April 2015 Tax Talk – Business Accountants Cairns

By 1 April, 2015News
Read The Full April 2015 Tax Talk Here

In this issue of Tax Talk, we cover:

ATO Audit Targets have been announced, and the focus areas are listed on a new government webpage. The ATO has stated it will be focusing on, among other things, work-related expenses, and rental property expenses. The full details of the focus areas are listed in the Tax Talk document.

The ATO Super Crackdown is now in motion, with the ATO running a campaign to educate employers and industry of their super obligations. Audits will be undertaken from July 2015, honing in on employers who still do not meet the obligations they have to their employees in relation to Superannuation.

The Data Matching Program that the ATO has been undertaking will now acquire details of entities that receive contractor payments from businesses for the 2013 through 2016 financial years. This data will include ABN’s, Contractor contact details, amounts paid, and some other points of interest for the ATO.

Your Roles And Responsibilities As An SMSF Trustee are vital to the ongoing operation of the fund, making a good understanding of them key. Even if you use an accountant to set up the fund, and deal with the tax related matters, there are still some other trustee responsibilities. A more exhaustive list is present in the full Tax Talk document.

Significant Penalties For Super Fund Contraventions are being imposed as of recent, with a recent court case seeing fines totaling $50’000 placed on several members of a SMSF.

Loans from Super Funds are limited by specific superannuation laws. If you have been asked to invest funds, then have the money lent back to you or into a situation where you control that money, then the arrangement likely contravenes super laws.

A Stronger Super starts with five steps to set up a strong strategy. These steps are listed in full in the Tax Talk document.