ATO

ATO working on end of year SBSCH tax deduction concession

The ATO is proposing a compliance concession for employers claiming a tax deduction for super contributions made through the Small Business Superannuation Clearing House (SBSCH) late in the financial year. Under an a currently draft Practical Compliance Guideline PCG 2019/D8 the ATO has proposed new rules for when employer contributions… Read More »ATO working on end of year SBSCH tax deduction concession

ATO issues alert on share ex-div date structured arrangements

The ATO warned it is reviewing certain structured arrangements that involve the transfer of shares around the shares’ ex-dividend date. “We are concerned these arrangements involve taxpayers inappropriately receiving franking credits in breach of rules designed to maintain the integrity of the imputation system,” said the ATO. According to Taxpayer… Read More »ATO issues alert on share ex-div date structured arrangements

ATO apologises to super industry for IT outage, says lessons being learned

The ATO Commissioner has apologised to the superannuation industry, among others, for recent IT outages. With the release of the ATO systems report, the Commissioner said: “We are very mindful of the disruption that the outages caused the community and our key stakeholders – tax practitioners, the superannuation industry and… Read More »ATO apologises to super industry for IT outage, says lessons being learned

ATO to be flexible on compliance with death benefit cashing rules: PCG 2017/6

The ATO will take a flexible compliance approach to industry practice around the cashing of superannuation death benefits prior to 1 July 2017. The impending introduction of the Transfer Balance Cap has highlighted an issue with the treatment of superannuation death benefits, which the ATO has addressed in Practical Compliance… Read More »ATO to be flexible on compliance with death benefit cashing rules: PCG 2017/6