Regulatory Roundup – September 2019
ATO takes aim at ‘you-scratch-my-back’ auditing arrangements It has long been an accepted standard that the auditor of an SMSF needs to be independent of…
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Read MoreRegulatory Roundup – September 2019
If you think the ATO got it wrong, here’s what you can do
You are allowed to take issue with the ATO if it disagrees with your self-assessment of your tax position. If you believe the ATO’s assessment…
Event-based reporting mistakes lead to more SMSF audits
In the year since event-based reporting (EBR) started for SMSFs (from 1 July 2018) the ATO says an unprecedented number of transfer balance cap reports…
Carrying forward concessional super contributions
The income year of 2019-20 has just ticked over, which is also the first year in which an individual is able to make additional catch-up…
Businesses get increased access to losses
In the first quarter of this calendar year, legislation was passed that will supplement the ATO’s current “same business test” for losses with a more…
Penalty interest can be deductible, under specific conditions
A new ruling has been released by the ATO on the deductibility or otherwise of “penalty interest”. The term penalty interest refers to an amount…
ATO expects many laundry claims will be hung out to dry
This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to — and which you…
Business trading structures: What’s best for your business?
When you have plans for starting a new business, one of the central decisions is which business trading structure will work best for your venture.…
Client Newsletter – July 2019
Click here for a pdf version of this article.c Penalty interest can be deductible, under specific conditions A new ruling has been released by the…