What the ATO’s ASFP means for tax professionals
How the new whistleblower laws operate, according to the TPB
De-registration on basis of not being “fit and proper person”
Additional conditions to be met for some small business CGT concessions
Transfer balance cap correspondence issuing with a due date during the Christmas/New Years
Work related deductions denied
Bushfire concession announced
SMSFs and “fractional” property investment
Extending the anti-avoidance rules
Employer deductions for payments to workers
Clients involved with National Rental Affordability Scheme?
Project Super Scheme Smart
What the ATO’s ASFP means for tax professionals
The Activity Statement Financial Processing (ASFP) project will move all activity statement and franking deficit tax financial information into the one ATO system, delivering a single accounting system with multiple accounts. This system change will occur in December 2019 during the ATO’s annual closure, with its online systems unavailable from COB 24 December until first thing 2 January. Afterwards a number of changes will be noticed in Online services for agents.
How the new whistleblower laws operate, according to the TPB
New whistleblower laws commenced on 1 July 2019 to legally protect people who ‘blow the whistle’ about an entity that is not complying with the tax laws. The reforms aim to protect whistleblowers when they disclose information about an entity in relation to tax avoidance behaviour and other tax issues to an eligible recipient prescribed under the legislation. The TPB explains. ASIC also has published some guidance.
De-registration on basis of not being “fit and proper person”
The Full Federal Court has dismissed an appeal by a tax agent and confirmed the TPB’s decision to terminate his registration on the grounds he was not a “fit and proper person” — largely based on a false declaration the agent made to the Migration Agents Registration Authority. The decision also precludes the tax agent from applying for re-registration for 5 years.
Additional conditions to be met for some small business CGT concessions
If the CGT asset is a share in a company or interest in a trust, the additional conditions the taxpayer must meet include they must be carrying on a business just before the CGT event if they do not meet the maximum net asset test, and the share or interest must satisfy the modified active asset test which looks through to the activities and assets of the underlying entities. There are more conditions, which can be found here.
Transfer balance cap correspondence issuing with a due date during the Christmas/New Years Readmore
