Bitcoin tax scammers

The Australian Taxation Office (ATO) is warning taxpayers to be aware of scammers impersonating the Tax Office and demanding cryptocurrency, such as Bitcoin, as payment for fake tax debts. The ATO became aware of these fraudsters late last year, with over $50,000 paid in Bitcoin to scammers claiming fake ATO debts. Once

Direct super claims for terminal illness

The Tax Office is now providing individuals who have a terminal illness with the option to make a direct claim for their ATO-held entitlements in super guarantee superannuation holding account special account or unclaimed super money accounts. Individuals suffering from a terminal medical condition will no longer have to nominate a

Integrity – level playing field

The Government will continue its commitment to strengthen the economy by focusing on improving its integrity measures to create a level playing field for all. Funding new ATO enforcement Additional funds will be allocated from the Budget over four years to fund a new ATO enforcement strategy to tackle the Black Economy. 

Inactive ABNs subject to cancellation

Periodically, the Australian Business Register (ABR) checks its records for Australian business numbers (ABNs) and automatically cancels those that appear inactive.  These checks are occurring throughout 2018. Sole trader, partnership or trust ABNs may be cancelled if they have told the ATO that they have stopped their business activity, declared no

Choices – living stronger

The Government is focused on encouraging older Australians to better grow and secure their personal retirement funds. Retirees exempt from work test An exemption from the work test will be established to allow retired Australians aged between 65-74, who have total super balances below $300,000 in their first year that they do

Small business CGT concessions

Small business owners (annual turnover of less than $2 million) are entitled to claim capital gains tax (CGT) concessions on their active assets this financial year. Owners can claim as many concessions as they are entitled to and reduce or remove their capital gains tax. The 15-year exemption Has your business continuously owned

Superannuation – Living Longer

The Government is introducing a series of new measures designed to help Australians keep a greater portion of their superannuation savings pie. Insurance opt-in Insurance within super may not be suitable for everyone, particularly young people and those with low balances. From 1 July 2019, insurance will be offered on an opt-in

Topping up your super with downsizer payments

Due to new super measures introduced by the Government, Australians will now be able to continue part of the proceeds of the sale of their home towards their superannuation. From 1 July 2018, where the exchange of contracts of sale for a "main residence" home occurs on or after 1 July

Taxation – building resilience

The 2018 Federal Budget is built on the back of a historically strong post-mining boom Australian economy, leading to fairly conservative changes to tax policy. The Budget's strategy is to provide sustainable tax relief to those in the workforce, stimulating spending and encouraging businesses to invest in creating jobs. Individuals The Government is

Death benefit pensions above transfer balance cap

Information released in the ATO's Practical Compliance Guideline 2017/6 has clarified much confusion surrounding superannuation reforms and the commutation of a death benefit income stream made before 1 July 2017. When an individual dies, their superannuation and remaining superannuation interests are to be cashed to their beneficiaries or legal representative by