Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off. How you are taxed and what you are taxed on depends on your residency status…
DetailsThe investment strategies of Self Managed Superannuation Funds (SMSFs) are under scrutiny with the Australian Taxation Office (ATO) contacting 17,700 trustees about a lack of asset diversity. The ATO is concerned that, “a lack of diversification or concentration risk, can expose the SMSF and its members to unnecessary risk if a significant investment fails.”…
DetailsWhy the Government does not want your business accepting cash payments of $10,000 or more 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…
DetailsConfusion over personal income tax changes – what are you really entitled to? 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…
DetailsSingle touch payroll exemption for directors and family members 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…
DetailsIf you haven’t yet received your 2019 PAYG Payment Summary, this may be why. It’s Tax Time 2019, and we have had a lot of phone calls and emails from clients who are quite confused about when they can book in to get their 2019 tax return done. Much of this confusion is about…
DetailsATO crackdown on laundry expense overclaims. 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 these claims will be…
DetailsThe documents you need at Tax Time to maximise your Tax Refund. “Preparation is the key to you achieving the best tax refund legally possible, and ensuring you’re covered should the ATO ask to review your tax return” – Corinne Cole, Co-founder of Platinum Accounting & Taxation As the financial year comes to…
DetailsThe ATO has announced its focus on the scrutiny of 2019 tax returns, particularly those with rental property tax deductions. It’s fair to say that the ATO’s decision to increase audit activity of rental property deductions has come about with justification. A random sample of tax returns, which included rental property tax deductions, revealed that…
DetailsWill your business be denied this tax deduction? Non-compliance with the new PAYG Withholding rules could cost your business thousands in income tax. Are you a business owner with employees or contractors? You need to be aware that new PAYG withholding rules are now in place to deny tax deductions for salary and wages…
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