LATEST NEWS
Can the ATO take money out of your account? Your right to know
Can the ATO take money out of your account? Your right to knowYou might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from...
Calculating Super Guarantee: The new rule
Calculating Super Guarantee: The new rule From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.Under current rules, some...
Vacant Land Deduction
Vacant land deductionLegislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.Previously, if you bought...
Big Capital Gain Tax Changes: Expats and Foreigners Excluded From Tax Exemption
big Capital Gain tax changes: expats and foreigners excluded from tax exemptionLate 2019, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main...
ATO SCAM Alert
ATO Scam AlertSince 2019, there has been an increase in scammers to impersonate the ATO to requesting payment via various methods, the scammers may also ask recipients to send a photo of their driver’s license, passport or other identity credentials via WhatsApp. This...
2019 Tax Planning for Small Business Entities (SBE)
2019 Tax Planning for Small Business Entities (SBE) Have you been taking a break from work or have a neglected super account? If you had an inactive super account for more than 16 months and/or a balance of less than $6,000, here is what you need to know. From 1 July...
Single Touch Payroll for small and micro employers
Single Touch Payroll for small and micro employers What is STP? Single Touch Payroll (‘STP’) refers to the framework by which payroll information is reported to the ATO on a ‘real-time’ basis. The main reason for introducing STP was to enable the ATO to identify and...
2019 Tax Planning For Individuals
2019 Tax Planning For Individuals As the 2019 financial year end is fast approaching, it is important to have a review of your personal tax position, plan and act accordingly before 30 June 2019. Below are some TIPs which will help to reduce your tax liability....
How the ATO Uses Data Matching to Stop the Cash Economy
The ATO’s ability to match and use data is very sophisticated. It collects information from a number of sources, including banks, other government agencies, and industry suppliers. It also gets information about purchases of major items, such...