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ATO impersonation scam report

Posted on May 10, 2019 by admin

The ATO has released an Impersonation Scam Report for the month of February 2019. Highlighted are the various ways in which scammers have attempted to contact people, posing as the ATO. The most common method of contact was by phone calls or messages, accounting for 97% of reported scams over the month. Reports of 9,342 phone scams were officially recorded, decreasing significantly from 13,800 reports in January 2019. Emails accounted for 2% of scamming methods. The remaining 1% reported was scam by text message. According to the ATO, the amount collected by scammers was approximately $256,635, over $240,000 less than […]

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ATO monitors personal living expenses

Posted on May 6, 2019 by admin

In an ongoing effort to address the misuse and abuse of the tax and regulatory systems, the ATO has implemented a new tool to monitor what constitutes reasonable personal living expenses. Information is requested by the tax office to identify unreported cash income when looking at household expenditure. An individual will be required to provide this information to work out if they need to make adjustments to their business and record-keeping practices as well as help the ATO identify if they should be selected for an audit. In the event of an audit or when making an assessment in the […]

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Increase to fuel tax credit rates

Posted on Apr 29, 2019 by admin

The ATO has increased fuel tax credit rates from 4 February 2019. As fuel tax credit rates are updated regularly, it is important to check the rates each time you lodge a business activity statement (BAS). Fuel tax credits provide businesses with a credit for the price of fuel used in machinery, plants, equipment, heavy vehicles, or light vehicles travelling on private roads. The amount of credit will depend on when the fuel is acquired, what fuel is used and the activity it is used for. The changes in fuel tax rates are indexed twice a year, in February and […]

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Made a mistake on your BAS? Here’s what you need to know

Posted on Apr 12, 2019 by admin

Lodging a business activity statement (BAS) is something all business owners will be familiar with, however, mistakes can still be made. You must ensure that you have reported carefully and correctly to avoid incurring a penalty. In the event an error has been made in the reporting of your activity statements, here is what you will need to know to rectify the misreporting. If you have made a mistake or left something out on a previous activity statement, in most cases you are able to correct the errors on your next statement or lodge a revised statement. An error or […]

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Getting your GST at settlement right

Posted on Apr 1, 2019 by admin

The ATO has seen a number of common errors made on forms submitted by property purchasers since changes were made to the way GST is collected at settlement in July 2018. Property settlement forms:In the case of a withholding obligation, those purchasing new residential premises or potential residential land are required to submit both of the two online notification forms: 1. GST property settlement withholding notification.This form covers various areas including contact details, property details, purchaser details, supplier details and an overall summary. The form can be submitted any time after you have entered into the contract and before the […]

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