ATO Updates and Information
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.
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.
Tax support for small business
Connecting online with the ATO
Budgeting and managing cashflow
GST income and expense recording
Becoming an employer
Single Touch Payroll
Tax Payments Annual Reports (TPAR)
Follow the link below to view webinar topics:
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
Employers don't need to make any adjustments or refunds for their employees. Any over-withholding that occurred prior to the updates to payroll software or processes will be applied as credits when the employees lodge their 2020–21 income tax returns.
We are pleased to inform all our Xero subscribers that Xero has already been updated. No action is required. Xero Payroll will calculate on the updated tax withholding tables for all future pay runs. Other payroll software providers will update their software by 16 November 2020, please contact them for update information.
If you require more information about the ATO’s payroll changes, please arrange to speak with one of our accountants on 02-6658 1655 or message us through our website: https://qualityaccounting.com.au/contact-us/