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It wasn’t me: The Tax Fraud Scam
Picture this: You log into your myGov account and find that your activity statements for the past year have been altered, with $100k in GST credits issued. But you didn’t do this and certainly didn’t receive $100k in your bank account. The urgency of the situation...
It wasn’t me: The Tax Fraud Scam
Picture this: You log into your myGov account and find that your activity statements for the past year have been altered, with $100k in GST credits issued. But you didn’t do this and certainly didn’t receive $100k in your bank account. The urgency of the situation...
Featured Posts
Tax Depreciation and Covid-19 Reports – Will Physical Inspections Be Required?
Businesses and property investors will sometimes hire a professional quantity surveyor, who will put together an updated tax depreciation report. This will provide depreciation and capital works deductions for revenue-producing properties they own. These places may...
JobKeeper Reporting Guidance Via STP
Guidance is available from the ATO if employers require assistance reporting qualified employees and/or topping-up JobKeeper payments through STP (Single Touch Payroll). Employers need to inform the ATO for every employee that qualifies: when a qualified employee...
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The Essential 30 June 2024 Guide
The end of the financial year is just around the corner. Here's a rundown of areas likely to catch the ATO's eye and ways to maximise your deductions. For You Opportunities With the 1 July 2024 tax cuts on the horizon, consider bringing forward your deductible...
Should You Be the ‘Bank of Mum & Dad’?
The transfer of wealth from the baby boomer generation has kicked off, with home ownership at the heart of it. In NSW, the average home price is a staggering $1,184,500—the highest in the country. Following are Canberra at $948,500 and Victoria at $895,000, with the...
Company Money Crackdown
The ATO is tightening its grip on business owners who dip into company funds or use company resources for personal purposes. It's not uncommon for business owners to blur the lines between their personal lives and their business, using company resources as if they...
ATO Sends a Clear Message on Trust Distributions
The ATO is closely monitoring how trusts distribute income and to whom. Trust distribution arrangements have been under intense scrutiny in recent years, so trustees must carefully consider their steps before appointing or distributing income to beneficiaries. ...