Tag: ATO

Directors Targeted In ATO Debt Collection Drive

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Seen as a sign that the government is now ending its soft approach to tax debt since the pandemic started, the Australian Tax Office (ATO) announced earlier this year that they would be contacting company directors via letter concerning their potential liability for company tax debts. Since then, over 50,000…

Accountants Put On Notice Over LMITO Changes

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As part of the pre-election budget reading on 29 March 2022, the government declared plans to boost the low and middle-income tax offset (LMITO) by an additional $420. Prior to this, the cost of living offset amount was $1,080. This brings the new total to $1,500 for individuals and $3,000…

Modern Tax Compliance Measures To Come

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In announcing the government’s fourth Federal budget before elections likely to take place in May, Treasurer Josh Frydenberg has introduced new tax measures seemingly aimed at streamlining the tax return process and making it easier for taxpayers to meet their tax payment obligations. The budget indicates that as of 1…

ATO Ramps Up Debt Collection Effort

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Businesses are being encouraged to do more in clearing their tax debt with the Australian Tax Office (ATO). Earlypay’s Daniel Riley noted that the ATO was back to making collections on tax debts owed by small businesses after having temporarily ceased their efforts during the worst of the pandemic. He…

ATO Issues Warning Over Unpaid Crypto Taxes

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The Australian Tax Office (ATO) acting assistant commissioner, Sylvia Gallagher, confirmed that people as young as 18 years were getting involved in cryptocurrency trading and that the authority was paying attention. Cryptocurrency trade reportedly increased by 64% in 2021 as over half a million Australians engaged in trading digital coins. …

FHSS Changes to Help First Home Buyers Get On the Property Ladder

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In keeping with announcements made during the 2021-2022 Federal Budget, the government has announced that it will increase the maximum releasable amount that contributors can draw upon in making their first home purchase. This is after the proposed changes received Royal Assent on 22 February 2022. The First Home Super…

CA ANZ Releases Playbook for Addressing Gender Pay Gap Problem

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In 2021, Chartered Accountants Australia and New Zealand (CA ANZ) published the results of its Member Remuneration Survey that found female accountants were being paid far less than their male counterparts. This amounted to a gender pay gap of about $50,000 in Australia and $60,000 in New Zealand. These figures…

ATO Reports Improved GST Cash Collections for 2020-21 Period

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Despite the challenges brought on by the pandemic, the Australian Tax Office (ATO) is reporting improved goods and services tax cash collections for the 2020-21 period. According to the recently released GST administration annual performance report 2020-21, net GST cash collections, including Department of Home Affairs collections of $4.8 billion,…

Tax Professionals Issued Client Verification Guidelines By ATO

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Following consultations with the Tax Practitioners Board (TPB), the Australian Tax Office (ATO) has developed client verification guidelines to help tax professionals ensure consistency and alignment. The ATO has recommended that the guidelines be utilised alongside the TPB Practice Note (PN) 5/2022 that covers Proof Of Identity Requirements For Client…

Tax Organisations Urged To Better Safeguard Client Information

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Recent research by tech firm Tenable indicates that cybersecurity incidents increased during 2021. According to their findings, over 40 billion records were exposed from 1,825 data breach incidents. More than double the 730 incidents identified in 2020. Of the incidents in 2021, 236 occurred within APAC, resulting in the exposure…