Disclosing business tax debt information: ATO consultation

September 10th, 2019

In its Mid-Year Economic and Fiscal Outlook in 2016–2017, the government announced it would change the law to let the ATO report business tax debt information to credit reporting bureaus (CRBs) where a business consistently avoids engaging with the ATO to manage a tax debt. TIP: The ATO can’t currently pass on this sort of [...]

ATO contacting small employers about Single Touch Payroll

September 9th, 2019

From 1 July 2018, employers with more than 20 employees have been required to provide real-time reports to the ATO of salary and wage payments, super guarantee contributions, ordinary time earnings of employees and PAYG withholding amounts. From 1 July 2019, this Single Touch Payroll (STP) reporting system has extended to all employers. The ATO [...]

Unusual claims disallowed

September 6th, 2019

The ATO has published information about some of the most unusual claims it has disallowed. Around 700,000 Australians have claimed almost $2 billion of “other” expenses, including non-allowable items such as child care and even Lego sets. Assistant Commissioner Karen Foat says a systematic review of claims found and disallowed some very unusual expenses. “A [...]

ATO watching for undisclosed foreign income

September 5th, 2019

The ATO has reminded Australians who receive any foreign income from investments, family members or working overseas to make sure they have reported it this tax time. New international data-sharing agreements allow the ATO to track money across borders and identify people who aren’t meeting their obligations. Under the new Common Reporting Standard (CRS), the [...]

ATO has refunded $10 billion so far

September 4th, 2019

The ATO says that $10 billion has been refunded to Australian taxpayers so far this tax time, an increase of over $2 billion from the same time last year, with most returns processed in under two weeks. The ATO aims to process returns as soon as possible, and has announced that over four million refunds [...]

Warning to watch out for myGov and ATO tax scams

September 3rd, 2019

The government’s Stay Smart Online website warns there has been a surge in scammers impersonating myGov and the ATO to trick people into giving them money or personal details. These scams can take the form of emails, text messages and fake myGov login pages. In June 2019, the ATO received 6,444 reports of tax-time scams [...]

Reasonable travel and overtime meal allowance amounts for 2019-20

August 13th, 2019

Taxation Determination TD 2019/11, issued on 3 July 2019, sets out the amounts the Commissioner treats as reasonable for the 2019-20 income year in relation to employee claims for overtime meal expenses; domestic travel expenses; and overseas travel expenses. For employee truck drivers who receive a travel allowance and are required to sleep (take their [...]

Super downsizer contributions reach $1 billion: Minister

August 12th, 2019

The Assistant Treasurer, Michael Sukkar, has announced that older Australians downsizing from their family homes have contributed $1 billion to their superannuation funds. The downsizer measure, which commenced on 1 July 2018, allows older Australians choosing to sell their home and downsize or move from homes that no longer meet their needs, to contribute the [...]

GST on low value goods – “very successful initiative”, says ATO

August 9th, 2019

The ATO says it has now collected over $250 million in additional GST since the GST on low value goods measure began on 1 July 2018, outstripping forecasts by $180 million. As businesses do not need to register unless they meet the A$75,000 GST turnover requirements, most small independent operators do not need to register [...]

New ATO data-matching program – overseas movement data and HELP debt

August 8th, 2019

The ATO said it will acquire overseas movement data from the Department of Home Affairs (DHA) for individuals with an existing HELP, VSL or TSL debt. The data matching program will be conducted for the 2019-20, 2020-21 and 2021-22 financial years. Those living and working overseas with a Higher Education Loan Program (HELP), Vocational Education [...]

  Liability limited by a scheme approved under Professional Standards Legislation.