News

The ATO has recently published information about the e-Audits technology it utilises as part of its ongoing tax compliance activities. It says that if a taxpayer maintains electronic financial records, the ATO may use computer-assisted verification techniques to audit and analyse the records. Accessing taxpayer records Using formal access...

A Bill has been introduced to amend the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) and related legislation, requiring purchasers of new residential premises and new subdivisions of potential residential land to remit the GST on the purchase price directly...

The black economy includes people who don’t correctly report and meet their tax obligations, and people who operate entirely outside the tax and regulatory system. The Government and the ATO consider the black economy a significant economic and social problem. The Australian Bureau of Statistics...

The ATO has provided a comprehensive update on its latest compliance projects and focus areas aimed at mitigating corporate tax avoidance. Manipulation of thin cap rules The ATO is investigating the possible manipulation of the thin capitalisation rules by 27 taxpayers in relation to asset revaluations totalling...

Legislation to implement the 2017–2018 Federal Budget measures aimed at improving housing affordability has now been passed. The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No 1) Act 2017 and the First Home Super Saver Tax Act 2017 implement the following measures (both of...

The ATO has released further guidance on when self managed superannuation funds (SMSFs) need to report events affecting their members’ transfer balance accounts (by making a transfer balance account report, or TBAR) for the purposes of the $1.6 million pension cap. Transfer balance account reporting timeframes From...