Tax Return Lodgement Due Soon
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 […]
Director changes tabled, $1m fines for non-compliance
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 […]
Taxable SMSF Assets Double: Is Your Fund Affected?
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 […]
ATO holds millions in unclaimed refunds after 200k skipped lodgement
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. […]
Are You An Australian Resident?
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”. […]