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[…]
01
OctAvoid a Tax Time Shock Individual taxpayers can take the following steps to ensure the correct amount of tax is being set aside throughout the year: Editor: If you would like to discuss or implement any of these steps and strategies in more detail, please feel free to contact our office. Reminder of September Quarter Superannuation Guarantee[…]
20
SepHow the Serious Financial Crime Taskforce is acting against electronic sales suppression tools. On this page Businesses Illegally Using ESSTs The Serious Financial Crime Taskforce (SFCT) is aware of businesses using electronic sales suppression tools (ESSTs) to underreport their taxable income. With the increased use of digital technologies and online interactions, we are seeing: It has been[…]
20
SepRead the latest information about our 2024 Public Groups findings reports. We’re continuing to provide transparency with the latest release of our findings reports. This year, our Public Groups findings reports provide insight into large market risks, our programs of work, and engagement with large public and multinational companies. Each report has a separate focus and dataset,[…]
20
SepEncourage your clients to check if they have any lost super to claim. The latest data reveals that since 2021, we’ve reunited or paid out almost $6.4 billion in ATO-held super. However, there is still almost $17.8 billion in lost super waiting for people to claim. If your clients have ever changed their name, job, or super[…]
13
SepWhen to make a voluntary disclosure As an Australian Prudential Regulation Authority (APRA) fund, you should contact ATO as early as possible if: How to make a voluntary disclosure You should lodge a voluntary disclosure request by accessing the Super Enquiry Service (SES) for APRA funds. They’ll work with you to resolve reporting errors to help you[…]
13
SepAbout the Phoenix Taskforce The Phoenix Taskforce was established in 2014 to detect, deter and disrupt illegal phoenixing. We provide education and advice on how businesses can protect themselves and not break the law. We also work with specific industries and supply chains to close off opportunities. Phoenix Taskforce agencies share information and use sophisticated data-matching tools[…]
13
SepOverview of general anti-avoidance rules This information is relevant to you if both of the following apply: The PSI rules were introduced to prevent the diverting, alienating, or splitting of income with other individuals or entities in an attempt to pay less tax. The general anti-avoidance rules (GAAR) may still apply if you are a PSB and the[…]
