Tax Office
Taxation Determination TD 2019/3W
Taxation Determination TD 2019/4W
Taxation Determination TD 2019/5W
Do UPEs need to be converted to loans?
From www.pitcher.com.au: The ATO has indicated that unpaid present entitlements must be converted into loans to comply with Division 7A, as per a controversial decision by the Full Federal Court.… read more
ATO’s incorrect excess NCC determinations
From www.professionalplanner.com.au: Mistakes by the Australian Taxation Office have led to clients receiving incorrect letters regarding excess non-concessional contributions, causing panic and increased workload for financial advisers.… read more
Tax returns may be scrapped
From www.themandarin.com.au: The ATO plans to shift from traditional self-assessment tax returns to an “assisted assessment” model, where taxpayers simply confirm their income data already collected by the ATO.… read more
ATO ‘hypervigilant’ with oversight of AI activities
From www.accountantsdaily.com.au: The ATO is enhancing its oversight of AI activities to mitigate the risk of high-impact errors and ensure fairness in its processes, according to Deputy Commissioner Jeremy Hirschhorn.… read more