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ATO actions on trusts and tax avoidance

Posted by Team AVS on 29 Jul, 2019  0 Comments

The ATO says that it recognises that most trusts are used appropriately and for legitimate purposes. It says it will continue to help those who make genuine mistakes or are uncertain about how the law applies to their circumstances.

But even so, the ATO has a number of “trust risk rules” in place to identify higher risk compliance issues — at the same time, acknowledging that most trusts do not trigger these risk rules.

Its stated pri

ATO expects many laundry claims will be hung out to dry

Posted by Team AVS on 22 Jul, 2019  0 Comments

This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to — and which you should approach with caution when claiming these deductions.

For example, the ATO has already flagged that it will be checking returns for taxpayers who take advantage of the exemption from keeping receipts when spending less than $150 on laundry expenses. The ATO believes that too many people are claiming this without

New labels in the 2019 SMSF annual return

Posted by Team AVS on 8 Jul, 2019  0 Comments

The SMSF annual return for 2019 has a number of new questions and labels that SMSF practitioners and trustees need to be aware of.

In previous years, the ATO advised trustees that the question in the annual return regarding whether Part B of the audit report was qualified could be answered with a “no” if the only reason the auditor qualified Part B was because they could not confirm the information provided to them (for example, opening ac

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