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Integrity, Innovation & Commitment

3rd Quarter 2019

The Australian Taxation Office (ATO) has recently written to tax agents on behalf of clients who have cars registered in their business name but have not lodged an FBT return. The ATO is clearly targeting situations where cars or other motor vehicles have been used by employees or their related parties but the FBT issues have not been dealt with properly.

New GST Withholding Rules

The Australian Taxation Office (ATO) is urging tax practitioners to ensure that correct supplier details are provided to the purchaser of a property where the relatively new GST withholding rules are triggered. This is because if incorrect supplier details are provided it can delay the supplier’s access to a credit for the GST that has been withheld and paid to the ATO.

The Australian Taxation Office (ATO) has provided a reminder that practitioners or their clients can choose to engage with the ATO to seek agreement on the tax issues that will arise in relation to certain commercial deals.

SMSF News

VERIFYING MARKET VALUES IN AN SMSF

Under regulation 8.02B of the Superannuation Industry Supervision Regulations 1994 (SISR), assets must be valued at market value in the SMSF’s accounts and statements.

Let us advise you with your accounting and taxation needs!