Bonsella November 2021 Newsletter

November 21

Our latest eNewsletter includes information on the following topics:

ATO scrutinising gifts or loans from overseas – The ATO has recently issued an alert warning taxpayers against disguising undeclared foreign income as gifts or loans from related overseas entities, including family and friends.

New data matching program: government payments – A new data matching program designed to identify and address non-compliance with tax and super obligations covers most services that the Commonwealth Government pays third-party program providers to deliver.

Do you need a Director Identification Number? – Directors of companies will soon have to enrol in the Director Identification Number (DIN) regime, making it easier to trace relationships across companies and reduce instances of phoenixing and other illegal activity.

COVID-19 relief for SMSFs extended – The ATO has announced the extension of various COVID-19 relief measures for trustees of self managed superannuation funds (SMSFs), which will now be available for the 2021–2022 financial year.