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SMS for SMSF!

In the interests of protecting SMSF members and their retirement savings from fraud and misconduct, the ATO has announced it will send out an email and/or a text message via an SMS when changes (including updates to the SMSF financial…

Bushfire Assistance

Following the devastating bushfires across large parts of NSW and Queensland in November, the ATO has offered ongoing support. In particular, a specific helpline (1800 806 218) has been established that can be used by those impacted to seek assistance,…

No CGT Main Residence Exemption for Non-residents

The Government recently tabled legislation, making its second attempt to deny access to the CGT main residence exemption for individuals who are foreign residents (i.e., non-resident taxpayers for Australian tax purposes). The restrictions to this CGT exemption will apply to…

STP and Superannuation Guarantee

In a presentation at the Australian Institute of Superannuation Trustees Chairs Forum, the ATO’s Deputy Commissioner confirmed that as a result of STP, the ATO now has an “unprecedented level of visibility” of super information. In particular, the ATO’s examination…

PAYG and Deductions for Payments to Workers

The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019. If the PAYG withholding rules require an amount to be…

Taxpayer Liable for Excess Transfer Balance Tax Despite Commutations

A taxpayer has unsuccessfully tried to challenge an excess transfer balance tax liability, despite following the ATO’s instructions. The taxpayer was receiving three pensions in 2017, including two capped defined benefit income streams and one account-based pension. Based on information…
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