SMSF asset valuations, ATO provides COVID-19 concessions. Every year, trustees of SMSFs have to ensure that the fund’s assets contained in the financial statements and accounts are at market value for the associated audit.
ATO will be expanding the work of the Tax Avoidance Taskforce with a new program focusing on high wealth private groups. That segment encompasses approximately 9,000 individuals and 18,000 companies.
If your business is in relatively good shape and have been contemplating an asset purchase, now is the time. Not only will you be helping the Australian economy get back on its feet, you’ll be doing your business a favour by taking advantage of the instant asset write-off threshold of $150,000.
Last year, some 107,000 ATO impersonation scam calls were reported to the authorities, the real number is likely to be much higher given that most of these calls go unreported.
Businesses wanting to participate in the Federal Government’s post-COVID-19 economic recovery projects need to be aware that they may need to obtain a statement of tax record (STR) from the ATO prior to the commencement of any tender process.
Rental property owners along the rest of the economy have taken a hit to their bottom line. In this uncertain time, the ATO has provided some guidance on the deductibility of rental property expenses in various situations such as tenants paying reduced rent or the suspension of rent.
By some estimates there are around $20.8bn in lost and unclaimed super in Australia. The last financial year saw $4.38bn worth of lost super reunited with their owners across 537,000 accounts.
While the Coronavirus pandemic has put many things on hold, it hasn’t stopped the ATO from going ahead with its data-matching programs.
Businesses that have applied for the JobKeeper now have some certainty on the integrity provision contained in the legislation.
COVID-19 has turned lives upside down on a global scale, with one unintended side-effect being the drastic restriction of movement across borders.
The ATO has delayed the application of potential changes to FBT car parking benefits until 1 April 2021. The current draft ruling is expected to be finalised sometime in mid-2020.
In a recent regulator bulletin outlining ATO’s concerns about new and emerging arrangements that pose potential risks to SMSF trustees and their members, the development of real property was highlighted as a main issue.
The government’s coronavirus economic response package included a provision to provide temporary relief for directors of financially distressed businesses from potential personal liability for insolvent trading.
Enrolment for the JobKeeper payment is now open. For the tens of thousands of businesses that registered their interest, you can now follow some simple steps to enrol and ensure you meet the record-keeping requirements.
Before the disruption of the Coronavirus epidemic, the government confirmed it would go ahead with various proposals to improve the SMSF and super sector including flexibility measures. This included increasing the SMSF member limit, changes to the work test, bring forward rule and spousal contributions.