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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...
It’s the great Australian dream for many: giving the 9-to-5 grind the flick and running your own show. But when it comes to taking out a home loan, being your own boss can dish up some unexpected hammer blows. Rightly or wrongly, lenders tend to see self-employed borrowers as a higher risk compared to employees. That’s...
Though there’s some 8,843 miles between the US and Australia, what happens there can have profound effect on us here. Take, for instance, Halloween. An American holiday that has now bled across the borders, delivering a middle-finger shaped mixed message to every Australian kid taught from birth not to take candy from strangers. Of course,...
Prime Minister Anthony Albanese made headlines this week not for his policies, but his growing property portfolio. The news of his recent purchase of a $4.3 million clifftop home in Copacabana on the Central Coast – which he’ll likely move into once his stint is up at The Lodge – has ruffled some feathers amidst...
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...
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2026 Quantiphy – Eastern Suburbs, Sydney. All Right Reserved. Website By Omni Online
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