Updates

Additionally, the MYEFO also announced the Government’s intention to implement a new third party reporting regime for the sharing economy.  This will apply to businesses who operate via online platforms within the ‘sharing’ or ‘gig’ economy (e.g., Uber and Airbnb).

The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. The ATO expects to receive

In response to the devastating bushfires across large parts of Australia, the ATO has been keen to advise those impacted that it understands peoples priority is their family and community.   If taxpayers live in one of the identified impacted

In the interests of protecting SMSF members and their retirement savings from fraud and misconduct, the ATO has announced it will send out an email and/or a text message via an SMS when changes (including updates to the SMSF financial

The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019. If the PAYG withholding rules require an amount to be

In a presentation at the Australian Institute of Superannuation Trustees Chairs Forum, the ATO’s Deputy Commissioner confirmed that as a result of STP, the ATO now has an “unprecedented level of visibility” of super information. In particular, the ATO’s examination

The Government recently tabled legislation, making its second attempt to deny access to the CGT main residence exemption for individuals who are foreign residents (i.e., non-resident taxpayers for Australian tax purposes).  The restrictions to this CGT exemption will apply to

Following the devastating bushfires across large parts of NSW and Queensland in November, the ATO has offered ongoing support. In particular, a specific helpline (1800 806 218) has been established that can be used by those impacted to seek assistance,

A taxpayer has unsuccessfully tried to challenge an excess transfer balance tax liability, despite following the ATO’s instructions. The taxpayer was receiving three pensions in 2017, including two capped defined benefit income streams and one account based pension. Based on

The ATO considers the lodgment of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations. Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on any annual return