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Red Flags That Can Trigger a Tax Audit for Private Business

. Category: Blog.

Regardless much income your business produces there are several common ways of getting on the ATO radar and triggering an audit.  Often a simple GST audit escalates to a larger review to include income tax and other issues. Taking steps to manage the risk ensures that your business does not come under scrutiny and suffer… Read more »

New changes to GST remission on new residential premises

. Category: Blog.

To strengthen compliance with the GST law pursuant to a previous announcement in the 2017-18 Budget, the government recently released an exposure draft of legislation requiring purchasers of new residential premises, home sites or new subdivisions to remit the goods and services tax (GST) on the purchase price directly to the Australian Taxation Office (ATO)… Read more »

New ATO Powers to Report Tax Debts

. Category: Blog.

In the 2017 mid-year budget the Government announced that it will allow the Australian Taxation Office (ATO) to disclose tax debt information to registered credit reporting bureaus (CRBs).  These new powers are intended to encourage taxpayers to manage their unpaid tax debt as they would any other debt to other creditors.

Clients working past 65 put age pension plans to the test

. Category: Blog.

The number of people working after turning 65 is increasing. The workforce participation rate in Australia for people aged 65 and over increased from 5.3 per cent in 1990 to 6.2 per cent in 2000. And in March 2016, the rate increased to 13 per cent.

Managing ATO Reviews & Audits

. Category: Blog.

The ATO has a responsibility to the community to ensure everyone complies with Australia’s tax laws.  For this reason, they conduct audits and investigations to check the accuracy of the information that’s provided to them.    The audit process can be a very stressful and frustrating experience.  It is important to be proactive and seek advice… Read more »

BEWARE: Default assessments for overdue tax returns

. Category: Blog.

Most individual tax payers need to lodge a tax return each year. Individual tax payers have from 1 July to 31 October to lodge their tax return for the previous income year. If you use a registered tax agent to prepare and lodge you tax return, you may be able to lodge later than 31… Read more »

ATO Powers: Departure Prohibition Orders

. Category: Blog.

Part IVA of the Tax Administration Act 1953 (Cth) gives the Commissioner the power to issue a departure prohibition order (“DPO”) which prohibits a tax debtor from leaving Australia, regardless of whether the tax debtor intends to return. The purpose is to stop tax debtors from departing from Australia until such time as their tax… Read more »

Notice of Termination

. Category: Blog.

Notice of termination and redundancy pay forms part of the National Employment Standards (NES). The NES apply to all employees covered by the national workplace relations system, regardless of any award, agreement, or contract. The NES establish the minimum entitlement to a notice period, or payment in lieu of notice that an employer must give… Read more »

ATO Investigation Powers: Division 353 Notices

. Category: Blog.

Division 353 of the Taxation Administration Act 1953 (Cth) gives the Commissioner extensive access and information gathering powers which are often used at the outset or in the process of an investigation into a taxpayer’s affairs.  The ATO can use these formal powers to obtain specific information or documents from not only a taxpayer but… Read more »