ATO Website Updates : August 13, 2018

Here’s the latest ATO Website Updates as of August 13, 2018. • Matters under consultation – information on matters the ATO is consulting the community on, including their current status and purpose, who the ATO is consulting, and when they are expected to be completed. • Checking for known system issues – information on steps, users you can take […]

ATO Website Updates — August 09, 2018

Here are the latest ATO Updates as of August 09, 2018. • Latest news on tax law and policy — Details of proposed changes to tax and superannuation legislation and policy, and how the ATO proposes to administer the changes. • Advice under development — income tax issues — ATO advice and guidance being developed on income tax issues. […]

ATO Website Updates — Superannuation August 06, 2018

• CRT Alert 066/2018 – Advice for funds where members have a market-linked pension — This alert provides information for funds where an individual was receiving a life expectancy or market-linked pension just before 1 July 2017 which was a capped defined benefit income stream. • Super contributions and associated reporting obligations — Super providers can find guidance about […]

Why Do you Need to Lodge a Tax Return? 2018

  If any of the following applies to you then you must lodge a tax return. Reason 1 During 2017–18, you were an Australian resident and you: paid tax under the pay as you go (PAYG) withholding or instalment system, or had tax withheld from payments made to you (excluding mining payments). Reason 2 You […]

Revised ATO Guidance on Small Business Company Tax Rate

Practical Compliance Guideline PCG 2018/D5 The ATO has updated its preliminary guidance on the compliance approach to whether small business taxpayers use the appropriate company tax rate for the 2015/16, 2016/17 and 2017/18 income years. Draft Practical Compliance Guideline PCG 2018/D5 extends the application of, and replaces, draft PCG 2017/D7, which dealt with how small business taxpayers who […]

Prepare for Tax Time

To prepare for tax time, we recommend the following Update your client list – It is important that you undertake regular reviews of your client list to add any new clients and to remove those you no longer represent. Lodging a final return or advising a further return is not necessary does not remove the client […]

ATO Website Updates — July 25, 2018

Here is the latest ATO Updates as of July 25, 2018 • International transfer pricing — introduction to concepts and risk assessment — Explains the basic concepts underlying international transfer pricing and when a business may face a transfer pricing review or audit. • Draft ruling published on fringe benefits tax and benefits provided to religious practitioners — The […]

ATO website updates — July 20, 2018

Here are the latest ATO Update as of July 20,2018. • Tips for keeping good records — tips, tools and services for small business taxpayers to keep good records. • Individuals and sole traders — updated information on ATO online services for individuals and sole traders. • Single Touch Payroll (STP) — compilation of news, events and fact sheets on the […]

Tax Revenue Trend Shows Reliance on Personal Income Tax

A report analysing the trends in Australia’s federal tax system since 2001 has been issued by the Parliamentary Budget Office. Among other things, the report identifies a fall in company tax receipts as a significant change owing to investments being concentrated in capital intensive industries which have greater carried forward losses to offset income. The […]