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23/10/2019Asset valuation thin capitalisationAs part of the 2018-19 Budget, the Government announced on 8 May 2018 that Australia’s thin capitalisation rules (contained in Division 820 of the Income Tax Assessment Act 1997) would be tightened by requiring entities to align the value of their assets for thin capitalisation purposes with the value included in their financial statements.
23/10/2019Extra conditions if the CGT asset is a share or trust interestIf the CGT asset is a share in a company or an interest in a trust, you must meet additional conditions to be eligible for the small business CGT concessions.
23/10/2019GST for food retailers - simplified accounting methodsDescribes the simplified GST accounting methods (SAMs) for food retailers and explains when they can be used.
23/10/2019Inactive low-balance account reporting for 31 October 2019Reminders to help you meet your inactive low-balance account reporting obligations.
23/10/2019Make sure it's legal to release a member's super benefitsKnow your obligations when releasing super under compassionate grounds and hardship.
23/10/2019Opening statement from Commissioner to the Senate Economics Legislation CommitteeOpening statement from Commissioner Chris Jordan to the Senate Economics Legislation Committee Supplementary Budget Estimates, Wednesday, 23 October 2019.
23/10/2019Practitioner lodgment service user guideThe practitioner lodgment service (PLS) user guide supplements the documentation provided with your SBR-enabled software.
23/10/2019Step 3: Calculate the worldwide gearing debt amountHow to do the third step of your calculations to check if you meet the requirements under the thin capitalisation rules if you are a non-ADI general outward investor.
23/10/2019Step 4: Calculate the worldwide gearing debt amountHow to do the fourth step of your calculations to check if you meet the requirements under the thin capitalisation rules if you are a non-ADI financial outward investor.
22/10/2019CRT Alert 052/2019 - Protecting Your Super - proactive consolidation and allocation to member accountsNotification of the Protecting Your Super - proactive consolidation and allocation to member accounts.
22/10/2019Check income data before lodgingIf we identify income is incorrect or missing from a tax return, we will correct it before issuing a notice of assessment. Help ensure the accuracy of your clients' tax returns to avoid processing delays.
22/10/2019Get ready for myGovID and RAMGet your practice ready for myGovID and Relationship Authorisation Manager (RAM)
22/10/2019Lodging, reporting and paying for PRRTPetroleum resource rent tax (PRRT) obligations may include PRRT returns and instalments. Key dates and information to help meet the PRRT obligations.
22/10/2019PRRT assessable receiptsCertain receipts are assessable under the petroleum resource rent tax (PRRT). The most significant assessable receipts arise from the commercial recovery of petroleum, generally when the petroleum is sold.
22/10/2019PRRT deductible expenditureInformation on the different categories of eligible real expenditure for the petroleum resource rent tax (PRRT). This includes classes of deductible expenditure and excluded expenditure, including uplift rates.
22/10/2019Recent law changes affecting SMSFsTreasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019 has come into effect. It includes two integrity measures affecting self-managed super funds (SMSFs). Find out what your clients need to do.
22/10/2019Record keeping for PRRTMaintaining detailed records of all relevant transactions and other acts will ensure that taxpayers can claim all deductions to which they are entitled and do not pay more petroleum resource rent tax (PRRT) than they need to.
22/10/2019Statement from ATO in regards to 'Your Right to Know' campaignThe Australian Taxation Office (ATO) strongly disagrees with the allegation by the ‘Your Right to Know’ coalition of media outlets saying, “The Tax Office can take money directly out of people’s accounts but you’re not allowed to know”.
22/10/2019Time's up for Sydney SMSF super schemerA 51 year old man has been sentenced today in the Downing Centre District Court, NSW, to three years’ jail after pleading guilty to orchestrating an illegal early release of a superannuation scheme.
21/10/2019ATO to visit 400 businesses in Bankstown following spike in dob-ins about black economy behaviourThe Australian Taxation Office (ATO) today announced that it plans to visit around 400 Bankstown businesses in November as a result of a spike in dob-ins from the local community about black economy behaviour like paying workers ‘cash in hand’.
21/10/2019Don't delay: action your transfer balance cap correspondenceExcess transfer balance determinations and commutation authorities issuing in October will have a due date that falls during the busy Christmas/New Year period.
21/10/2019Inactive ABNs to be cancelledOver the coming months we will focus more on inactive Australian business numbers (ABNs). Cancelling inactive ABNs will help us ensure the information on the Australian Business Register (ABR) is accurate.
21/10/2019Is your SMSF bank account in the name of your fund?SMSFs must maintain a unique bank account for super payments.
21/10/2019Open consultationYou can participate in our open consultation. We encourage you to have your say.
21/10/2019Quarterly TBAR due 28 OctoberLodge your clients' next quarterly transfer balance account reports (TBARs) due this month using Online services for agents, for benefits including pre-filled details and faster processing times. The spreadsheet lodgment option will not be available after 31 October.
21/10/2019Unpaid superGuide for individuals to determine if their employers are paying them super.
18/10/2019Are you using your ABN?Inactive ABNs will be cancelled over the coming months.
18/10/2019August 2019Information for registered agents about preparing and lodging tax statements and returns due in August 2019.
18/10/2019Chat with us at the upcoming ASFA conferenceThe ATO is hosting a booth at the Association of Superannuation Funds of Australia (ASFA) conference 13 to 15 November 2019 at the Melbourne Convention and Exhibition Centre.
18/10/2019Foreign income tax offset draft tax determination released for public consultationWe've released foreign income offset draft Tax Determination for public consultation.