Newsletter

The Australian Taxation Office (ATO) has confirmed that the process for cancelling the Australian Business Number (ABN) of a deregistered company has changed.

The Australian Business Register (ABR) no longer needs to wait to cancel the ABN of a deregistered company. ABN cancellation will now happen as soon as the Australian Securities and Investments Commission (ASIC) informs the ATO that the company is deregistered. The ABN cancellation is now effective from the date of deregistration.

The Australian Taxation Office (ATO) has announced that a message will display in the Tax Agent Portal pre-filling report if the work-related deductions claimed by a client in the 2016 tax return were high in comparison to clients in similar occupations and income range in 2016.

If your child is under 18 years, and they buy shares, you may need to consider the following:

QUOTING A TAX FILE NUMBER

When you buy shares, you do not have to quote a tax file number (TFN). If you quote a TFN, you pay taxes on the dividends when you lodge the tax return.

SMSF EVENT BASED REPORTING

The Australian Taxation Office (ATO) has released two options for consultation on how often SMSFs will report events impacting an individual member’s transfer balance account from 1 July 2018.