News and Media

ATO cracking down on taxable fringe benefits

7th June 2017

The ATO is scrutinising organisations’ taxable fringe benefits, with a specific focus on customer loyalty programs, ride-sharing services and utility vehicles, according to a mid-tier. RSM Australia is urging accountants to work with their clients to review their policies ahead of possible investigation by the ATO on the provision of taxable fringe benefits to employees. One key area of focus is on employees’ use of business or personal credit cards linked to customer loyalty programs, as well as substantial personal frequent flyer points obtained through business travel.

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ATO to crack down on businesses misusing R&D tax breaks

14th February 2017

The Australian Tax Office has warned business operators and advisers that it is ramping up its efforts to target the misuse of research and development tax incentives, and it will pursue those deliberately exploiting the tax breaks in court.

The ATO says it is particularly concerned about businesses in the building and construction industry, where it says an increasing number of operators are attempting to claim excluded expenditure as R&D expenses.

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3,000 accountants still undecided on licensing

3rd January 2017

An estimated 20 to 30 per cent of all accountants are still undecided on what they should do in relation to licensing, with one licensing provider still speaking to thousands of accountants.

Speaking to SMSF Adviser, Merit Wealth accountants services director David Moss said he is still speaking to around 3,000 accountants who are undecided on whether they will become an authorised representative under limited licence, or continue to remain unlicensed.

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Next stop on the ATO's cash economy hit list: tradies

1st December 2016

The building and construction industry will be the next main target of the taxman's attempts to claw-back revenue lost due to the illegal cash economy.

The Australian Taxation Office has visited over 1000 building and construction small businesses over the past financial year to talk with them about their tax and superannuation obligations.

It will be visiting thousands more in the coming months. And it's now using social media to catch out tax cheats.

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