If you have been or are unable to meet your tax obligations on time, being proactive and setting up a payment plan with the ATO can be one of your best options. If you ignore it instead, the ATO may…
Employers may face a 200% penalty rate + interest for late or unfulfilled superannuation contributions. Although this has been the case for years, the ATO previously had adopted a lenient and forgiving approach. In many cases, where the employer had…
You would not be alone if you find the tax auditing process, at first glance, to seem wildly complicated and daunting. Things may seem even worse if you end up needing to dispute the results. However, having an understanding of…
https://www.youtube.com/watch?v=ZG_2WPWUS-4
The measure to allow individuals to carry forward their unused concessional contributions (‘CC’) cap from previous financial years to a later year (‘the carry forward rule’) was announced on 3 May 2016 as part of the Government’s Superannuation Reform Package…
Concessional Contributions is the term applied to taxable superannuation payments that are contributed into someone’s superfund and which are taxed, at 15%, by that superfund. The use of the term “concessional” indicates that superannuation payments are tax deductible to the…
We recently ran a Court case against the ATO regarding the tax treatment of bitcoin in the AAT. Sometimes Court cases look like they are about one topic, when they are actually exploring deeper and more significant issues that have…
We recently ran a Court case against the ATO regarding the tax treatment of bitcoin in the AAT. Sometimes Court cases look like they are about one topic, when they are actually exploring deeper and more significant issues that have…
Division 7A is part of the Income Tax Assessment Act 1936 (ITAA ’36) that contains laws aimed at stopping small-medium enterprise (SME) company shareholders and their associates from avoiding taxation by accessing and benefiting from company assets and profits in…
Update to EMDG On 1 April 2020, the Federal Government announced a $49.8 million increase in funding for the Export Market Development Grant (EMDG) scheme, allowing exporters and tourism businesses to get additional reimbursements for costs incurred in marketing their…