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%…
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 far reaching consequences.
The Bitcoin case was one of those – and the results are in.
The heart…
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 far reaching consequences.
The Bitcoin case was one of those – and the results are in.
The heart…
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 a way that doesn’t result in these being included in their personal income-tax return.
Why Division7A…