The ATO has recently seen a significant increase in queries about compassionate release of super (CRS). In most cases, the people concerned were ineligible because they were looking to use their super to pay for general expenses. CRS is an option only for very specific unpaid expenses such as medical treatment and transport costs, palliative […]
The Federal Court has set aside an Administrative Appeal Tribunal decision that income a business analyst derived through a company was subject to the personal services income (PSI) rules. According to the Court, simply because an individual or personal services entity is able to provide services through an intermediary, such as a recruitment or similar […]
Lost super As at July 2019, the ATO held 5.39 million super accounts worth $3.98 billion. It will aim to reunite $473 million with 485,000 fund members using the new Protecting Your Super measures. Tip: You can find out about your lost or unclaimed super through ATO Online via myGov. Pension cap indexation The pension transfer […]
In its Mid-Year Economic and Fiscal Outlook in 2016–2017, the government announced it would change the law to let the ATO report business tax debt information to credit reporting bureaus (CRBs) where a business consistently avoids engaging with the ATO to manage a tax debt. Tip: The ATO can’t currently pass on this sort of […]
From 1 July 2018, employers with more than 20 employees have been required to provide real-time reports to the ATO of salary and wage payments, super guarantee contributions, ordinary time earnings of employees and PAYG withholding amounts. From 1 July 2019, this Single Touch Payroll (STP) reporting system has extended to all employers. The ATO […]
ATO has refunded $10 billion so far The ATO says that $10 billion has been refunded to Australian taxpayers so far this tax time, an increase of over $2 billion from the same time last year, with most returns processed in under two weeks. The ATO aims to process returns as soon as possible, and […]
The government’s Stay Smart Online website warns there has been a surge in scammers impersonating myGov and the ATO to trick people into giving them money or personal details. These scams can take the form of emails, text messages and fake myGov login pages. In June 2019, the ATO received 6,444 reports of tax-time scams […]