News

ATO issues notice of crypto assets data-matching program

June 14, 2024

The ATO has advised that it will acquire account identification and transaction data from crypto designated service providers for the 2024 to 2026 income years. This data will include the following:  client identification details (names, addresses, dates of birth, phone numbers, social media accounts and email addresses); and  transaction details (bank account details, wallet addresses, […]
Minimum yearly repayments on Division 7A loans

June 14, 2024

To avoid an unfranked dividend under the Division 7A rules, loans from a private company to its shareholders or their associates must be either repaid in full or be covered by a 'Division 7A complying loan agreement' before the company's lodgement day. Complying loan agreements require minimum yearly repayments ('MYRs') comprising of interest and principal […]
Support available for businesses experiencing difficulties

June 14, 2024

By paying your tax bill in full and on time, you can avoid paying the general interest charge ('GIC'), which is currently 11.34%, and which accrues daily for any overdue debts. The ATO advises taxpayers that, if your business is dealing with financial difficulties, there are some options to help make their tax bill "less […]
Getting trust distributions right

June 14, 2024

As trustees prepare for year-end distributions, they should do the following:   review the relevant trust deed to ensure they are making decisions consistent with the terms of the deed;   consider who the intended beneficiaries are and their entitlement to income and capital under the trust deed;   notify beneficiaries of their entitlements, so […]
End of financial year obligations for employers

June 14, 2024

The ATO reminds employers they need to keep on top of their payroll governance.  This includes: using their tax and super software to record the amounts they pay; withholding the right amount of tax; and calculating superannuation guarantee ('SG') correctly. As 30 June gets closer, employers should check their reporting obligations, along with any upcoming […]
ATO’s three focus areas this tax time

June 14, 2024

The ATO will be taking a close look this 'tax time' at the following common errors made by taxpayers: Work related expenses: Taxpayers using the 'revised fixed rate method' of calculating a working from home deduction must have comprehensive records to substantiate their claims, including records that show the actual number of hours they worked […]
NFPs need to get ready for new return

June 14, 2024

From 1 July 2024, non-charitable not-for-profits ('NFPs') with an active Australian Business Number ('ABN') will be required to lodge a new annual NFP self-review return with the ATO to confirm their income tax exemption status. This will include sporting, community and cultural clubs, among other organisations.  ATO Assistant Commissioner Jennifer Moltisanti said the ATO is […]
ATO issues warning about false invoicing arrangements

June 14, 2024

The Serious Financial Crime Taskforce ('SFCT') is warning businesses about using illegal financial arrangements such as false invoicing to cheat the tax and super systems. False invoicing arrangements may consist of the following: u an entity (the promoter) issues invoices to a legitimate business but no goods or services are provided; the business pays the […]
Illegal early access to super

June 14, 2024

Faced with tough times, some people may be thinking about accessing their super early. Taxpayers may have been approached by a promoter claiming they can withdraw their super or use an SMSF to pay off debts, buy a car, or pay for a holiday. The ATO warns taxpayers that this is illegal, and it has […]

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