ATO Updates

The Australian Securities and Investments Commission (ASIC) has warned investors of a rise in imposter bond scams where scammers pretend to be associated with domestic and international financial services firms. 

“Investors searching for income-generating investments are at risk of being duped into buying imposter bonds. Any prospectus offering incredible returns in the today’s economic environment is likely to be just that: incredible. ASIC warns investors to be sceptical and make proper inquiries before investing,”

Investors are at risk of identity theft and should check they are dealing with the company they think they are dealing with.  The regulator said that in many circumstances, the scam occurred after the investor had completed an online expression of interest, often via a third party or comparison site.

ASIC listed common tactics which were deployed by scammers which included:

• Sending professional looking fake prospectuses with unrealistically high returns.
• Falsely stating the bonds are issued by prominent financial services firms when this is not true and there is no underlying investment.
• Falsely claiming investor funds will be pooled to invest in government bonds or the bonds of companies with AAA credit ratings.
• Falsely claiming the purchase price of the bonds is protected under the Commonwealth Governments Financial Claims Scheme, and
• Using contact details gathered online through fake investment comparison websites to call people and pressure them to invest or risk ‘missing out’.

Following this, investors interested in these bonds are often directed to pay funds into a bank account from which it could be difficult to recover money, especially if the scammers are based outside of Australia.

 

 

The ATO is warning about a spike in automated scam calls impersonating the ATO.

This new batch of scammers are claiming they’ve suspended their target’s tax file number (TFN) following suspected fraudulent activity.

Since 1 January 2021, the ATO has received 638 reports of this scam, with 7 victims paying out nearly $118,000. For more follow this link.

https://www.ato.gov.au/Media-centre/Media-releases/Scammers-playing-the-saviours-in-new-scheme/

 

ATO Free Small Business Webinars

At QA we recognise that being in business is not a static existence, but one of constant change; new regulation and technologies, adapting to economic change, and meeting requirements of the ATO and other government sectors. There are those niggling little thoughts; am I meeting all my obligations? Am I missing out on opportunities? I’d like information regarding change to Australia’s business environment and how it might affect my business.

The ATO is currently running a series of free webinars about starting a new small business and for small businesses needing to refresh their knowledge. Registration is needed to join a session.

Topics include:

Tax support for small business

Digital options

Connecting online with the ATO

Business Records

Budgeting and managing cashflow

Considering viability

GST income and expense recording

Becoming an employer

Single Touch Payroll

Tax Payments Annual Reports (TPAR)

And more.

Follow the link below to view webinar topics:

https://www.ato.gov.au/Business/Starting-your-own-business/Small-business-webinars-and-workshops/Small-business-webinars/

If information from these ATO webinars has raised questions requiring professional advice, please call Quality Accounting on (02) 6658 1655 to book an appointment with an accountant.

2020 Budget - Personal Income Tax Changes

On 6 October 2020, the Australian Government introduced personal income tax cuts as part of the 2020–21 Budget. These tax cuts bring forward legislated personal income tax cuts from 1 July 2022 to 1 July 2020. The ATO has updated tax withholding schedules to reflect the 2020–21 income year personal tax cuts. Updated schedules are available at ato.gov.au/taxtables.Employers need to adjust their payroll processes and systems, so the tax cuts are reflected in employee’s take-home pay. Employers must make sure they are withholding the correct amount from salary or wages paid to employees for any pay runs processed in their system from no later than 16 November onwards.