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Category Archive for: ‘Practice Update’

July 2013 Practice Update

ATO warns investors about tax avoidance schemes The ATO’s Commissioner, Chris Jordan, has warned investors about new and complex tax avoidance schemes being marketed as people get ready to lodge their 2013 tax returns, saying: “Tax avoidance schemes are no longer the blatant too-good-to-be-true offers seen in the past.” Many modern tax avoidance schemes are complex structures that are difficult …

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June 2013 Practice Update

Budget 2013/14 The Government handed down the 2013/14 Budget on 14 May 2013.  Most of the tax and superannuation measures had already been previously announced, but a few of the new measures include the following: The government will defer the personal income tax cuts that were to commence from 1 July 2015 (i.e., by raising the tax-free threshold from $18,200 …

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May 2013 Practice Update

Proposed changes to superannuation Editor: Apparently in order to neutralise mounting speculation that superannuation was under threat in the upcoming Budget, the Government took the unusual step of comprehensively outlining its intentions when it comes to superannuation reform generally. The Government has announced that it plans to make the following changes to the superannuation laws (in addition to other changes …

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April 2013 Practice Update

Returns with refunds will need bank account details According to the ATO, the fastest, most secure way to receive a tax refund is to have it paid directly into a nominated Australian bank account using electronic funds transfer (EFT). From 1 July 2013, individual tax returns will generally require bank account details, including BSB and account number, to be entered, …

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March 2013 Practice Update

Help for taxpayers – Bushfires and floods The government and the ATO have announced help for taxpayers affected by the recent floods and bushfires that have been plaguing the country for the past weeks. The government has announced that it will provide tax deductible status to relief funds established to help Australians affected by bushfires and floods. In addition, the …

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Jan – Feb 2013 Practice Update

New rules for trustees of SMSFs The ATO has issued a reminder that new regulations apply to self-managed superannuation funds (SMSFs) from the 2012/13 income year. They require trustees of SMSFs to: value the fund’s assets at their market value for the purpose of preparing financial accounts and statements of the fund; consider insurance for their members as part of …

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December 2012 Practice Update

ATO’s motor vehicle data matching program The ATO has obtained, or will obtain, data identifying all motor vehicles sold, transferred or newly registered in the 2011/12 and 2012/13 income years, where the transfer and/or market value is $10,000 or greater, from all of the State and Territory motor vehicle registering bodies. Data relating to approximately 2.8 million individuals will be …

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November 2012 Practice Update

ATO’s Small Business Benchmarks Editor:  Clients may be aware that there are now in excess of 100 industries that have been ‘benchmarked’ by the ATO, with more on the way.  The benchmarks have been developed by the ATO to provide a guide on the range of figures it would normally expect a small, medium or large business in a particular …

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October 2012 Practice Update

New rules for trustees of SMSFs Tax Office “ups the ante” on tax file number (TFN) reporting The ATO has recently stated that it will review the 2011 Trust Tax Return ‘distribution statements’ to identify where a beneficiary has received a distribution and not quoted a TFN. Editor: It would seem that the ATO is set to embark on a …

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September 2012 Practice Update

Small business audits on the way The ATO advised that it is upping the ante in relation to its field audits of small to medium enterprises (i.e., businesses) – usually referred to as ‘SMEs’. For the first 12 months, only limited offices and teams would be involved, and after that SME field audits would become part of “business as usual”. …

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