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The ATO has reminded relevant taxpayers to lodge their Taxable Payments Annual Report (TPAR) by the annual deadline or as soon as possible. It notes that the deadline for each year is firm and those that fail to lodge their TPAR may be subject to penalties, the scale...

The ATO has extended the motor vehicles data matching program once again to encompass the 2022-23 to 2024-25 financial years. This successful program has been running for 19 years in various iterations, and was developed as a way to assess the overall tax compliance...

Following the announcement of a review of its Charter (previously known as the Taxpayers’ Charter) in September 2022, the ATO has finally launched a refreshed version taking into account all the submissions received during the review period. The Charter explains what...

You will need to lodge a TPAR if your business made payments in the last financial year (ie the one ending 30 June 2023) to contractors providing the following services: building and construction; cleaning; courier and road freight; information technology (IT);...

Taxpayers beware, this tax time, the ATO will be using all its data matching capabilities in multiple areas to ensure that individuals are paying the correct amount of tax. In addition to the previously announced data-matching program on residential investment...

A significant change is coming in terms of administration of the not-for-profits sector, in that for the 2023-24 income year and onwards, non-charitable NFPs that self-assess as income tax exempt will be required to lodge an annual return with the ATO. According to...

The ATO has reminded eligible small business taxpayers to take advantage of the lodgment penalty amnesty program announced in the recent 2023-24 Federal Budget. It applies to tax obligations covering income tax returns, business activity statements, or fringe benefits...

In a sign of just how bad scams have gotten, the Assistant Treasurer and Minister for Financial Services, Stephen Jones, has issued a warning for Australians to beware of scams that are circulating in the lead up to tax time 2023. According to the government, the...

Single Touch Payroll (STP) was introduced as a way for employers to send super and tax information directly to the ATO through the use of STP-enabled software solutions. STP Phase 2 is now in full swing having commenced on 1 January 2022. It required more detail on...

Despite the calls to scrap the already legislated stage 3 tax cuts, the government did not announce any changes in the recent Budget, which means the tax cuts are still set to commence from 1 July 2024 (ie the 2024-25 income year). Additionally, no changes were...

With the end of financial year fast approaching, the ATO has again released the areas it will be focusing on in tax time 2023. As with previous years, it will be prioritising areas where the most mistakes are being made, being rental property deductions, work-related...

On Tuesday, 9 May 2023, Treasurer Jim Chalmers handed down the 2023–2024 Federal Budget, his second Budget, which follows the October 2022 Budget. The Treasurer announced a package of cost-of-living measures, including energy bill relief, expected to reduce power...

In addition to the cost-of-living and welfare measures leaked ahead of the announcement, the government also released new measures in Budget 2023 for small businesses. The government has forecast a Budget surplus of $4.2bn in 2022-23, but an underlying cash deficit of...

Continuing on from the theme of closing the tax gap of individuals for budget repair, the ATO has notified the public of the extension of an existing data-matching program on ride-sourcing. The program was previously designed to run from the 2015-16 to the 2021-22...

The ATO has released a draft compliance guideline which contains the methodology for calculating the cost of electricity when an eligible electric vehicle is charged at an employee’s or an individual’s home. This methodology contained in the guideline can be applied...

Recent results of sample audits across individuals conducted under the ATO random enquiry program appeared to show a net tax gap of $9bn for the 2020 income year, with the incorrect reporting of rental property income and expenses being a significant driver of the...

The ATO has recently issued a Taxpayer Alert warning that it is reviewing arrangements where an individual taxpayer accesses the profits of a private company in tax-free form through the use of an interposed holding company. It notes that the Alert will apply to all...

Recently, Assistant Commissioner Jennifer Moltisanti reflected on the ATO’s administration of not-for-profits and outlined behaviours that may attract unwanted attention in the not-for-profits space. The two most current and pressing concerns that the ATO has for the...

Foreign-incorporated companies will now have more time to organise their governance arrangements under a recent update issued to Practice Compliance Guideline PCG 2018/9. The issue relates to foreign incorporated companies that treated themselves as foreign residents...