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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 warns of TBAR lodgement errors

Posted on May 10, 2019 by admin

With upcoming annual lodgement dates for Transfer Balance Account Reporting (TBAR), the ATO is alerting funds of common lodgement mistakes that could lead to delays and additional processing time. The Transfer Balance Cap (TBC) is a $1.6 million cap on the total amount of superannuation benefits that a member can transfer into a tax-free retirement phase income stream. TBAR is used by SMSF trustees to report to the ATO any events that affect a member’s transfer balance. The information is used to record and track the member’s TBC and apply provisions if the member were to breach the cap. Reports […]

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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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Super changes to protect employees’ entitlements

Posted on May 6, 2019 by admin

Several revisions from the Treasury Laws Amendment (2018 Measures No.4) Bill 2018 took effect from 1 April 2019. These measures are designed to help reduce the super guarantee (SG) gap, protect employees’ super entitlements and strengthen the ATO’s ability to recover unpaid super. Changes to disclosure laws will now allow the ATO to disclose information to employees about an employers’ failure to meet SG obligations. This will also allow for the ATO to reveal their processes involved in retrieving these amounts. Additionally, a free voluntary online education course is now available to help employers understand and meet SG obligations. Education […]

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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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