The Inspector-General of Taxation (IGT) has recently released his review into the verification of GST refunds by the ATO. The review was initially conducted as a response to concerns raised by taxpayers which had their GST refunds delayed as a part of the ATO risk assessment program to verify certain details before refunds are issued. Broadly, […]
With the 31 October fast approaching, so is the deadline for lodging your tax returns. If you’re making the last-minute scramble to gather all your tax documentation, keep in mind there are some changes in this year’s tax return particularly in relation to rental properties and superannuation. If you own rental property, you should be […]
Treasury Laws Amendment (Registries Modernisation and Other Measures) Bill 2018 sets out the legal framework for the introduction of DINs – a unique identifier that will provide traceability of a director’s relationships across companies, enabling better tracking of directors of failed companies and will prevent the use of fictitious identities. To date, current application to […]
Claiming work-related expenses: ATO guides and toolkits This year, the ATO has launched its biggest ever education campaign to help taxpayers get their tax returns right. The ATO says the campaign, which is running throughout tax time, includes direct contact with over three million selected taxpayers, as well as specialised guides and toolkits for taxpayers, […]
Claiming work-related expenses: ATO guides and toolkits This year, the ATO has launched its biggest ever education campaign to help taxpayers get their tax returns right. The ATO says the campaign, which is running throughout tax time, includes direct contact with over three million selected taxpayers, as well as specialised guides and toolkits for taxpayers, […]
It’s been a little over a year since the dual changes of the pension transfer balance cap and the reduction of tax concessions for transition to retirement pensions were implemented by the government. Recent research has indicated that these changes has achieved their policy outcome by making almost 25% of previously tax-free SMSF assets lose their […]
With the deadline of 31 October for self-preparers edging closer, the ATO is looking to drive lodgement compliance, with about 7 million completed returns lodged so far this tax time. Broken down, about 4.3 million taxpayers have lodged via a tax agent, with just over 2.7 million taxpayers having lodged their own returns through myTax. […]
In this global interconnected world, many Australians will no doubt leave Australia to work in many different countries in a vast array of professions. However, just because you leave Australia for a period time, that doesn’t mean that your Australian tax obligations are no longer relevant. Australian tax is based on the concept of “residency”. […]
Issuing a garnishee order is a cheap and easy way to claw back some of your debt, but there are a few matters to consider first. Bypass your debtor and go straight to the source of their funds Once the court has given you a judgment against your judgment debtor, and they have failed to satisfy […]
The Government has announced that the Age Pension eligibility age will not go up to 70, as planned. But it is still going up, as is the superannuation preservation age. The move to take the Age Pension eligibility age up to 67 was legislated by the last Labor Government. The process started in July last […]