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Stay off the ATO’s radar and lodge your TPAR on time.
Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.
Testamentary Trusts.
The only two things in life that are certain – taxes and death. However, there is a way to reduce the exposure to tax for beneficiaries by establishing a Testamentary Trust. Testamentary Trusts are established by a will and only come into effect when the person passes.
ATO to target ‘wash sales’ this Tax Time.
The ATO is warning taxpayers to not engage in ‘asset wash sales’ to artificially increase their losses to reduce gains (or expected gains). Wash sales are a form of tax avoidance that the ATO is focused on this tax time.
Get on the front foot with business tax debts.
The ATO have advised us that they have resumed their debt collection activities in the small-business sector after a pause last year during lockdown. This means businesses need to really focus on clearing the debt as the ATO pursues harder collection measures.
Penalties for overdue TPAR.
The Taxable payments annual report (‘TPAR’) must be lodged by 28 August each year. Taxpayers who operate in certain industries and that make payments to contractors may need to report these payments in a TPAR.