The key risk areas the ATO intend to focus on for Private Wealth in 2024–25.

Not all SMSFs have the same annual return (SAR) lodgment due date. Some SMSFs’ SARs are due 28 February 2025.

The ATO is warning the community to be alert for potentially dodgy tax schemes which are spreading online.

Practice mail allows you to communicate with the ATO by a secure channel, as well as view messages you have sent or they have sent you.

Within your practice, you may also have access to more than one mailbox: your own, the practice’s or another person in the practice.

The ATO have found a significant number of tax professionals are only checking their assigned inbox, not their practice inbox. Make sure you set up notifications for your own mailbox and the practice mailbox to alert you when you receive practice mail messages from the ATO.

If you have clients (including payroll only clients) whom you no longer represent or you have lodged final returns for, remember to remove them from your client list in Online services for agents.

Before removing a client from your client list, remember to remove all your agent details from the client’s record. For instructions on how to remove clients from your client list, refer to the Online services for agents user guide.

By keeping your client list up to date, you won’t be listed as the registered agent to handle the client’s ongoing tax affairs. This will reduce the chances of us contacting you about clients you no longer represent.

Eligible build to rent developments can access faster depreciation and lower tax rates.

Changes to strengthen penalty and shortfall interest charge provisions.

Changes to the law allowing individuals to exit legacy retirement products and reserve provisions came into effect on 7 December 2024.

On 12 December 2024, the government announced it will establish a news bargaining incentive aimed at ensuring large digital platforms contribute to the sustainability of news and journalism in Australia.

ATO approach to the TPB Code of Professional Conduct changes including notification about false or misleading statements