FBT issues on the ATO's radar The ATO has updated its list of 'What attracts our attention', with six items that specifically relate to fringe benefits tax ('FBT'), as follows: Failing to report motor vehicle fringe benefits, incorrectly applying exemptions [...]
Latest ATO benchmarks released The ATO has released updated benchmark data drawn from over 1.5 million small businesses around the country to "help small businesses across the country . . . gauge the strength of their business and keep an [...]
Tax scammer alert The ATO has again warned taxpayers to be alert for scammers impersonating the ATO, as it appears they have changed tactics in 2019. Specifically, the ATO is seeing the emergence of a new tactic where: “scammers are [...]
Claims for home office expenses increased The ATO has updated the hourly rate taxpayers can use to determine deductions for home office expenses from 45 cents to 52 cents per hour for individual taxpayers, effective 1 July 2018 (i.e., from [...]
Divsion 293 Assessments The ATO has been issuing ‘Additional tax on concessional contributions (Division 293) assessments’ with respect to liabilities relating to the 2018 income year. Division 293 imposes an additional 15% tax on certain concessional (i.e., taxable) superannuation contributions. [...]
Proposed expansion of STP to smaller employers Single Touch Payroll (‘STP’) commenced on 1 July 2018 for approximately 73,000 employers who have 20 or more employees. There is currently legislation before Parliament to expand STP to all employers from 1 [...]
Christmas gifts With the holiday season approaching, many employers and businesses want to reward their staff and loyal clients/customers/suppliers. Again, it is important to understand how gifts to staff and clients, etc., are handled 'tax-wise'. Gifts that are not considered [...]
Scammers impersonating tax agents The ATO has received increasing reports of a new take on the ‘fake tax debt’ scam, whereby scammers are now impersonating registered tax agents to lend legitimacy to their phone call. The fraudsters do this by [...]
Increase in Private Health Insurance excesses Legislation has been passed by Parliament to implement the Private Health Insurance (‘PHI’) reforms announced by the Government in October 2017. The measures are designed to simplify PHI and make it more affordable for [...]
Increased scrutiny of home office claims Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses. Reportedly, due to a high number of mistakes, errors and questionable claims for [...]