Yearly Archives: 2022

ATO strategy update: small business and individuals

[arve url="https://www.youtube.com/watch?v=oi4Tg-ONEc4" title="ATO small business and individuals" thumbnail="5480" loop="no" muted="no" /] Speaking at a conference, Jeremy Hirschhorn, Second Commissioner Client Engagement Group delivered an update on the ATO’s strategic focus areas as well as improvements that the ATO has been making over the past few years to keep up with the digitisation of many processes. While...
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Thinking of ditching your SMSF?

If the recent market conditions or just the amount of administration involved is making you rethink having an SMSF as your retirement vehicle, there are several things you will need to be aware of. Winding up an SMSF is not a simple process and requires the trustee to understand the terms set out in the...
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Tax time focus on rental properties

Just as with previous income years, tax time 2022 is no different, the ATO has again cited rental property income and deductions as one of the 4 key focus areas, along with record-keeping, work-related expenses, and capital gains from crypto assets/properties/shares. The focus is no surprise considering that a recent ATO Random Enquiry Program found that...
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ATO to resume collecting aged debts

Taxpayers with aged debts that the ATO had paused collecting or put on hold should be aware that offsetting aged debts against tax refunds or credits has now resumed. Letters were sent out in May 2022 to remind taxpayers that they have aged debts and that June 2022 will see the recommencement of debt collection. The aged debts can be offset either from ATO accounts or credits from other government agencies, although the debt will not be offset if the only available credit relates to a Family Tax Benefit amount.

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