Phoenix Task Force and its Role in Fighting Illegal Trading It’s a problem that’s costing the economy as much as $5 billion a year or more, and the Australian Tax Office is prepared to take it on. Unscrupulous business owners every year create what economists call phoenix companies to evade tax, debt, employment, or other…
We have recently been hearing more about a new Scam Alert with callers imitating the Australian Tax Office in an unprecedented way. The Scam goes something like this; You receive a phone call from “02 6216 1111” number – What does this mean? It means that is the ATO calling you, as that is the…
As an approach to passive income that’s gathered popularity in recent years, car sharing applications are used throughout Australia. Recently, the ATO has begun cracking down on those who are generating significant income through their use. If you’re partial to profiting from car sharing, you may want to learn more about your tax obligations. How…
Parliament just made significant decisions concerning their tax reduction plan. The uncertainty surrounding the Government’s tax rate reduction scheme has finally lifted. While many companies will enjoy the lowering of the tax rate to 25 percent, a significant number of businesses will still have to pay 30 percent. As with all tax reform initiatives, the…
In a significant month for businesses, the tax world saw some interesting changes during August 2018. With an overview of what they were, you can determine how they impact your day-to-day transactions. Income tax residency rules In the past, those who moved away from Australia for work wouldn’t be subject to Capital Gains Tax (CGT)…
According to the Australian Business Register, trading names will no longer be listed on the ABN Lookup as of November 2018. The only names listed will be those registered with the ASIC. What does this mean for Australian businesses? In order to trade under your registered trade name, you’ll need to register your trading name…
As of July 1st 2018, if your business employs more than 20 individuals you need to adhere to the new ATO single touch payroll rules. In summary, the rules state that you need to inform the ATO every time you pay your employees. For example, if you pay them on a monthly basis, you tell…
Between 2016 and 2017, the number of everyday Australians using cash transactions fell from 69 percent to 37 percent. Despite this staggering fall, those who wish to avoid their tax obligations continue to use large cash payments to conduct their activities. But, with a new cash spending limit in place, it’s becoming harder for them to…
Back in November 2017, the federal government announced changes to tax depreciation legislation. They announced these new changes along with the federal budget on 9 May of this year, and investors across the country are still scratching their heads in confusion and worrying about the potential impact on their future tax returns. Let us break…
Special Pherrus Federal Budget 2018-19 Review The federal budget has been outlined for 2018-19. This year’s Budget highlights a mix of some 37 measures. What are the need to knows? Here are the Big Ones – Personal Income Tax Relief – there will be an immediate offset for low to middle income earners. Further relief…