RSM Australia

ATO

Are you ATO “review ready”? | Justified Trust and Tax GST Compliance

6 January 2021
As we predicted in our August 2020 Tax Insight (Release of ATO’s n

Space: The final frontier for GST?

16 October 2020
The Technology and Innovation team at RSM share practical GST insights from within the developing Australian Space Industry. Goods and services tax (GST) in Space - is the supply of new and developing technology taxable?

GST treatment for banking products released

2 October 2020
For a number of years, the Australian Taxation Office (ATO) has been revisiting long-held formal and informal positions it has taken with respect to the GST treatment of a range of banking products and financial services. 

JobKeeper 2.0 legislation passed

3 September 2020
Legislation has been passed by Parliament extending the JobKeeper wage subsidy scheme until 28 March 2021. The current JobKeeper rules will cease to have effect from 28 September 2020.

Interest-free loans - New draft ATO guidance released

31 August 2020
The ATO has published much-awaited guidance in relation to outbound interest-free loans - which it has released for comment in Draft Taxation Ruling TR 2017/4 DC2.

Arm’s length debt test – New ATO position finalised

24 August 2020
The ATO has simultaneously published two documents which now represent the ATO’s views on the application of the arm’s length debt test (“ALDT”) in determining borrowing capacity.

SMSFs and property acquisitions

17 August 2020
Recently released ATO data has revealed a surge in new SMSF registrations, with new establishments increasing by 35% in the March 2020 quarter.

Urgent action required by employers | JobKeeper Update

17 August 2020
The government has introduced further changes to the JobKeeper Payment, designed to include as many employees as possible.

Changes to JobKeeper – what do employers need to do now?

14 August 2020
With all the changes the Australian government announced around the JobKeeper extension (JobKeeper 2.0 and 2.1), there has been some confusion around the Government changing the employee eligibility date from 1 March 2020 to 1 July 2020. 

JobKeeper 2.1 - Treasury announces further changes to JobKeeper payment

7 August 2020
In response to the significant impact of coronavirus restrictions on business owners in Victoria, and likely impacts to follow in NSW, Treasury has announced further changes to the JobKeeper V2.0 proposals originally announced in July.

COVID-19 Financial Reporting: Accounting for government assistance

7 August 2020
As the COVID-19 pandemic continues to have a serious impact on the economic environment, governments continue to provide different forms of assistance to affected entities.

GST and tax governance back on the agenda for boards and management

6 August 2020
Release of ATO’s new “GST Governance, Data Testing and Transaction Testing Guide” Summary

New announcement and changes to JobKeeper 2.0 - What it means for business owners

21 July 2020
The government has today released more detail surrounding much anticipated changes to the JobKeeper program.

A better approach to JobKeeper?

20 July 2020
With speculation rife over the future of the JobKeeper scheme, we explore what has worked with the scheme, what hasn’t and possible changes to the scheme that may be considered when the Treasurer releases his economic update and the results of the Treasury review into the scheme.

JobKeeper - Will your records sustain an ATO review?

10 July 2020
The ATO have recently updated their ‘Keeping JobKeeper Fair’ guidance and have provided examples of the type of activity they are targeting when reviewing eligibility.

ATO’s assurance initiatives - Top 1,000 Tax Performance Program

7 July 2020
Established in July 2016, the ATO's Top 1,000 Tax Performance Program is in its fourth year of establishing greater assurance that large public and multinational taxpayer groups are paying their ‘fair share of tax’.

Jobkeeper deadline - extended again?

11 June 2020
A “systems issue” at the ATO’s end on the last day of enrolment caused frustration for entities that tried to log in but were locked out and could not access the portal. 

Cash Flow Boosts for Businesses

23 April 2020
If you are a small or medium business that employs staff, it has never been so important to lodge your March Quarter or March Monthly Business Activity Statement on time.

Accessing Superannuation: The practicalities

9 April 2020
One of the early announcements from the Government in response to COVID-19 was to allow certain individuals limited access to their superannuation. This was a welcome announcement for many in the early days, but the details of how this could be accessed and when it would be available remained unclear.

Deductibility of labour costs related to the construction or creation of assets

4 December 2019
Draft Tax Ruling TR 2019/D6 explains the Commissioner’s views as to when labour costs relating to the construction or creation of an asset is deductible for tax purposes under section 8-1 of the Income Tax Assessment Act 1997 (Tax Act). 

Private groups on notice – the Tax Avoidance Taskforce is coming

28 November 2019
Born out of various anti-avoidance reforms announced in the 2016-17 Federal Budget, the Australian Taxation Office (“ATO”) established a Tax Avoidance Taskforce to pursue tax avoidance activities of multinationals and high wealth individuals. 

Glencore prevails over ATO in transfer pricing dispute – appeal likely to follow

10 September 2019
On 3 September 2019, the Federal Court (at first instance) found in favour of Glencore in its transfer pricing dispute with the ATO, regarding the pricing of copper concentrate supplied by Glencore’s Australian group to its Swiss parent.

Fringe Benefits Tax – Tips and Traps for the 2019 FBT year

25 March 2019
With the introduction of Single Touch Payroll (STP), the Australian Taxation Office (ATO) now has access to real-time information about employers and their employees.   If you have employees, the more likely it is you are providing some form of fringe benefit and the higher the risk the ATO will expect to see you lodge a Fringe Benefits Tax (F

Bridging the governance gap

28 November 2018
Having worked with companies to implement tax governance frameworks for over 15 years, I’m seeing the first signs that tax governance is truly going mainstream.

Fringe Benefits Tax – ATO finalise their position on private use of vehicles.

18 July 2018
New guidelines for private use exemptions of eligible motor vehicles for Fringe Benefits Tax (FBT) - ATO says yes to making a quick stop to grab a coffee (as long as it doesn’t add more than 2kms to your trip to work and is infrequent) but no to heading to cricket practice after work. 

New GST withholding rules - what property purchasers and developers need to know

24 May 2018
The Federal Government has passed legislation that will require purchasers of new residential properties to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. The measures were first announced in last year’s Federal Budget. The legislation specifies: 

Long-term construction contract ruling | Draft ruling issued

31 October 2017
In 1987, Aretha Franklin finally got the respect she deserved by being the first woman inducted into the Rock ‘N’ Roll Hall of Fame. Also that same year, the Australian Taxation Office (ATO) released Income Tax Ruling IT 2450 to determine how to return income and recognise expenses on long-term construction contracts.

Is the ATO watching you and you don’t even know it?

19 September 2017
The ATO is always keen to ensure that the tax system is fair and that all Australian taxpayers are paying the right amount of tax on their income.

Australia wins gold in the international transfer pricing games

2 May 2017
Australia has shot to international prominence in the transfer pricing world following the Full Federal Court’s recent decision, dismissing the taxpayer’s appeal against the first instance decision in favour of the Australian Tax Office (ATO): Chevron Australia Holdings Pty Ltd v Commissioner of Taxation [2017] FCAFC 62

Government announces changes to 457 visa

19 April 2017
Temporary Employer Skilled Migration Programme – 457 visa to be replaced

Fringe Benefits Tax Spotlight

18 April 2017
Customer Loyalty Programs Do you provide employees with a business credit card associated with a customer loyalty program?