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  1. ATO flashes warning over $7.2bn car expenses claims

    Over $7.2 billion in work-related car expenses claimed last year have placed the popular deduction firmly in the headlights of the ATO this tax time. According to ATO assistant commissioner Karen Foat, over 3.6 million people made a work-related car...

  2. ATO flags alternatives, flexibility for next STP deadline

    Commissioner, John Shepherd, told Accountants Daily. “That was a learning from the pilot that we did with small business last year. The finding of that was that not all small employers would want to take up a payroll product, and also, the need to have...

  3. ATO finds accounting firms with data, cyber security breaches

    to take proactive measures with cyber security this tax time, after a spate of incidences involving accounting firms last year. Speaking on the ATO’s Tax Time Cyber Security webinar, ATO chief information security officer, Jamie Norton said there were a...

  4. ATO finalises guidance on new discretion to retain refunds

    obligations have not been fulfilled. The passage of Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 early last year now allows the Tax Commissioner to retain a refund where a taxpayer has an outstanding notification that is required...

  5. ATO figures show property investors missing out on tax breaks

    expressed concern about the change in the knowledge levels of SMSF investors over time. “Since the borrowing rules over the last number of years have been relaxed around property for SMSFs, even though they've tightened them up again now, people were...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Tax
  6. ATO eyes undisclosed foreign income as fresh offshore data rolls in

    have financial dealings in countries like China, the United Kingdom, Switzerland, Singapore and the United States. Last year, 106 Australians who were suspected of utilising tax evasion schemes through holding unnamed numbered Swiss bank accounts were...

  7. ATO eyes foreign tax credits in compliance crackdown

    urged to review historical claims following the court’s affirmation of the ATO’s interpretation of the FITO provisions. Late last week, the High Court refused a taxpayer’s application for special leave to appeal the Full Federal Court’s decision in...

  8. ATO extends JobKeeper monthly declaration after system downtime

    such, the ATO has now confirmed it will continue to accept and process late declarations. “As our systems were unavailable last weekend due to planned system maintenance, we will continue to process the monthly declaration to reimburse employers for...

  9. ATO extends initial JobKeeper payment deadline

    are eligible.” The extension in time to meet the wage condition comes after the ATO registered the alternative tests late last week and the Treasurer revealing that further changes would be made to the JobKeeper rules. Assistant Treasurer Michael Sukkar...

  10. ATO extends Division 7A COVID-19 relief

    lender’s 2020–21 income year due to the ongoing effects of COVID-19 under section 109RD. A similar extension was provided last year for the 2019–20 MYR. Taxpayers who obtained the extension last year will be required to make up the shortfall of their...

  11. ATO explores ‘digitised guidance’ to combat Division 7A issues

    possibility of a BAS-free future or push-BAS future, an initiative flagged by former commissioner of taxation Chris Jordan last year. “We are using this challenge of ‘digital first’ to imagine what our future state could look like. Two possibilities we...

  12. ATO expects ‘attrition’ as offices shift, funding cut looms

    the 600 new jobs on offer in its new Gosford office, while also facing nearly $30 million in cuts from government funding. Last week, the Minister for Revenue and Financial Services, Kelly O’Dwyer, and the federal member for Robertson, Lucy Wicks,...

  13. ATO expected to ‘turn the tide’ on insolvencies

    to that plan’.” According to data released by ASIC, roughly 8,000 businesses go into external administration each year. Last year, only 5,000 businesses went into administration, leaving 3,000 businesses on the precipice of insolvency. On the release of...

  14. ATO dispels top tax time myths to clients as clampdown rolls out

    at events; or claiming all holiday travel expenses when only a few days are in relation to a conference or work. This time last year, mid-tiers like Moore Stephens and HLB Mann Judd shared common client misconceptions to watch out for. You can read more...

  15. ATO discriminates against professionals and medical practitioners

    doctors, financial planners and accountants are being targeted over how they manage their taxation affairs. The ATO last week released Draft Practical Compliance Guideline PCG 2021/D2 in relation to the allocation of profits for professional firms and...

    • Type: Article
    • Author: David Montani, Nexia Australia
    • Category: Regulation
  16. ATO disclosure deadline fast approaching

    of special terms offered under the initiative. Under these terms, taxpayers making disclosures will only be assessed for the last four years, be liable for a maximum shortfall penalty of 10 per cent, and will not be referred for criminal investigation....

  17. ATO details myGovID implementation roadmap

    a special classification of people and we are collecting some extra evidence for that classification. “They will be the last group that we will onboard, so there’s no point in them trying to get a myGovID today because they can’t, and there’s no point...

  18. ATO deputy commissioner resigns

    granted. This follows an eight-month joint investigation between the AFP and the ATO which resulted in multiple arrests last month relating to a syndicate responsible for a $165 million tax fraud against the Australian government. One of the arrested...

  19. ATO defends tax agents compliance campaign

    to stamp out tax agents who were contributing to the work-related expenses gap. “It's been a particular problem over the last year and I think all agents heard the commissioner make comments about his concerns that we are seeing similar errors in the...

  20. ATO defends stance on draft 100A

    It said 100A was an anti-avoidance provision and its application since 2014 was consistent with the draft ruling published last month. The ATO assistant commissioner in the Office of Chief Tax Counsel, Justin Dearness, said there was no specific...