Updates

The ATO has acknowledged that an incorrect excess non-concessional contribution (‘ENCC’) determination may issue due to a known system issue with the calculation of some SMSF member’s total super balance (‘TSB’). Recent super reforms have meant that individuals are restricted

The ATO will match the data provided by the State and Territory motor vehicle registering authorities against the ATO’s taxpayer records with the objective of identifying those who may not be meeting their registration, reporting, lodgement and payment obligations. Details

The ATO plans to visit almost 10,000 businesses this financial year in all States and Territories, across a variety of industries, as part of their strategy to deal with the black economy (they visited nearly 9,000 businesses in the 2018/19

The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time. New international data sharing agreements allow the ATO to track money across borders and

The ATO has published some of the most unusual claims that they disallowed last financial year. Nearly 700,000 taxpayers claimed almost $2 billion of ‘other’ expenses, but the ATO’s systematic review of claims had found, and disallowed, some very unusual

The ATO has updated a number of rates and thresholds on their website, including the following. Division 7A – benchmark interest rate The Division 7A benchmark interest rate for the 2020 income year is 5.37% (up from the rate for

The ATO is conducting a data matching program for the 2019/20, 2020/21 and 2021/22 financial years to identify individuals with an existing Higher Education Loan Program (‘HELP’), Vocational Education and Training Student Loan (‘VSL’) and/or Trade Support Loans (‘TSL’) debt

Taxpayers with private health insurance should be aware that insurance providers are no longer required to provide statements to their members. Taxpayers lodging their tax returns using a registered tax agent should have their health insurance details ‘pre-filled’ into their

Taxi travel by an employee is an exempt benefit for FBT purposes if the travel is a single trip beginning or ending at the employee’s place of work (or if it is a result of sickness or injury in certain

The ATO is making work-related car expenses a key focus again during Tax Time 2019. Assistant Commissioner Karen Foat said over 3.6 million people made a work-related car expense claim in 2017/18, totalling more than $7.2 billion. “We are still