Tax claim misconceptions Tax claim misconceptions Myths about tax deductions come from varied sources – pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. In this article, we sort out fact from fiction for you. This year’s tax time saw media reports about various outlandish tax claims — for example, the ATO being faced with claims for …
Director penalty notices for GST will take effect on October 2019 The strengthening of the director penalty regime has been reported here before — for instance, having director penalty notices (DPNs) extended to superannuation guarantee obligations from 1 March 2019. Now it looks like DPNs for GST are set to take effect from 1 October …
The new test allows businesses to access the prior year losses In the first quarter of this calendar year, legislation was passed that will supplement the ATO’s current “same business test” for losses with a more flexible “similar business test”. The new test will expand access to past year losses when companies enter into new …
Similar Business Test Allows Businesses To Access Past Year Losses Read More »
Company directors have many legal and financial obligations Being a director of a company brings added responsibilities and duties. Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company. These include, but are not limited to, any debts …
Responsibilities And Duties Of A Company Director Read More »
ATO receives cryptocurrency data The Australian Taxation Office (ATO) is collecting bulk records from Australian cryptocurrency designated service providers (DSPs) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. Participation of crypto-assets has seen significant growth in recent years. It is estimated that 500,000 …
ATO’s New Cryptocurrency Data Matching [For Tax Compliance] Read More »