australian taxation office

Tools & guides

Minimising CGT: navigating the rules of active assets

Small business capital gains tax concessions, writes Peter Bembrick and Katherine Lloyd, can significantly reduce, or even eliminate, the tax paid on the sale of a small ...

Superannuation

SMSF COVID-19 relief measures extended

Self-managed superannuation fund trustees could be exempt from certain compliance actions as the Australian Taxation Office has extended relief measures as a result of CO...

Superannuation

ATO approval of early release ‘no rubber stamp’

Members who have accessed hardship early release superannuation should understand that they may be audited by the Australian Taxation Office to determine whether they wer...

Superannuation

Early release fraud – members will pay

Superannuation funds may not have been responsible for the $150,000 early release fraud being investigated by the Australian Federal Policy but their members will ultimat...

Superannuation

Young, low balance members dominate early release

With the average early release superannuation draw-down standing at slightly over $8,000 and with the load spread across virtually superannuation funds, the industry is h...

Superannuation

Early super release scams under guise of Govt

Australians are being targeted by scammers posing to be from Government agencies and that real estate agents are now telephoning tenants to access their super before aski...

Superannuation

Accessing $10k of super is worth $60k in future

A 25-year-old who accessed $10,000 of their superannuation early could lose $60,000 when they retire, an accounting firm warns. ...

Superannuation

ASIC disqualifies and suspends SMSF auditors

The Australian Securities and Investments Commission has announced it has disqualified, suspended or added conditions to the registration for a number of self-managed sup...

Superannuation

Early access to super no longer than 5 days

The vast majority of eligible Australians should receive early superannuation payments within five business days, according to Australian Prudential Regulation Authority ...

Policy & Regulation

ATO and TPB on alert for COVID-19 rorters

Tax agents and advisers have been warned against trying to manipulate the business and employment policy changes put in place by the Government to deal with COVID-19....

Financial planning

Australia’s high wealth tax gap stands at 7.7%

The Australian Taxation Office has launched a high wealth tax gap noting that it stands at 7.7% or $772 million. ...

Policy & Regulation

ATO to use more education directives

The tax office is imposing more educational directives where self-managed superannuation fund members have breached regulatory contraventions in a bid to prevent reoffend...

Financial planning

Global tax chiefs target international tax evasion

Global tax chiefs have announced they have undertaken unprecedented multi-country day of action to tackle international tax evasion....

Superannuation

Unpaid super to impact Victorian retirement

Victorian workers have lost more than $1.4 billion in unpaid superannuation, according to an analysis by Industry Super Australia....

Financial planning

Limited licensing has failed claims SMSF Association

The SMSF Association wants the Government to dump its limited licensing regime for accountants on the basis of it having failed to meet its objectives and having, instead...