Australia’s independent tax complaints investigator

March 12th, 2020

Do you know who to turn to when you have a complaint about the ATO? Whether you’re an individual or business, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) should be your first port of call. As the Taxation Ombudsman, the IGTO provides all taxpayers with an independent complaints investigation service. As the Inspector-General of [...]

Insurance payouts: are they taxable?

March 11th, 2020

In recent months, parts of Australia have been battered by a combination of fire and floods. As people try to piece their lives together in the aftermath, insurance payouts can go a long way in helping rebuild homes and replace lost items. However, if you receive an insurance payout in relation to your business, home [...]

New measures to combat illegal phoenixing

March 10th, 2020

New laws are now in place to target illegal phoenixing of companies in Australia. Phoenix activity is when a new company is created – “rising from the ashes” of another company that was in debt and has been deliberately liquidated – to continue the business of the old company while avoiding having to pay its [...]

ATO tackling international tax evasion

March 6th, 2020

Australian tax residents are taxed in Australia on their worldwide income. While most do the right thing and declare all their income, some people and businesses try to avoid paying tax by exploiting secrecy provisions and information-sharing gaps between countries. A recent coordinated effort by the Joint Chiefs of Global Tax Enforcement (J5) has yielded [...]

Super guarantee loopholes closed

March 5th, 2020

The concept of a superannuation guarantee – the legal requirement for your employer to contribute 9.5% of your salary into a nominated super account – should be familiar to everyone, as it makes up the bulk of most people’s future retirement income. You may also salary-sacrifice amounts of your salary to put extra into your [...]

$10,000 cash payment limit: the facts

February 12th, 2020

The proposed $10,000 economy-wide cash payment limit has understandably elicited some confusion. While the proposal is not yet law, once enacted it will be a criminal offence for certain entities to make or accept cash payments of $10,000 or more. This is intended to combat the use of cash in black economy activities. Chief among [...]

SMSF sole purpose test and fractional investments

February 12th, 2020

To be eligible for superannuation fund tax concessions, self-managed super funds (SMSFs) must be maintained for the sole purpose of providing retirement benefits to members. This is known as the sole purpose test. Failing the test could expose trustees to civil and criminal penalties in addition to the SMSF losing concessional tax treatment. Previously, it [...]

No-cost strategies to increase your super

February 11th, 2020

With all the pandemonium of the new year, your super is probably the last thing on your mind. However, this is precisely the right time to think about implementing some strategies to increase your super for the coming year. Currently, 5.8 million people in Australia have two or more super accounts. Every year the ATO [...]

Expansion of Tax Avoidance Taskforce activity

February 10th, 2020

The ATO has recently expanded its Tax Avoidance Taskforce activity to include top 500 private groups, high wealth private groups, and medium and emerging private groups. The Tax Avoidance Taskforce was originally conceived in 2016 to ensure that multinational enterprises, large public and private business pay the right amount of tax. The Taskforce’s main role [...]

Better protection for consumers: new ASIC powers

February 7th, 2020

In response to the recommendations of the Banking and Financial Services Royal Commission and the ASIC Enforcement Review Taskforce Report, the government has proposed new enforcement and supervision powers for ASIC to restore consumer confidence in the financial system, particularly in relation to financial advice. These new powers include enhanced licensing, banning, warrant and phone [...]

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