News

The ATO will acquire government payments data from government entities which administer government programs for the 2024 to 2026 income years, matching data on government payments made to service providers against ATO records, including service provider identification details and payment transaction details. The ATO estimates that records relating to approximately 60,000 service providers will be...

The ATO has provided guidance about when an individual not carrying on an investment business may be entitled to a deduction for fees paid for financial advice. An individual is entitled to a deduction for fees for financial advice to the extent that the loss or outgoing is incurred in gaining or producing assessable income,...

The ATO is reminding taxpayers that it is important to lodge BASs and pay in full and on time to avoid penalties and interest charges. The BAS for the first quarter of 2024/25  is generally due on 28 October, but taxpayers may receive an extra: ◆ four weeks if they lodge through a registered tax...

As the festive season approaches, employers that hire new employees to help with their business should remember the following when it comes to their employer tax and super obligations: ❑ Employers should make sure they are withholding the right amount of tax from payments they make to their employees and other payees, especially as this...

The ATO will acquire officeholder data from  ASIC and other bodies for the 2024 to 2027 income years, including name, address, date of birth, ABN, contact details, organisation details and officeholder details. The ATO estimates that records relating to more than 11 million individuals will be obtained. The ATO will acquire property management data from...

One of the many responsibilities SMSF trustees have every income year is valuing their fund’s assets at market value. The market value of an asset is the amount that a willing buyer and seller would agree to in an arm’s-length transaction.  These valuations will be used  when preparing the fund’s accounts, statements and SMSF annual...

Where a taxpayer has been the victim of identity, tax or super fraud, the ATO may apply security safeguards to their account to prevent further harm.  This may require the impacted taxpayer to contact the ATO each time they need to access their information and cause inconvenience for the taxpayer as well as their tax...

The digital identity app ‘myGovID’ will soon be changing its name to ‘myID’.  While the name is changing, the login and security will not change. Taxpayers who have already set up their myGovID and use it to access government online services will not need to do anything when the app changes to myID.  They will...

Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year: ❑ let their employer know if they have a study or training support loan, such as a HECS or HELP debt; ❑ check they are only claiming the tax-free threshold from one...

The ATO has recently confirmed that collection of business debts – including debts relating to superannuation guarantee (SG), pay as you go (PAYG) withholding and GST – is among its key focus areas. This is a timely reminder for all businesses to ensure they’re meeting their obligations. The most recent ATO statistics show that although...