News

The ATO is taking a tougher approach on businesses in the 2022 financial year. There was leniency in 2021, offering businesses payment arrangements, deferrals of lodgements, remission of penalties and general interest charges.

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It’s no secret that the Perth building industry is booming, which means contractors need to disclose all of their income. If you are a contractor in;

• Building and Construction

• Road Freight

• Information and Technology

• Cleaning Services

• Security

• Investigation or Surveillance

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The ATO has advised that it will engage in two new data matching programs, as outlined below:

•  the ATO will acquire novated lease data from McMillan Shakespeare Group, Smartgroup Corporation, SG Fleet Group, Eclipx Group, LeasePlan, Toyota Fleet Management, LeasePLUS and Orix Australia for the 2018/19 through to 2022/23 financial years (relating to approximately 260,000 individuals each financial year); and

• the ATO will acquire account identification and transaction data from cryptocurrency designated service providers for the 2021 financial year through to the 2023 financial year inclusively (relating to approximately 400,000 to 600,000 individuals each financial year).

The ATO has confirmed that the following interest rates charged under a limited recourse borrowing arrangement (‘LRBA’) to an SMSF would be consistent with the safe harbour terms the ATO will accept for the 2021/22 financial year.

Real property:                         5.10%

Listed shares or units:           7.10%

Note that these rates are unchanged from those the ATO accepted for the 2020/21 year.

Since February 2020, the ATO has been issuing alerts via email and SMS when certain changes are made to a self-managed super fund (‘SMSF’).

With the inclusion of SMSF rollovers in SuperStream, the ATO will send the fund an email and/or text message alert when the fund uses the SMSF verification service (‘SVS’) to verify the SMSF’s details before making a rollover. 

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