2nd Quater 2016

Phone scams are the number one type of scam in Australia. Scammers can impersonate ATO employees to obtain personal information for financial gain from you. Generally, phone scams demand payment for an unexpected debt or offer an unexpected refund.

It is important you are aware that scammers try to collect personal information to steal your identity, including:

• tax file numbers;
• names;
• addresses;
• dates of birth;
• myGov user name and password;
• bank account and credit card details; and
• drivers licence, Medicare and passport details.

This information is then used or sold to other criminals to commit identity fraud. This can happen immediately or even months or years later.

Phone scammers are likely to be pushy or aggressive. They may tell you that there is a warrant out for your arrest or offer to send a taxi to take you to a post office so that they can make a payment.

The ATO would never threaten jail or arrest and does not email, call or SMS asking for credit card or bank details to issue a refund.

Scammers use a number of tools to slip under your radar at tax time – from impersonating an ATO representative, to creating official looking emails and email addresses, to creating sleek and professional-looking websites that mirror the ATO site. They have even been known to create web portals that appear to be hosted on the ATO site, which are designed to trick you into providing your personal details.

Beware – scammers may even recite some personal information about you to trick you into thinking they’re the real deal. These days, it’s easy for scammers to get a hold of personal information from social media and other networking forums.

Scamwatch and the ATO are urging consumers and small businesses to be aware of scammers taking advantage of the busy nature of tax time to target you. You can check whether they’re the real deal by calling the ATO on its official contact number: 13 28 61.

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REGISTERING A SMSF

A self-managed super fund (SMSF) is a special type of trust set up to provide superannuation benefits to members upon reaching a prescribed aged or upon their retirement, death or other cessation of employment.

If an SMSF has the following in place, it can apply for and obtain an ABN:

• at least one trustee;
• a trust deed;
• identifiable members; and
• assets put aside for the benefit of its members.

If the SMSF doesn't hold assets, it will not be entitled to an ABN.

A SMSF can be established with a nominal contribution amount, for example $10, where a roll-over, transfer or contribution is expected to be received in the near future. This can be deposited into a bank account once an ABN has been issued. This is regarded as a contribution to the SMSF and is allocated to a member.

Where contributions aren't able to be made to an SMSF (for example a member is 65 years or over or does not meet the work test) an administrative discretion will apply to accept a nominal contribution, if the following conditions are met:

• the nominal contribution is allocated to the member solely for the purpose of registering the SMSF; and
• the member must receive further money into the SMSF, such as a roll-over, before the end of the financial year that the fund was established.

A trustee should self-assess whether the SMSF meets both conditions listed above. If it does, the administrative discretion will apply and the contribution can be accepted by the fund.

If you decide that an SMSF is the appropriate vehicle for your super savings, you need to ensure the fund is set up and maintained correctly so that it is eligible for tax concessions, can pay benefits and is as easy as possible to administer.

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21 OCTOBER 2015

• Annual pay as you go (PAYG) instalment notice (Form N) – due date for payment. Lodgement is only required if you vary the instalment amount or use the rate method to calculate the instalment.

• September 2015 monthly activity statements - final date for lodgement and payment.

28 OCTOBER 2015

• Superannuation guarantee contributions for Quarter 1 (July - September 2015) are to be made to the fund by this date.

31 OCTOBER 2015

• Final date to appoint a tax agent to the income tax role for any new client. If you advise us of your appointment after this date, your 2015 income tax return may not be covered by the concession in our tax agent lodgement program.

• Income tax returns for all entities where one or more prior year income tax returns were outstanding as at 30 June 2015. This means all prior year returns must be lodged, not just the immediate prior year. If all outstanding prior year returns have been lodged by this date, the ATO system will reset the 2015 return due date as per the normal program. Self-managed super funds (SMSF) in this category must lodge their complete Self-managed superannuation fund annual return by this date.

• Income tax return for all entities prosecuted for non-lodgement of prior year income tax returns and advised of a lodgement due date of 31 October 2015. Some prosecuted clients may have been given a different lodgement due date. Refer to the letter you received on this matter for the applicable due date. Self-managed super funds (SMSF) in this category must lodge their complete Self-managed superannuation fund annual return by this date.

21 NOVEMBER 2015

• October 2015 monthly activity statements - due date for lodgement and payment.

25 NOVEMBER 2015

• Quarter 1 activity statements (July - September 2015) - due date for lodgement and payment if you are lodging via electronic commerce interface (ECI), electronic lodgement service (ELS), Tax Agent Portal, BAS Agent Portal or Standard Business Reporting (SBR).

28 NOVEMBER 2015

• Due date for lodging Superannuation guarantee charge statement - quarterly and paying the super guarantee charge for Quarter 1 (July – September 2015), if the employer did not pay enough contributions on time.

1 DECEMBER 2015

• Income tax for taxable large/medium businesses, companies and super funds - due date for payment. Lodgement of return is due 15 January 2016.

• Income tax for companies and super funds where lodgement of the income tax return was due 31 October 2015 - due date for payment.

21 DECEMBER 2015

• November 2015 monthly activity statements - final date for lodgement and payment.

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