November 2024 | VOLUME 196
KSW Newsletter for Clients and Associates for Kreston Stanley Williamson
Current ATO Crackdowns
The Australian Taxation Office (ATO) frequently updates the small business sector on its primary focus areas. Here are the key areas they will be targeting in the coming months:
- Unpaid Tax Debts
- Division 7A Issues
- Non-Commercial Losses
- Shadow Economy Operations
Read more to ensure compliance and avoid potential issues.
ATO’s New R&D Tax Incentive Transparency Report is now available
The ATO has released its first annual R&D tax incentive transparency report for the 2021-22 financial year. The report aims to foster transparency, encourage voluntary compliance, and raise public awareness of the benefits received by R&D entities.
Read more for the key highlights and access to the full report.
What happens if I rollover superannuation from my SMSF to another fund outside of SuperStream?
SuperStream is a government-mandated system that streamlines superannuation transactions, including contributions and rollovers between funds. While it has been in place for over three years and can greatly enhance efficiency, there are important tips and potential pitfalls to consider for fund members.
Read more for a detailed explanation of best practices for superannuation rollovers, common traps to avoid, and what to do if a rollover fails.
Kreston Stanley Williamson
*Correct as of 29 November 2024
*Disclaimer – Kreston Stanley Williamson has produced this article to serve its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas in this article, you must seek advice about your circumstances. Liability is limited by a scheme approved under professional standards legislation.
