General
ATO advice for SMSFs thinking about investing in crypto assets
Posted by Todd Hodkinson on November 1, 2022
The ATO recommends that trustees of self-managed super funds (‘SMSFs’) thinking about investing in crypto assets should seek professional advice from a licensed financial adviser. There are organisations who offer […]
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General
Why are credits and refunds being offset?
Posted by Todd Hodkinson on November 1, 2022
The ATO has reached out to small businesses who may have recently received a letter advising that they have a debt on hold and any credits or refunds would be […]
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General
Director ID deadline is approaching
Posted by Todd Hodkinson on November 1, 2022
The Government has launched an awareness campaign to help company directors get their director identification number (‘director ID’) as the 30 November deadline approaches. A director ID is a unique […]
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General
Input tax credits denied due to lodging BASs late
Posted by Todd Hodkinson on October 3, 2022
The AAT has held that a partnership’s entitlement to $16,361 of input tax credits claimed for the quarterly periods of 1 July 2012 to 31 March 2017 had ceased by […]
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General
Valuing fund assets for an SMSF’s annual return
Posted by Todd Hodkinson on October 3, 2022
The ATO has provided the following reminder and general advice for SMSF trustees regarding their obligations to value the assets annually. One of many responsibilities trustees have when managing an […]
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General
‘Talking tax’ with new workers
Posted by Todd Hodkinson on October 3, 2022
The ATO is reminding employers that have taken on new employees that those employees can complete a TFN declaration through ATO online services, and that this is an easy way for […]
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General
How the myGov update affects taxpayers
Posted by Todd Hodkinson on October 3, 2022
Clients using myGov will see that it has recently been updated with a new look and more features. When signed in to myGov, clients might receive notifications through ‘Payments and […]
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General
Varying PAYG instalments
Posted by Todd Hodkinson on October 3, 2022
The ATO is reminding taxpayers that they can vary their pay as you go (‘PAYG’) instalments if they think the amount they pay now will be more or less than […]
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General
Banking business income to a private account.
Posted by Todd Hodkinson on October 3, 2022
The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported. […]
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General
More COVID-19 business grants are now tax-free
Posted by Todd Hodkinson on September 3, 2022
The Federal Government has expanded the list of State and Territory COVID-19 grant programs that may be tax-free to eligible businesses. A State or Territory Government COVID-19 grant payment will […]
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