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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The ATO has urged businesses to consider the use of e-invoicing as it becomes the new and improved way to send and receive invoices for organisations. In a recent update, the ATO said that the adoption of e-invoicing can help businesses simplify and automate the exchange and processing of invoices. “Government agencies, business, and software…
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In February last year, the ATO launched a new compliance campaign targeted at late lodgements in response to concerns that a lapse in lodgement often indicates broader regulatory issues. ATO assistant commissioner, SMSF segment Justin Micale noted at the time that despite the due date for lodgement of the 2019 SMSF annual return being deferred until 30…
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The ATO has issued a reminder to those who have clients currently not up to date with their lodgment and payment obligations. The Tax Office said the new year is a good opportunity to check in with clients, noting that “if you find some are not up to date with their lodgment and payment obligations,…
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The ATO has released new information for individuals who need to access their superannuation early on compassionate grounds during the Christmas shutdown period. The ATO offices will close from midday Friday, 24 December 2021, reopening on Tuesday, 4 January 2022. The ATO said that for those who need a compassionate release of super determination before…
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According to the Australian Taxation Office, more than 600,000 taxpayers have invested in crypto assets in recent years, and many have failed to declare their capital gains. The technology that supports cryptocurrencies is relatively new, but the tax laws that apply are well established under capital gains tax provisions for cryptocurrency investors. Australia is supporting…
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The ATO has reminded tax practitioners to ensure their clients’ Australian business numbers (ABNs) are sound with a new review set to identify those that warrant cancellation. The Tax Office’s review will seek to identify potentially inactive ABNs for cancellation. “Your client’s ABN may be selected if they have not reported business activity in their tax…
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