ATO Updates
ATO Warning Of Scams
Fake TFN/ABN application of scams The ATO has just recently reported an increase in fake websites offering to provide tax file numbers (TFNs) and Australian Business Numbers (ABNs) for a fee, but then failing to provide the service – leaving taxpayers out of pocket. The fake TFN and ABN services are typically advertised on social […]
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ATO Focus on rental property income and deductions
Rental properties tax Income and tax deductions from rental properties is one of the four key areas that the ATO focuses on this Tax Time. The ATO urges rental property owners to carefully review their records before declaring income or claiming deductions this Tax Time and for registered tax agents such as us to ask […]
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ATO Prioritising Debt Collection
As the economy emerges from COVID-19, the ATO is re-focusing on debt collection During the pandemic, the ATO deliberately shifted its focus away from firmer debt collection action to help and assist businesses and the community experiencing financial challenges because of the pandemic. It took a softly-softly approach, acknowledging the financial hardship that the virus […]
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ATO Lists Four Priorities For Tax Time 2022
3 golden rules when claiming a deduction In the middle of May, the ATO announced that there will be four focus areas on their radar during Tax Time 2022: record-keeping, work-related expenses, rental property income and deductions, and capital gains from crypto assets. It is reminding taxpayers that there are three golden rules when claiming […]
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ATO’s New Crackdown on Family Distribution Trusts
ATO releases new guidance on family distribution trust The ATO has just updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, there is a potential that the ATO may take an unfavourable view on what were previously understood to […]
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Onboarding New Employees In The Workplace
Employer’s obligations when hiring new staff With Australia now opening back up after the COVID restrictions, unemployment is tipped to fall to the lowest rate in just over 50 years – down to under 4%. If over the coming period you hire new staff, there are certain steps you should follow to cover off on […]
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