ATO Updates: What You Need to Know

1. SMSF Auditors:

Trustees must appoint approved SMSF auditors annually, 45 days before filing. Audits are mandatory, even with no activity. Auditors must be independent.

2. Easier Tax Returns:

The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns. The ATO simplifies tax returns for most, but remember to add income from rentals or side gigs and await your notice of assessment. Tax-time tips include:

• include all income
• assess circumstances that occurred this year
• records, records, records
• wait for notice of assessment
• stay alert to scams
  

3. 'Dependant' Differences:

'Dependant' varies for superannuation and tax. Ensure you understand who qualifies for tax-free super death benefits.

4. NALI Ruling:

Interest income from a unit trust isn't NALI if it's not excessive, per AAT.

5. Luxury Car Tax Rules:

ATO clarifies factors to determine a vehicle's principal purpose for Luxury Car Tax (LCT). Commercial vehicles designed for goods transport are excluded.

Disclaimer: the above comments in this blog post are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.

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