All of the latest tax news, views and clues for May 2024.
This Alert addresses:
- 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.