We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important taxation developments up to and including 19 August 2022.
- Beware of payment redirection scams – ASIC has warned small and micro businesses to be alert for payment redirection scams, which have caused some of the highest losses to businesses in 2021.
- Have you lodged your TPAR? – The taxable payments annual report for 2021–2022 was due to be lodged by 28 August 2022.
- Tax time focus on rental properties – Rental property income and deduction mistakes continue to be one of the main focus areas for the ATO this tax time.
- SMSF COVID-19 relief measures have now ceased – The measures covered residency requirements, rental reductions and waivers, rental deferrals, in-house assets, loan repayments, limit recourse borrowing arrangements, and related party transactions.
- Thinking of ditching your SMSF? – Whatever your age, if recent market conditions, cost or the amount of administration involved are getting to be too much and you would like to wind up the SMSF, there are several steps involved.
- ATO: Super – annual balance reporting reminders – ATO has issued a reminder that super funds need to report on or before 31 October 2022.
- Director ID – deadline approaches – Directors who have not already obtained their director ID should do so without delay as the deadline looms closer.
- Commissioner’s vision of the tax system by 2030 – The Commissioner has outlined the ATO’s vision of the tax system of the future in a speech last week, noting the ATO’s Executive had endorsed a new vision for the ATO to be fully digitalised by 2030.
- Register your .au domain – The .au domain is the new, general purpose, shorter Australian domain name option. If you do not register the direct match of your existing domain for the direct .au domain, you risk your brand equity being consumed by someone else.