Tag

SMSF
ATO warning to SMSFs: “Paying the price for non-compliance”   There are various courses of action available to the ATO when trustees of self-managed super funds (‘SMSFs’) have not complied with the super laws, including applying administrative penalties.
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Director ID deadline is approaching   The Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the 30 November deadline approaches.
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Banking business income to a private account   The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported.
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More COVID-19 business grants are now tax-free   The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses.
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Tax deductibility of COVID-19 test expenses   After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:
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Lifestyle assets continue to be an ATO audit target 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 information about assets owned by around…
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PAYG and deductions for payments to workers 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.
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