ATO

SMSF operating costs get a reality check

Clients who have put off establishing a self-managed super fund due to the assumed high costs may be put at ease after the Australian Taxation Office released the median cost of an SMSF which is significantly lower than earlier reported

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SMSF auditors in hot water

SMSF auditors have been put on notice after the Tax Practitioners Board (TPB) found several tax practitioners falsifying self-managed superannuation fund annual returns. Seventy-four tax practitioners have been identified after lodging 2017 and 2018 SMSF annual returns with an incorrect

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SMSF Association draws a line in the sand over costs

The SMSF Association has taken issue with the Productivity Commission’s draft findings about the cost effectiveness of self-managed super funds (SMSFs), arguing the evidence used to reach this conclusion is “fundamentally flawed”. And the Commission’s focus on costs also fails

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ATO updates crypto tax guidance

People who convert cryptocurrency to Australian dollars or other money may be liable to pay capital gains tax, according to new tax guidance The Australian Taxation Office has updated the information on its website dealing with tax and cryptocurrency. It

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Tax man comes after gig workers

The growth in the sharing economy has been accompanied by increased attention from the ATO, and tax agents are advising their clients that the tax man will be paying much closer attention to Uber drivers, Airbnb landlords and Airtasker workers.

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Blitz on car expenses planned for tax season

The ATO has announced that it will be “closely examining” claims for work-related car expenses this year, as part of its monitoring of work related expense claims. More than 3.7 million people made a work-related car expense claim last financial

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The ATO may be adding up your super balance wrongly

Even the Australian Taxation Office is having trouble coping with the complexity introduced into the superannuation system by policy changes over the past year. The ATO has reported that in certain circumstances its system is duplicating amounts in calculating an

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First home saver and downsizing schemes law

The Parliament has passed legislation introducing the First Home Super Saver Scheme and the new downsizing rules for older people. The FHSSS allows for $15,000 a year (up to a total of $30,000) to be contributed to super as a

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Government turns property GST on its head

The Government has released draft legislation that will change the way GST applies to newly constructed residential properties. It follows the change announced in the Budget to require purchasers of new properties to remit GST directly to the Australian Taxation

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