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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 illegal to produce, supply, possess, use, or promote ESSTs in Australia since October 2018. Taskforce Warning The SFCT is providing a strong warning to businesses about ESSTs. We understand there are sophisticated networks of operators actively developing and marketing these tools to small business owners. They often package them as an “all-in-one complete business solution” with low commissions, website presence, and an online […]
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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, detailing information identified through risk analysis and program activities. For the first time, we’re offering new analysis that highlights trends across all reports and their implications for the Public Group population. Summary of Findings Reportable Tax Position (RTP) Schedule Report The RTP Schedule report provides insights into key corporate tax risks in the large market. It includes aggregated disclosures made by large public[…]
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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 fund, they could have lost super. Even finding a small amount of lost super could make a big difference to their final balance at retirement. Finding Lost Super Let your clients know that using ATO online to find lost super is easy and only takes a few minutes. They will need a myGov account linked to the ATO. Once they link their myGov[…]
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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 meet your obligations and protect member benefits. Disclosures can range from relatively routine matters to complex situations, such as systemic errors that have occurred over time. If you identify any material errors or omissions with the balances, contributions, or events reported, you need to amend reporting within 30 days of becoming aware of these errors or omissions. Information you need to provide When[…]
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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 to identify those promoting or engaging in illegal phoenix activity. We take action against phoenix operators by: The most serious cases are referred to the Serious Financial Crime Taskforce. There are civil and criminal offences for those who promote or engage in illegal phoenix activity. This includes penalties for removing assets to hide them from creditors when a company is wound up. ASIC[…]
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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 PSI rules don’t apply. For the GAAR to apply to your arrangement, there must be a sole or dominant purpose to obtain a tax benefit. When the GAAR may apply The GAAR may apply where there are factors indicating that the dominant purpose of the arrangement is to obtain a tax benefit by diverting, alienating, or splitting your PSI or retaining profits in[…]
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SepThe Australian Taxation Office (ATO) is giving taxpayers simple steps to help avoid an unexpected tax bill next tax time. Assistant Commissioner Rob Thomson said there are many reasons that a taxpayer may end up with a bill at tax time. “There are a number of factors that impact your tax assessment. In simple terms, if you don’t receive a refund or bill, it means you’ve paid the correct amount of tax throughout the year. If you receive a bill, it may mean you didn’t pay enough – this can be for a number of reasons,” Mr Thomson said. Simple steps you can take right now to ensure the correct amount of tax is being put aside throughout the year:[…]
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SepYour social club may not be eligible for income tax exemption and may be required to report as a taxable not-for-profit. Being a not-for-profit (NFP) organisation doesn’t automatically make you exempt from paying income tax. Social clubs or associations generally don’t meet the requirements for income tax exemption either as: If your social club or association’s main purpose is providing social and recreational facilities or activities for your members to pursue their common interests, your organisation is considered taxable. If your social club or association is taxable, you need to lodge your income tax return or notify the ATO with a non-lodgment advice each year. Find out what you need to lodge at Taxable NFP Organisations. Example: A Social Club[…]
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SepTaxpayers can start lodging their tax returns With millions of pieces of information now pre-filled (including information from most banks, employers, government agencies, and private health insurers), the ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their tax returns.Taxpayers who plan to claim deductions this year should make sure they have the correct records, and in most cases, “a bank or credit card statement (on its own) isn’t enough evidence to support a work-related deduction claim – you’ll need your receipts”.The ATO reminds taxpayers that the rules regarding how and when they can claim a deduction can change, including in relation to car expenses and working from home costs. Therefore, they should not just ‘copy and[…]
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AugRate Indexation Excise duty rates on tobacco goods increase in March and September each year under the law, based on average weekly ordinary time earnings (AWOTE). The AWOTE indexation factor for rates on and from 1 September 2024 is 1.018. In addition to ordinary indexation, tobacco excise and excise-equivalent customs duty will increase by an additional 5% per year for three years starting 1 September 2023. There will also be an alignment of the tax treatment of tobacco products subject to the per kilogram excise and excise-equivalent customs duty (such as roll-your-own tobacco) with the manufactured per-stick rate, by progressively lowering the ‘equivalisation weight’ from 0.7 to 0.6 grams. These progressive decreases will occur on 1 September each year from[…]
