ATO

Superannuation

ATO figures debunk young SMSF trustee myth

Latest figures from the ATO has debunked the myth that more young people are piling into SMSFs and that trustees are bulking up on residential property according to SPAA....

Financial planning

Investors urged to disclose offshore assets

The ATO has issued another reminder for investors to voluntarily disclose offshore assets and income under Project DO IT....

Policy & Regulation

No red flag for declaring assets

Australian taxpayers who voluntarily disclose their offshore income and assets under Project DO IT will not face a ‘red flag’....

Policy & Regulation

Two months left to declare foreign income

The ATO has reminded Australians to declare undisclosed offshore income and assets as part of Project DO IT....

Accounting

Taxpayers shunning the paper route

Paper lodgements have dropped this tax season, as taxpayers move towards electronic mode and tax agents....

Superannuation

Life of buy-sell in super

Dimitri Diamantes canvasses how the Government should approach buy-sell in super and how the industry may respond....

Superannuation

Rollover to SMSF a contribution

The ATO said rollover/benefit transfer to a self-managed super fund will be considered a contribution when it comes to the active member-test...

Superannuation

SMSF LRBA assets show huge surge

Improved data collection methods by the ATO shows SMSF limited recourse borrowing arrangements have risen to $8.3 billion from $2.6 billion in 2013....

Policy & Regulation

ATO issues Bitcoin guidance

The ATO said Bitcoin transactions should be considered as barter transactions with similar tax outcomes....

Policy & Regulation

ATO eyeing property investors: H&R Block

Property investors have been warned they be in the tax office’s sights and must remain wary of claiming deductions if their property hasn’t been leased out in the last fi...

Superannuation

Multiple super accounts declining

New ATO data confirms most Australians have just one superannuation account....

Policy & Regulation

ATO renews crackdown on dividend washing

The ATO has announced it is entering its next phase of chasing up hundreds of taxpayers who may have entered into a dividend washing transaction....

Superannuation

ATO warns SMSFs are not set and forget

ATO deputy commissioner warns that SMSF trustees should not view their funds as “set and forget” exercises....

Policy & Regulation

Tax dodgers urged to confess

Australians who have dodged tax outside Australia have less than five months to voluntarily disclose or face going to jail under the ATO’s Project DO IT....

Financial planning

ATO tax rejig to hit fund managers and super funds

Fund managers and superannuation funds will be required to make changes in the reporting of taxation that will be comparable in scope with those made for SuperStream unde...