KBH Articles & News

MAY 2019 REPORT

  • ATO to ramp up ABN investigations and cancellations – The ATO is ramping up its focus on cancelling inactive ABNs over the coming months.
  • Fringe benefits tax: rates, thresholds and ATO focus for 2019–2020 – The ATO has issued its annual rulings about FBT rates and thresholds and will focus on monitoring a range of related issues this year.
  • Guidance on when a company carries on a business – New guidance is now available on how the ATO deals with the concept of a company “carrying on a business”.
  • Super guarantee amnesty not yet law, but $100 million recovered – There has been a notable increase in employers coming forward to self-report unpaid super guarantee amounts in response to the amnesty proposal announcement, despite it not yet being law.
  • Instant asset write-off with Budget changes now law – The write-off rules have been extended to medium sized businesses, the threshold has increased and the dates are extended.
  • Rental deductions: ATO audits to double – The ATO has warned that it will increase its scrutiny of rental-related deductions this year.
  • Shortfall penalties reduced under new ATO initiative – If the ATO finds an error on a tax return or an activity statement during an audit or review, the taxpayer may now be eligible for automatic penalty relief.
  • How the ATO identifies wealthy individuals and their businesses – The ATO says it uses sophisticated data matching and analytic models to identify wealthy individuals and link them to associated businesses.

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