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The ATO is currently reviewing adherence to certain trustee obligations, including the lodgement of Tax File Number (‘TFN’) reports for TFN withholding for closely held trusts. Beneficiaries are required to quote their TFN to trustees to avoid having tax withheld…

Small business entity (‘SBE’) taxpayers who choose to depreciate their assets under the simplified depreciation rules are entitled to an immediate deduction with respect to low-cost assets in the year they are first used or installed ready for use for…

The ATO has issued the following reminders to employers, that backpackers on working holidays: • are considered temporary residents, and are entitled to superannuation guarantee if they are paid $450 or more before tax in a calendar month; and •…

Rental property owners are being warned to ensure their claims are correct this tax time, as the ATO has announced it will double the number of audits scrutinising rental deductions, with a specific focus on: • over-claimed interest; • capital…

The ATO is collecting bulk records from Australian cryptocurrency designated service providers (‘DSPs’) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax, and correctly meeting their tax (and superannuation)…

The ATO has also reminded employees that how they get their end of financial year information from their employer, showing their earnings for the year, depends on how their employer reports their income, tax and super information to the ATO.…