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Under ‘SuperStream’, employers will need to be able to make super contributions on behalf of their employees by submitting data and payments electronically. Equally, all superannuation funds, including SMSFs, will need to be able to receive contributions electronically.   Employers…

The ATO has designed and launched a new online tool to help businesses and tax agents determine whether a business is viable. Once the tax agent or taxpayer has answered a series of questions, they will be provided with a…

The ATO says that its voluntary disclosure initiative, Project DO IT (in relation to taxpayers coming forward and disclosing overseas income and assets), is receiving a strong response with a number of people having already come forward to make a…

IGT – ATO debt collection With uncollected taxes blowing out to  $17.7 billion in 2012/13 (over 60% owed by small businesses), the Inspector General of Taxation (IGT) has stepped into the fray and announced that he is going to review…

ATO campaign warns of tax time scams The ATO is again reminding taxpayers to be wary of scams this tax time as fraudsters become more ambitious in their efforts to dupe the public into releasing their personal information. Since 1…

2014/15 Luxury car tax (LCT) limit The LCT threshold for the 2014/15 financial year is $61,884 (increasing the previous year’s LCT threshold of $60,316 by an indexation factor of 1.026).   Please Note: Many of the comments in this publication…