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Lost, Damaged or Destroyed Tax Records

The ATO knows that many taxpayers are facing lasting impacts left in the wake of natural disasters, so if they find their records have been lost or destroyed, whether in cyclones, floods or bushfires, the ATO can help. According to ATO Assistant Commissioner Tim Loh:

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Taxable Payments Annual Reports (‘TPARs’) Due 28 August

2021 TPARs are due to be lodged for businesses who have paid contractors to provide the following services:

  • building and construction;
  • cleaning;
  • courier, delivery or road freight;
  • information technology (‘IT’); or
  • security, surveillance or investigation.

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New ATO Data-Matching Programs Involving Property

The ATO has advised that it will engage in two new data matching programs dealing with property transactions, as outlined below:

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Super Guarantee Contribution Due Date for June 2021 Quarter

The due date for employers to make super guarantee contributions for their employees for the June 2021 quarter is 28 July 2021.

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Extension of Time to Make Repayments on Division 7A Loans

Under a complying Division 7A loan from a private company, the borrower must make minimum yearly repayments ('MYR') before the end of the lender’s income year to avoid the loan being treated as an assessable dividend.

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ATO Warns On ‘Copy/Pasting’ Claims

The ATO is alerting taxpayers that its sights are set on work-related expenses like car and travel claims that are predicted to decrease in this year’s tax returns.

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Car Parking Threshold for 2022 FBT Year

The car parking threshold for the FBT year commencing on 1 April 2021 is $9.25.

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Luxury Car Tax Thresholds

The ATO has updated the luxury car tax ('LCT') thresholds for the 2021/22 financial year.

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Cryptocurrency Under The Microscope This Tax Time

The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars.

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Temporary Reduction in Pension Minimum Drawdown Rates Extended

The Government has announced an extension of the temporary reduction in superannuation minimum drawdown rates for a further year to 30 June 2022.

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Super Guarantee Rate Rising From 1 July 2021

The super guarantee rate will rise from 9.5% to 10% on 1 July 2021, so businesses with employees will need to ensure their payroll and accounting systems are updated to incorporate the increase to the super rate.

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Passenger Movement Data-Matching Program

The ATO will access data from the Department of Home Affairs on passenger movements during the 2016/17 to 2022/23 financial years, and match it with certain sections of ATO data holdings to identify taxpayers that can be provided with tailored information to help them meet their tax and superannuation obligations, or to ensure compliance with taxation and superannuation laws.

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ATO Asks Businesses To Check If They Are Still Using Their ABNs

The ATO has advised that, if a business hasn’t used its ABN for a while, the ATO may contact them about cancelling their ABN.

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Independent Review Service For Small Businesses Made Permanent

Following a successful multi-year pilot, the ATO’s small business independent review service will be offered permanently as a dispute resolution option for eligible small businesses.

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ATO "Keeping JobKeeper Payment Fair"

The ATO is using its compliance resources to maintain the integrity of the JobKeeper measure.

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Government Proposal To Modernise Business Communications

The Government has committed to modernising certain laws so that they are 'technology neutral', to enable easier communication between businesses, individuals and regulators.

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New Succession Planning Guide For Family Businesses

The Australian Small Business and Family Enterprise Ombudsman, in conjunction with Family Business Australia, has released a new online guide to succession planning — the “Introductory Guide to Family Business Succession Planning” — which provides a step-by-step guide to passing the family business on to the next generation.

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Warning Regarding New Illegal Retirement Planning Scheme

The ATO has recently identified a new scheme where SMSF trustees were informed that they could set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF, in an attempt to avoid paying potential tax liabilities.

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FBT rates and thresholds for the 2021/22 FBT year

The ATO has updated its webpage containing the fringe benefits tax ('FBT') rates and thresholds for the 2017/18 to 2021/22 FBT years.

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ATO's Taxable Payments Reporting System Update

The ATO has confirmed that more than 60,000 businesses have not yet complied with lodgment requirements under the taxable payments reporting system ('TPRS') for 2019/20.

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