ATO Updates

There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a…

Throughout March, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee…

Late last month, the Australian Taxation Office (ATO) released a package of new guidance material that directly targets how trusts distribute income. Many family groups will pay higher taxes (now…

The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022. The ATO’s guidance uses a series of factors to determine the…

The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws. In…

The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the…

Australia’s Director Identification Number (DIN) regime came into effect on 1 November 2021 and will require you to register for an identification number. The application for a DIN is Time…

What is Director ID? Director Identification Numbers are being introduced as part of the Government’s Modernisation of Business Registers Program. It is a 15-digit identifier given to directors which will…

When your business hires a new employee, the Choice of Fund form is used to identify where they want their superannuation to be directed. If the employee does not identify…

Employee Superannuation Businesses that employ staff need to ensure that their employee super for the April-June 2021 quarter is paid by Wednesday 28 July 2021. Those Businesses that choose to…