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The ATO has announced that it will continue to acquire details of entities that receive contractor payments from other businesses for the 2013/14, 2014/15 and 2015/16 financial years. The data that will be obtained includes: Australian Business Number (ABN) of…

Property developers – be careful what you wish for, from the outset Editor:  A recent case before the Administrative Appeals Tribunal (AAT) involved a taxpayer who  tried to argue that profit from the sale of two properties should be treated as…

ATO’s audit targets Editor:  The ATO has set up a new page on its website called “Building confidence”, which talks about its current compliance activities, and the amounts of tax and penalties it has collected in 2014 from its various…

Inappropriate loans from super funds The ATO has issued a guide for trustees of self-managed superannuation funds (SMSFs) that asks: “Has someone asked you to invest your SMSF funds into a trust, company or investment product, and then offered to…

ATO super crackdown – child care, building, cleaning, pubs The ATO has identified employers in the following industries as having a higher risk of not meeting their super obligations: child care services;  building and industrial cleaning; and pubs, bars and…

Corporate vs Individual Trustee Should i have a Corporate Trustee for my  family trust?  In order to answer this, lets look at what a trust is and how it operates. A trust is a relationship where a trustee (an individual or a company) carries…