Tax administration November 2018

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Running Time: 8:19

Date: 01/11/2018

  • Former directors convicted of illegal phoenix activity
  • Tax treatment of payments for use of a professional sportsperson’s ‘public fame’ or ‘image’ – Draft PCG withdrawn
  • ATO use of data analytics/prefilling helps tax return processing and correcting mistakes
  • STP is new era of payroll reporting, says ATO, but prompts slow starters
  • Three-year audit cycle for SMSFs: accountants raise serious concerns
  • Cyptocurrency and tax – ATO updates guidelines
  • STP tax agent authorisation process streamlined
  • Deemed disallowance of GST objections only covered objections lodged in time
  • Default assessments upheld – fraud and evasion confirmed
  • ATO scam warning – scammers may be impersonating tax agents
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Peter McGinty, Chartered Accountants Australia and New Zealand