Entries by Wally Djachenko

Trading names are being retired

The Australian Business Register (ABR) is working with Australian Securities & Investments Commission (ASIC) in preparation for the retirement of trading names. The national Business Names Register was introduced in 2012, but during a transitional period, these historical trading names, have continued to be displayed in the trading name field of ABN Lookup. On 31 […]

New ATO Powers – International Exchange of Tax Information

We urge all of our clients to ensure you carefully check and disclose all foreign income (both here and abroad), now that new global reporting standards have recently commenced. The Common Reporting Standard (CRS) is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents. Banks and […]

Beware bitcoin tax scammers

The ATO has issued a warning to beware of scammers impersonating the ATO and demanding Bitcoin or other cryptocurrency as a form of payment for fake tax debts, with over $50,000 already paid in Bitcoin to scammers claiming fake ATO tax debts. Because cryptocurrency operate in a virtual world, once the scammers receive payment, it’s […]

Tips for clients during WORK RELATED CAR EXPENSES crackdown

The ATO has warned that they will be paying close attention to claims for work-related car expenses this year and is reminding people to keep appropriate records. It reports that over 3.75 million people made a work-related car expense claim in 2016–17, totalling around $8.8 billion and the ATO is looking to ensure that people […]

NOT A SCAM OR HOAX – recent Super alert from ATO

If you have recently received correspondence from the ATO regarding unclaimed Super, most likely it is not a hoax or scam. The ATO may have recently contacted you by email, SMS or letter, as part of a nationwide unclaimed superannuation campaign. It currently holds unclaimed superannuation money for approximately 5.38 million accounts with a total […]

ATO says BITCOIN is not money – it is….

The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on the blockchain. Cryptocurrency generally operates independently of a central bank, central authority or government. Bitcoin is one example of cryptocurrency. The ATO has released a guidance paper […]

Superannuation Guarantee (SG) Amnesty

The Government has introduced new legislation that provides a one-off 12-month amnesty to encourage employers to voluntarily disclose historical Superannuation Guarantee (SG) non-compliance. It applies to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018. Subject to the legislation passing, the Amnesty will retrospectively commence as at 24 May […]

ATO given increased powers to enforce employer superannuation obligations

The ATO recently announced that the Superannuation Guarantee gap – the difference between what employers should be paying employees and what they actually are paying – was $2.85 billion for the 2014-15 financial year. Reports also suggested that the majority of businesses responsible for not meeting their obligations were small-medium sized businesses. Under new federal […]

ATO Director Penalty Notices (Part 1 in a series)

This is part 1 of a 3 part series on director penalty notices. You can read Part 2 here and Part 3 here. ATO Director Penalty Notice The Australian Taxation Office (ATO) is able to recover a company’s unpaid PAYG Tax and superannuation from the company’s directors by issuing any or all of the directors […]

ATO warning: work-related car expense claims

  Do you often claim work-related car expenses as part of your tax returns? If so, it’s important to be aware that the ATO will be paying particular attention to such claims this year. The ATO said recently that in the 2015/16 financial year, over three million people claimed work-related car expenses, adding up to […]

Practical tips for setting and managing your budget

  We’re well into the new financial year, and perhaps you were very organised and set yourself some financial and budgetary goals for the year. Or, maybe you’re like many people and keep meaning to set goals, but just can’t seem to find the time. Or you could have started the new financial year with […]

Final tax planning tips for EOFY 2017

While the end of the financial year is almost upon us, there are still a few things you can do to minimise your tax obligations. Let’s focus on three different ways. 1. Make a large Superannuation contribution The law has changed quite significantly with regard to Superannuation contributions. As we discussed recently, after 1 July […]

Self-managed Super Funds and Related Builders

We recently published a piece about the restrictions on Self-Managed Super Funds (SMSFs) acquiring assets from related parties (see that blog piece here).   The short version is – with very few restrictions, you can’t do it. So – what’s the situation if an SMSF trustee happens to have a related company which is in the […]

Self-managed Super Funds and Related Party Acquisitions

Monies held in Self-managed Super Funds (SMSFs) form the largest sector in the superannuation area in Australia, with assets now totalling around $600 billion. In the five years to 2016, the number of SMSFs grew from 440,000 to 577,000.  With so many new funds being created, the ATO and ASIC have – in recent years […]