Do you have a gut feeling that you might be overpaying your taxes?
Perhaps you feel like your bank account balance doesn’t reflect the bill, or you feel like you aren’t getting ahead at all, or possibly that you are falling further behind. You might look at others and they don’t seem to be paying…
Case Study 2
The Surprise of a DPN After Liquidation
For many directors, the decision to liquidate a company marks the end of financial worries tied to business debts. But what if, after taking steps to close that door, you find out it’s still open? This was the reality for our client, who received a…
Case Study 1
An Unwelcome Surprise: Facing a Director Penalty Notice
We have found that most people who receive a Director Penalty Notice (DPN) either don’t understand it, or have so much else going on that they can’t really focus on it right now. It looks like yet another letter demanding payment. Basically, the DPN…
Every year, thousands of individuals and small businesses are audited by the ATO, and many find themselves in a dispute over the amount of taxes owed.
The beginning an audit is an important stage that sets the tone for the rest of the process. During this stage, you will be introduced to the auditor who…
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 enforce action against you to recover the debt and this comes along with a high…
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 fulfilled the required contribution past the due date, they walked away with a small 5%…
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 how the ATO audit process and disputes operate, and adopting a strategy based on this,…
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 in the 2016–17 Federal Budget.
Broadly, the carry forward rule allows individuals to make additional…
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 payer of those contributions. They cover superannuation payments in the following guises:
The standard 9.5%…