Client Alert – May 2024

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 22 April 2024.

  • Reactivating old debts: new guidelines for government agencies – In response to the ATO’s recent actions on old tax debts, the Commonwealth Ombudsman/ACT Ombudsman and the Inspector-General of Taxation and Taxation Ombudsman have issued new guidelines to improve how Australians are notified about debts they owe to the government.
  • Serious Financial Crime Taskforce targets false invoicing – The ATO and Australian Federal Police have executed search warrants at properties in various Sydney suburbs in relation to a billion-dollar money laundering investigation.
  • ATO’s use of small business benchmarks – The ATO uses small business benchmarks along with other risk indicators to select businesses for further compliance activities. New benchmarks are now available.
  • FBT: alternatives to employee declarations – From 1 April 2024, employers will have the option to rely on existing or other alternative records (besides prescriptive declaration formats) for certain classes of fringe benefits.
  • More information: super on paid parental leave – “Paid parental leave is not a welfare payment – it is a workplace entitlement just like annual and sick leave”, Minister for Social Services Amanda Rishworth has said.
  • Changes proposed for annual super performance test – The government has released a consultation paper on changes to the fund performance test to improve its sophistication while still ensuring the test holds trustees to account for delivering the best outcomes.

 

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Client Alert – May 24

Explanatory Memorandum – May 24

Tax Return Checklist 2024

Budget Extra

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.