Individuals:
Annual vacancy fee for foreign investors
An annual vacancy fee now applies for foreign owners of residential dwellings where the dwelling is not occupied or genuinely available on the rental market for at least six months per year.
Businesses:
Improving the integrity of GST on property transactions
On 9 May 2017 the Government announced that it will strengthen compliance with the GST law by requiring purchasers of newly constructed residential properties or new subdivisions to remit the GST directly to the ATO as part of settlement.
Your obligations under Single Touch Payroll
This information will help employers report under Single Touch Payroll from 1 July 2018.
Guide to the new Small Business Super Clearing House
Watch our webinar recording that guides you through the new Small Business Superannuation Clearing House, joining our online services from 26 February 2018.
We protect honest businesses and identify those gaining an unfair advantage by not paying their fair share of tax. One of our focus areas is businesses that deal largely in cash transactions as this provides dishonest businesses with a much greater opportunity to act unfairly.
Tax Professionals:
Businesses who deal in cash payments are more likely to make mistakes. Find out how you can help your clients.
Encouraging international tax transparency
The ATO works with the Organisation for Economic Co-operation and Development (OECD), Joint International Tax Shelter Information Centre (JITSIC) and overseas jurisdictions to improve global tax transparency.
Should your clients claim GST credits?
If your clients conduct irregular activity that does not make a profit, then they may have a hobby, not a business. If it’s a hobby, they can’t claim GST credits on their purchases.
GST cross-border transactions between businesses
Recent changes to Australia’s goods and services (GST) law, mean from 1 October 2016, some transactions between overseas businesses and Australian businesses are no longer subject to GST.
Edited versions now available in the ATO Legal database
To make it easier to search for Edited versions (EVs) we have made them available on the ATO Legal database.
Computer assisted verification: e-Audit and risk assessment
e-Audit is a system based auditing method that uses computer assisted verification (CAV). We use this method as part of our compliance activities when auditing electronic financial records. We may use our information systems risk assessment (ISRA) tool to assess risks.
Find out how to reduce the risk of fraud in your practice and what you need to do to verify or report a scam.
Reference: https://www.ato.gov.au/Whats-new.aspx?period=LastMonth&marketsegment=Entire%20Website