10
DecIn a recent decision, the AAT rejected a taxpayer’s claim that there were ‘special circumstances’, that warranted an excess contributions determination to disregard or re-allocate an excess contribution. Facts In October 2018 the taxpayer separated from his wife. As at 30 June 2019, the taxpayer’s total superannuation balance was recorded at just over $1,820,000, held in separate […]
10
DecPS LA 2005/20 provides guidance on signature requirements for making declarations in approved virtual forms lodged electronically or by phone and the approval process for electronic or telephone signatures. This Practice Statement recently had its content checked for currency and technical accuracy, and was updated to apply current ATO style and accessibility requirements. An approved form that[…]
10
DecThe ATO reminds employers that they must pay their super guarantee (‘SG’) contributions in full, on time, and to their eligible employees’ correct super fund. If they fail to do so, they will need to pay the super guarantee charge (‘SGC’), which will cost them more than the super they would have paid, and which is not[…]
10
DecTreasury recently released draft guidelines setting out the proposed rules which community charities must follow to receive and maintain deductible gift recipient (‘DGR’) endorsement. The draft guidelines state that a community charity must be established, maintained and wound up in accordance with each of the following principles: Community charities are also required to follow various other requirements[…]
10
DecWhile the ATO knows most small businesses try to report correctly, it understands that mistakes can happen. ATO Deputy Commissioner, Will Day, advises: “Establishing good habits, and knowing what support and resources are available, will give your small business its best chance of success.” The ATO advises taxpayers that it is important to get the following ‘basics’[…]
10
DecIn a recent decision, the AAT rejected in full a taxpayer’s claims for “several classes or categories of deductions.” Facts For the relevant period of 1 July 2021 to 30 June 2022, the taxpayer was (according to his employer) a ‘technical architect’. However, the taxpayer also claimed that he worked from home 6am to 11pm seven days[…]
10
DecDraft legislation has been released to amend the Corporations Act 2001 to enhance the substantial holding and tracing notice regimes, which, amongst other things, govern the disclosure of beneficial ownership for listed entities. This is pursuant to the Government’s announcement as part of its 2022 election platform that it would implement a public registry of beneficial ownership[…]
10
DecThe Government recently announced changes to repayments for the Higher Education Loan Program (‘HELP’) and other student loan schemes. It states that it is making the HELP and student loan repayment system ‘even fairer’ by changing the repayment system and increasing the amount people can earn before they are required to start repaying their loan. The minimum[…]
09
DecWe received several questions from attends about whether an SMSF that is 100% in person phase is still required to lodge a Trust Income Schedule with its 2024 SMSF Annual Return. We sought clarification on this issue from the ATO. Specifically, if an SMSF only has exempt current pension income (‘ECPI’) for the 2024 income year (i.e.[…]
03
DecATO’s notice of government payments data-matching program The ATO will acquire government payments data from government entities which administer government programs for the 2024 to 2026 income years, matching data on government payments made to service providers against ATO records, including service provider identification details and payment transaction details. The ATO estimates that records relating to approximately[…]
