Own a rental? – what you need to know this tax time

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The Australian Taxation Office is aware that residential rental property owners may be concerned about how COVID-19, floods, or bushfires have reduced their income. This may be a result of tenants paying less or entering deferred payments plans, or travel restrictions which have affected demand for short-term rental properties. New legislation also affects the tax […]

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Implementation of early access to superannuation

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The implementation of the early access to superannuation for those financially affected by COVID-19 is progressing well. The ATO are working closely with super funds to enable them to process payments to their members as quickly as possible. The first batch of applications have been sent to funds. Applications with incomplete fields cannot be submitted […]

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ATO releases ‘one stop shop’ for essential tax and super info on COVID-19 stimulus measures

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The Australian Taxation Office (ATO) has updated its website with essential information about tax and superannuation changes that have now become law following the passage of the Government’s Economic Support Package through the Parliament. The site is ato.gov.au/coronavirus Commissioner of Taxation Chris Jordan acknowledged that many people are being heavily affected by the challenging economic […]

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ATO receives 230 tip-offs per day as focus on the black economy continues

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The Australian Taxation Office (ATO) today revealed it received a record-breaking 15,000 tip-offs to its Tax Integrity Centre in the first quarter of this financial year as the agency continues its focus on the black economy. The top categories of tip-offs the ATO has received so far this year have been about: Not declaring income Demanding […]

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Keeping you safe at tax time

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This tax time, the Australian Taxation Office (ATO) is warning taxpayers to keep an eye out for people posing as tax agents who are not registered with the Tax Practitioners Board (TPB). Assistant Commissioner Karen Foat is concerned about a number of people claiming to be tax agents, often promising refunds that sound too good […]

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Life hacks for tax: how to make this tax time quicker, easier and simpler

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Tax time begins this weekend, so the ATO has put together a bunch of information to help people get things right. 1. Decide how you’re going to lodge by 31 October When it comes to lodging your tax return, you can do it either yourself using myTax, the ATO’s online lodgement tool, or use a […]

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Rising number of online scams

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Reports of e-mail scams to the ATO have tripled to almost 11,000 compared to the same quarter of last year. Second Commissioner Geoff Leeper said the ATO is seeing an increase in the number of sophisticated e-mail and phone scams designed to trick people into giving away their personal details such as tax file numbers, […]

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SMSFs – a new standard for rollovers and contributions

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From 1 July 2013, Australian Prudential Regulation Authority (APRA) funds can roll over to self-managed superannuation funds (SMSFs) using the new standard wherever an SMSF provides the relevant electronic service and payment details. From 1 July 2014, all super funds, including SMSFs, must receive contributions in the standard. From 1 January 2015, it is expected […]

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Hundreds of tax cheats convicted

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In the last quarter, 465 individuals and companies were convicted for tax and superannuation criminal offences resulting in over $1.56 million in fines and penalties. “The ATO pursues tax cheats to the full extent of the law to ensure people who pay their fair share of tax are not disadvantaged,” Tax Commissioner Michael D’Ascenzo said. […]

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ATO warning to SMSF trustees

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The ATO has warned trustees of self-managed superannuation funds (SMSFs) to be cautious when investing in property. Acting Commissioner Bruce Quigley said he is concerned people are using their SMSF to invest in property without fully understanding their obligations under the law or some people are seeking to take advantage of certain types of arrangements. Mr […]

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