Miscellaneous

The Serious Financial Crime Taskforce (‘SFCT’) is warning businesses about using illegal financial arrangements such as ‘false invoicing’ to cheat the tax and super systems. False invoicing arrangements may consist of the following: an entity (the ‘promoter’) issues invoices to a legitimate business but no goods or services are provided; the business pays the invoices, […]

Faced with tough times, some people may be thinking about accessing their super early. Taxpayers may have been approached by someone (a ‘promoter’) claiming that members of super funds can withdraw their super or use an SMSF to pay off debts, buy a car, or pay for a holiday. The ATO warns taxpayers that this […]

Taxpayers should be aware that some natural disaster relief payments are not taxable. Businesses that have received a government support payment because of a natural disaster (such as a major weather event) should check if they need to include this as assessable income in their tax return before they lodge (although they may not need […]

The Government has urged Australians to be vigilant regarding scammers who target ATO log-in details to commit tax fraud. The ATO has received a large number of reports of scammers using fake myGov sites to steal myGov sign-in details, which can be used to commit tax and refund fraud in other people’s names. These criminals […]

Private company clients who receive payments, benefits or loans from their private companies need to ensure compliance with their additional tax obligations (which are often referred to as their  ‘Division 7A’ obligations). There are multiple ways in which business owners may access private company money, such as through salary and wages, dividends, or what are […]

Businesses that pay contractors to provide certain services may need to lodge a Taxable Payments Annual Report (TPAR) by 28 August each year. From 22 March, the ATO will apply penalties to businesses that:        have not lodged their TPAR from 2023 or previous income years;        have received three reminder […]