Client Information Update 14/11/24
Please find listed below some important updates regarding recent ATO changes and other related matters:
1. Tax Law Requirement – Activity Statements signed Declarations prior to lodgment
As a reminder, the Australian Taxation Office (ATO) requires that clients provide a signed declaration confirming that you have reviewed and authorised all documentation before we lodge on your behalf. This is mandatory. Starting today, we will require all documents to be fully signed prior to lodgment. The documents can be signed either digitally or on a paper format. If you receive documentation electronically, please remember to check your junk email. Our digital platform (FuseSign) will send you a security code to open and sign the documents.
2. ATO Late Lodgment Penalties
In recent times, the ATO has been taking a much firmer stance on compliance. While the ATO had previously shown leniency by issuing fewer penalties and offering more flexibility with remittance requests, we are now seeing an increase in penalty enforcement.
The ATO is actively imposing penalties for late lodgments. Additionally, they are now far stricter with remittance requests, meaning that requests for penalty reductions or payment extensions are being granted less frequently.
3. myGovID
myGovID has now changed to myID. Please refer to the below link for further information:
https://www.myid.gov.au/mygovid-now-myid
4. Victorian Property Short Stay Levy 7.5% on short term rentals
The Victorian Government has introduced a 7.5% levy to all short-term accommodation/rentals for properties situated in Victoria. This takes effect for bookings taking on or after 1st January 2025.
For further information please refer to the below link.
https://www.sro.vic.gov.au/short-stay-levy
5. Christmas Office Closure
As the festive season approaches, please note that our office will be closed from 12:00 PM on Monday, 16th December and will reopen on Monday, 6th January.
Wishing you a wonderful Christmas and New Year.