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GST on Low-Value Imports
Goods imported into Australia – often by consumers using the internet – which cost less than $1,000 are currently GST-free. On May 3 2016, as part of its package of Budget Night announcements, the Federal government proposed that, as of 1 July 2017, this low-value threshold (‘LVT’) of $1,000 wi ..
Phoenix Taskforce swoops on dodgy businesses
The ATO’s stance against phoenix activity has continued with multiple search warrants issued, and many business and residential sites accessed without notice across Victoria and Queensland, as part of a criminal investigation into unpaid superannuation, employee withholding, GST, and income tax. ..
Deductibility of Gifts provided to Clients
The ATO has confirmed that a taxpayer carrying on business is generally entitled to a deduction for expenses incurred on a gift made to a former or current client, if the gift is characterised as being made for the purpose of producing future assessable income. However, the expense may not ..
Pre-retirees: Avoid 'too good to be true' tax schemes
The ATO has launched a new project called 'Super Scheme Smart', an initiative aimed at educating individuals about the potential pitfalls of 'retirement planning schemes', to keep them safe from risking their retirement nest egg. According to the ATO, individuals most at risk are those approach ..
ATO Exposes Dodgy Deductions
With over eight million Australians claiming work-related expenses each year, the ATO is reminding people to make sure they get their deductions right this tax time. Assistant Commissioner Graham Whyte said that, in 2014/15, the ATO conducted around 450,000 reviews and audits of individual tax ..
The 'sharing economy' in the ATO's sights
The ATO is concerned that those earning money from the 'sharing economy' may not realise they have to declare these amounts on their tax return. In the sharing economy, buyers and sellers are connected through a facilitator who usually operates an app or website. Assistant Commissioner G ..
Tax time is prime time for scams
The ATO is reminding Australians to be on the lookout for tax-related scams during tax time, as scammers are particularly active because of the large number of people lodging their tax returns. Assistant Commissioner Graham Whyte said that, while most people were able to identify scams, ..
Update on the government's superannuation program
Now that the government has been re-elected, it seems they are committed to proceeding with their superannuation policy, including the controversial measure to impose a 'lifetime cap' of $500,000 on the amount of non-concessional (i.e., undeducted) contributions that can be made into superannuat ..
Tax implications for the sharing economy
The ATO is reminding taxpayers who earn income through the sharing economy that they have tax obligations they should consider. Examples of sharing economy services include: Ride-sourcing – providing taxi travel services to transport passengers for a fare Renting out a room or a whole house ..
SuperStream Deadline Extended!
With only days to go until the 30 June SuperStream deadline, the ATO noted that, while many small businesses had implemented the required changes, "some small businesses may need extra time and help to become SuperStream compliant". The ATO has announced that for small businesses that are n ..
Recent Posts
- ATO watching for foreign income this Tax Time
- "Outrageous" deductions rejected
- ATO guidance regarding incorrect ENCC determinations
- The ATO hits the road
- Motor vehicle registries data matching program protocol
- ATO guidance regarding 'downsizer contributions'
- ATO Updates
- Company loans to shareholders under review
- Scammers impersonating tax agents
- Expansion of the TPRS