result, IPA members were “blindsided” by the 100A draft ruling…
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Expect a stronger compliance regime after the office returns to business as usual. The ATO is focusing on a range of claims that have come into greater attention this tax year, from changing work-related expenses to the sharing economy and digital currencies, said H&R Block. Speaking to Accountants Daily, H&R Block director of tax communications…
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Expenses incurred from the test before the individual engages in work will most likely be covered, says CPA Australia. CPA Australia’s senior manager tax policy, Elinor Kasapidis, said the ATO is likely to take a “common-sense approach” to tax deductions on COVID-19 workplace tests. This would allow employees to claim tax deductions for COVID-19 tests…
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Businesses seeking to adopt e-invoicing will need to use providers accredited by the ATO. The ATO has released the latest register of e-invoicing service providers accredited by the Australian Peppol Authority. “The service providers included on this register have completed the Australian Peppol Authority accreditation process and are trusted to operate in the network,” the…
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The ATO has got its sums wrong with its increase in vehicle deductions by just 3¢ per kilometre. The rise in the work-related car expense deduction to 75¢ a kilometre from July fails to reflect the reality, said accounting bodies, and will leave millions of taxpayers short-changed. The ATO announced the rise, up from 72¢, last…
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Cryptocurrency is catching on fast in Australia and accountants need to be alert to the tax implications, says the ATO. Trades in cryptocurrency leapt 64 per cent in 2021 and the ATO is using data matching to make sure nothing slips through the net, acting assistant commissioner Sylvia Gallagher said last week. With more than…
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During the pandemic the ATO pressed pause on its usual regime, but it’s slowly returning to business as usual. The ATO will focus on chasing debts and artful tax dodgers now that Australia is returning to normal post-COVID, acting assistant commissioner Sylvia Gallagher said. Speaking at the Accountants Daily Strategy Day in Sydney last week…
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The recent ATO ruling on trust distributions is an “unfair” change to the game and accountants need to be aware that clients will be under increased scrutiny, says ChangeGPS founder Timothy Munro. Speaking at a recent ChangeGPS webinar, Timothy Munro said accountants were “livid” about the rulings that would force them to completely rethink their strategies heading…
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