Tag Archives: Business

Small Business Lodgement Amnesty Reminder

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 tax returns originally due between 1 December 2019 and 28 February 2022. Superannuation obligations...
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New year, new ATO scams

Money never sleeps, as the old quote goes, but it could apply equally well to scammers. As most people have let their guard down and are still recovering from their holiday excesses, scammers are positioning themselves to strike at this particularly vulnerable time. Among the usual parade of swindles, the government has warned of a particularly...
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ATO to resume collecting aged debts

Taxpayers with aged debts that the ATO had paused collecting or put on hold should be aware that offsetting aged debts against tax refunds or credits has now resumed. Letters were sent out in May 2022 to remind taxpayers that they have aged debts and that June 2022 will see the recommencement of debt collection. The aged debts can be offset either from ATO accounts or credits from other government agencies, although the debt will not be offset if the only available credit relates to a Family Tax Benefit amount.

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Current compliance issues in the SMSF space

The SMSF space has always been a complex area for both trustees, beneficiaries, and advisers. In the past few years, the ATO has made many concessions and has put compliance action on hold because of COVID-19 and its after effects. However, for the 2022-23 year and beyond, it is looking to scale up its compliance program as a reaction to indicators of heightened risk in the sector. One specific area it will be targeting is those failing to lodge annual returns, which has been identified as a red flag leading to illegal early release.

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