Super funds and non-arm’s length expenditure: SMSF auditor obligations
April 29, 2021
The ATO has extended to 2021-22 its transitional compliance approach for the non-arm's length expenditure (NALE) rules set out in Practical Compliance Guideline PCG 2020/5.
As a result o...
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Downsizer in-specie contributions confirmed by ATO
April 29, 2021
The ATO has confirmed that an individual can make a downsizer super contribution as an in-specie (ie non-cash) contribution, provided that the other eligibility criteria are satisfied.
...
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Unsuccessful Victorian business grants to be reassessed
April 29, 2021
Following recommendations by the Victorian Ombudsman, the Victorian Government has agreed to reassess unsuccessful applications for the Victorian Business Support Fund, which provided eligib...
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NSW small business rebate
April 22, 2021
Service NSW is offering a rebate for eligible sole traders, small business owners and not-for-profit organisations in NSW for a small business fees and charges rebate of $1,500.
Funds c...
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Director ID data standards to be set by the Registrar: legislative instrument
April 22, 2021
The Corporations Director Identification Number Data Standard 2021, registered on 16 April 2021, the ATO as the Registrar, the power to make data standards on matters relating to the perfor...
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What do Buyers look for when purchasing a business?
April 19, 2021
We are business advisors who have helped hundreds of potential buyers every year, looking to buy successful, established businesses and conduct the due diligence for them as well.
Below i...
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ATO warns contractors to declare income as TPRS data-matching begins
April 8, 2021
The ATO is reminding contractors to make sure they declare more than $172 billion of payments to that have been reported to the ATO via the Taxable Payments Reporting System (TPRS).
Acc...
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MBR Program: Director ID transitional period draft instruments
April 1, 2021
Treasury has issued 3 exposure drafts of legislative instruments relating to the director identification regime, which forms part of the Modernising Business Registers (MBR) Program.
Th...
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One year deferral – TR 2019/D5 FBT car parking benefits
April 1, 2021
The ATO indicated last year that they intended to publish the final Taxation Ruling TR 2019/D5 Fringe Benefits Tax: car parking benefits prior to 1 April 2021, which was to apply from the ...
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FBT thresholds, lodgment dates and instructions
March 25, 2021
The ATO has issued a worksheet which summarises the FBT rates and thresholds for 2021-22 (ie 1 April 2021 to 31 March 2022). New numbers for 2021-22 include:
record keeping exemption ...
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