Posts

New ATO Powers - International Exchange of Tax Information

We urge all of our clients to ensure you carefully check and disclose all foreign income (both here and abroad), now that new global reporting standards have recently commenced. The Common Reporting Standard (CRS) is the single global…

Beware bitcoin tax scammers

The ATO has issued a warning to beware of scammers impersonating the ATO and demanding Bitcoin or other cryptocurrency as a form of payment for fake tax debts, with over $50,000 already paid in Bitcoin to scammers claiming fake ATO tax debts. Because…

Property investors on notice after ATO spots false claims

Rental property owners who use their own property for personal holidays will be the subject of increased focus by the ATO due to a large number of mistakes, errors and false claims in recent years. We remind clients that you cannot claim…

ATO says BITCOIN is not money – it is….

The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on the blockchain. Cryptocurrency generally operates independently…

Superannuation Guarantee (SG) Amnesty

The Government has introduced new legislation that provides a one-off 12-month amnesty to encourage employers to voluntarily disclose historical Superannuation Guarantee (SG) non-compliance. It applies to previously undeclared SG shortfalls…

ATO warning: work-related car expense claims

  Do you often claim work-related car expenses as part of your tax returns? If so, it's important to be aware that the ATO will be paying particular attention to such claims this year. The ATO said recently that in the 2015/16 financial…
ATO inspection small business tax compliance

ATO visiting businesses soon

The ATO recently announced that their inspectors will be visiting around 400 small businesses with "ready access to cash" over the coming weeks. This includes businesses such as restaurants, cafes, hair and beauty salons, and building and construction…
Brisbane Business Accountant - Construction site at sunset

Building & Construction Industry: Taxable Payments Report due 28 August

If you're in the building and construction industry and pay certain subcontractors for building and construction services, you'll need to submit an annual taxable payments report. If your business meets the criteria, you'll need to lodge…