In a recent presentation, the Director of ATO’s superannuation and employer obligations area, Paul Delahunty, shared some key compliance issues that the ATO is currently prioritising in the SMSF space, […]
The ATO has recently updated its Law Administration Practice Statement on debt relief, waivers and non-pursuit of debt. Specifically, the Practice Statement provides guidance on the Commissioner’s discretion to not […]
This tax time, the ATO has once again reminded small businesses of their tax obligations and highlighted specific areas it will be focusing on, including deductions not related to business […]
You are legally required to keep records of all transactions relating to your tax and superannuation affairs as you start, run, sell, change or close your business, specifically: any documents […]
The temporary 50% reduction in minimum annual payment amounts for superannuation pensions and annuities has been extended by a further year to 30 June 2023. This temporary measure was first […]
The ATO has recently announced that it will resume collecting aged debts by offsetting tax refunds or credits. Age debts are a collective term the ATO uses to refer to […]
As the spectre of COVID-19 becomes less entrenched in the public consciousness, the uncertainty felt during the pandemic has been replaced by the economic challenges presented by high inflation, an […]
Tax time 2022 is fast approaching, and this financial year, the ATO will again be focusing on a few key areas to ensure that individuals are doing the right thing […]
As the end of another tax year approaches, the ATO has reminded businesses that it is time to: see if there are tax-deductible items the business needs before 30 June; […]
Where an individual, either alone or in a partnership, carries on a business activity, the non-commercial loss rules generally apply to prevent losses from non-commercial activities (ie where the outgoings […]
