Every (yes, every) return to be ATO-scrutinised
Love and affection re-think with commercial debt forgiveness
Statement of tax record
No discretion to remit superannuation excess transfer balance tax
Residential vacancy fee: Annual return help, foreign owners
Retirement income review: details revealed
PAYGW for staff in foreign service equalised through new admin instrument
Tax debt relief appeal based on “serious hardship” not found to hold water
Your clients’ “overdue lodgement” letters
PCG issued on pension tax bonuses for APRA funds
Changes to super regime now law
Property developer reporting requirements for NDECs and NNDECs

Every (yes, every) return to be ATO-scrutinised
Assistant Commissioner Karen Foat released a statement at the end of September that centred on the ATO’s ongoing effort to close Australia’s “tax gaps”. The ATO, Foat says, is determined to scrutinise every tax return in its search for incorrect claims made during tax time 2019.

The ATO is particularly focused on third party data that indicates under-reported income, as well as deduction claims that appear higher than like taxpayers.

In a related compliance activity uptick, the ATO has also announced upcoming visits to about 400 businesses in inner-north Brisbane during October (Teneriffe, New Farm, Newstead, Fortitude Valley). Assistant Commissioner Peter Holt announced that ATO officers will be targeting businesses in these areas after a number of tip-offs from the community.

Love and affection re-think with commercial debt forgiveness
TD 2019/D9 considers changing the exclusion from commercial debt forgiveness on grounds of “love and affection” so that this only applies to natural persons.  Previously this could apply to other entities (or rather, it was not specified). View the draft TD here. Feedback can be emailed to the ATO’s Matthew Maher by 1 November. Readmore