From 1 January 2020, the Government intends to restrict the value of cash payments a business makes or accepts to amounts under $10,000. Ignoring the limit will become a criminal offence with penalties of up to 2 years in prison and/or $25,200*. Payments of $10,000 or more will need to...
Read MoreWhy the Government does not want your business accepting cash payments of $10,000 or more
Friday, August 09, 2019
‘Proof of life’ certificates required for overseas pensioners
Friday, August 09, 2019
One of the stranger pieces of legislation to be introduced into Parliament last month is an attempt to ensure that overseas welfare recipients over the age of 80 are in fact, alive.
There are approximately 96,000 people permanently living overseas who currently receive an Australian so...
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One of the stranger pieces of legislation to be introduced into Parliament last month is an attempt to ensure that overseas welfare recipients over the age of 80 are in fact, alive. There are approximately 96,000 people permanently living overseas who currently receive an Australian so...
Read MoreConfusion over personal income tax changes – what are you really entitled to?
Friday, August 09, 2019
The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is a...
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The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is a...
Read MoreSingle touch payroll exemption for directors and family members
Monday, July 08, 2019
The ATO has provided a concession from single touch payroll for payments by small employers to closely held payees.
Single touch payroll (STP) was extended to cover all employers on 1 July 2019. For directors of their own company or for family businesses employing family
members, there are so...
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The ATO has provided a concession from single touch payroll for payments by small employers to closely held payees. Single touch payroll (STP) was extended to cover all employers on 1 July 2019. For directors of their own company or for family businesses employing family members, there are so...
Read MoreLaundry expenses hung out to dry
Monday, July 08, 2019
The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims.
“Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many
of the...
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The ATO is airing the ‘dirty laundry’ on work-related clothing and laundry expenses warning that it is closely reviewing claims. “Last year around 6 million people claimed work-related clothing and laundry expenses, with total claims adding up to nearly $1.8 billion. While many of the...
Read MoreWho owns the assets of a trust?
Monday, July 08, 2019
It’s not uncommon for people to put assets such as their family home into a trust, particularly professionals working in litigious fields or family groups wanting to protect assets. A recent case highlights some of the tax problems that can occur.
The taxpayer in this case had become the owner of...
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It’s not uncommon for people to put assets such as their family home into a trust, particularly professionals working in litigious fields or family groups wanting to protect assets. A recent case highlights some of the tax problems that can occur. The taxpayer in this case had become the owner of...
Read MoreSuper, insurance and exit fees: The 1 July changes
Monday, July 08, 2019
From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive
accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner.
These changes do not apply...
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From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner. These changes do not apply...
Read More60,000 tax cheat tip-offs
Monday, July 08, 2019
Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June 2018 and May 2019 –
almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year.
Com...
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Tip-offs to the Australian Taxation Office (ATO) have reached an all-time high with close to 60,000 tip-offs received between June 2018 and May 2019 – almost double the number of the previous year. The ATO thinks the number of tip-offs will reach around 70,000 for the full financial year. Com...
Read MoreHow to Prepare for a Tax Office Visit
Friday, June 07, 2019
The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy.
This financial year, the ATO has visited 22 regions with another four in progress. Next financial year they plan on visiting over 10,000 businesses.
...
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The Tax Office is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy. This financial year, the ATO has visited 22 regions with another four in progress. Next financial year they plan on visiting over 10,000 businesses. ...
Read MoreTax time: Are you in the ATO’s sights?
Friday, June 07, 2019
A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in
its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the k...
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A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the k...
Read More