ATO focus areas
In the last few months, we have seen the ATO raise concerns around the way that tax practitioners are managing their own tax affairs. Given the ongoing application of the ATO's guidelines for professional firm profits and reports in the media suggesting that the ATO might begin to target structures that are commonly used by professional firms, it is important to be aware of the key risk areas and what needs to be done to stay under the radar.
We have also seen the ATO express concerns about the level of non-compliance with Division 7A, with the ATO commencing a targeted education program in this area. The ATO's key message is that if you take money out of a company, there will be tax implications. We will take this opportunity to consider the various ways that clients can be caught when taking funds from a company and how to avoid the most common mistakes.
With Michael Carruthers
Tax Director
Essential year-end tax planning
As we approach the end of the tax year, it is essential to assist clients to consider their tax planning opportunities now and identify steps that need to be taken before the 30 June in order to maximise their tax outcomes and minimise their risk of losing opportunities for deductions for the 2023-34 tax year. Plus, we’ll cover some of the 1 July 2024 changes that will impact clients to help with planning for the tax year ahead.
We will also look at the impact of long proposed changes that are expected to become law for the 2023-24 tax year in relation to an increase to the ‘instant asset write off’ threshold and a bonus tax deduction relating to electrification and more efficient energy use.
With Rae Ni Corraidh
Tax Adviser
Superannuation and ECPI: time to take stock
Exempt current pension income (ECPI) is one of the largest deductions claimed by SMSFs and makes it an obvious target for the ATO. Consequently, understanding the rules for claiming ECPI and the methods available is very important. Also, just to complicate things further, since the 2021-22 financial year an SMSF may have a choice as to how to calculate and claim ECPI, but again this choice is dependent on understanding the rules, requirements and implications of ECPI choice.
In this session, Mark Ellem, Head of SMSF Education at Accurium will navigate through the complexities of ECPI rules for SMSFs, sharing some of the ECPI war stories and real-world scenarios submitted by practitioners.
With Mark Ellem
Head of Education, Accurium