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Deductions for a Company or Trust Home-based Business

The ATO has reminded taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, market-rate rental contract (or similar agreement) with the owner of the property. The agreement will determine which…
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ATO Impersonation Scam Update

Editor: Unbelievably, scammers are still successfully bilking Australians out of tens of thousands of dollars, as a recent ATO scam report shows. According to the July 2019 ATO impersonation scam report: • 6,179 online scam reports were received in the…
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$30,000 Instant Asset Write-off

The ATO is reminding businesses that are looking to expand or improve their business and thinking of buying new or second-hand assets, that medium sized businesses with a turnover up to $50 million (but at least $10 million) are eligible…
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ATO Hits the Road

The ATO plans to visit almost 10,000 businesses this financial year in all States and Territories, across a variety of industries, as part of their strategy to deal with the black economy (they visited nearly 9,000 businesses in the 2018/19…
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ATO Watching for Foreign Income This Tax Time

The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time. New international data sharing agreements allow the ATO to track money across borders and…
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ATO Guidance Regarding Incorrect ENCC Determinations

The ATO has acknowledged that an incorrect excess non-concessional contribution (‘ENCC’) determination may issue due to a known system issue with the calculation of some SMSF member’s total super balance (‘TSB’). Editor: Recent super reforms have meant that individuals are…
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