ATO Updates
Director Penalties To Include GST Liabilities
Director penalty notices for GST will take effect on October 2019 The strengthening of the director penalty regime has been reported here before — for instance, having director penalty notices (DPNs) extended to superannuation guarantee obligations from 1 March 2019. Now it looks like DPNs for GST are set to take effect from 1 October […]
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Similar Business Test Allows Businesses To Access Past Year Losses
The new test allows businesses to access the prior year losses In the first quarter of this calendar year, legislation was passed that will supplement the ATO’s current “same business test” for losses with a more flexible “similar business test”. The new test will expand access to past year losses when companies enter into new […]
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Responsibilities And Duties Of A Company Director
Company directors have many legal and financial obligations Being a director of a company brings added responsibilities and duties. Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company. These include, but are not limited to, any debts […]
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ATO’s New Cryptocurrency Data Matching [For Tax Compliance]
ATO receives cryptocurrency data The Australian Taxation Office (ATO) is collecting bulk records from Australian cryptocurrency designated service providers (DSPs) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. Participation of crypto-assets has seen significant growth in recent years. It is estimated that 500,000 […]
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Tax Disputes (Revealing The Real Battle)
Managing tax disputes can be like wrestling with a superhero It is sometimes said that a superhero like the DC Comics character Superman can be an uninteresting character because he is, for all practical purposes, indestructible. Critics have said the knowledge that he will most likely win can make Superman’s adventures monotonous. The Tax Commissioner […]
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Diverting Personal Services Income To Self-Managed Super Funds
Arrangements on personal services income diverted to SMSFs The ATO has announced that it is reviewing arrangements where members of an SMSF (typically at, or approaching, retirement age) purport to divert income earned from their personal services to their fund, which results in minimising or even avoiding tax altogether on that income. The ATO says […]
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