ATO take ‘gloves off’ on overseas income
The ATO has again flagged that underreporting of foreign income is an issue, but this time the gloves are off.
The $11.1bn small business tax shortfall
New figures give visibility to tax compliance issues within small business sector and indicate where ATO expects resources to be focussed now and in the future. Read our 4 tips to make your business ATO-proof.
Got a HELP debt?
The impending changes to speed up your HELP repayments The Government has moved to put an end to ‘eternal students’ who constantly study and never earn an income and speed up the payment cycle for those with outstanding debt. New lifetime caps on Higher Education Loan Program (HELP) debt will prevent people from constantly going…
Cleaners and couriers latest black economy targets
Details of Government’s crackdown on cleaning and courier companies revealed. From 1 July 2018, the taxable payments reporting system will extend beyond the building industry to cleaning and courier businesses. This means that these businesses will need to report payments they make to contractors (individual and total for the year) to the ATO. By ‘payment’ the…
What did I miss? 1 July changes
1 July changes GST applies to digital products & services imported by consumers Small business $20k instant asset write-off extended until 30 June 2018 Company tax rate reduction to 27.5% for entities with an aggregated turnover of less than $25m (companies with a turnover of less than $10m have been subject to this tax rate…
ATO issues notices to outlaw motor cycle gang members
200 Outlaw Motor Cycle Gang members served notices by ATO for failing to comply with tax obligations. We hope for the sake of theAustralian Taxation Office (ATO) staff the notices were delivered by mail! There are not a lot of details about exactly what type of income the ATO is targeting but tax law does…
ATO adding tax debt to your credit record
From 1 July 2017, the Australian Taxation Office (ATO) will inform credit rating agencies of businesses that have outstanding tax debts. Given 65.2% ($12.5 billion worth) of these late payers are small businesses, the move will put significant pressure on business operators to prioritise tax debt above other creditors. Announced in the Mid-Year Economic and…