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ATO Prioritising Debt Collection

As the economy emerges from COVID-19, the ATO is re-focusing on debt collection During the pandemic, the ATO deliberately shifted its focus away from firmer debt collection action to help and assist businesses and the community experiencing financial challenges because of the pandemic. It took a softly-softly approach, acknowledging the financial hardship that the virus …

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Tips For Claiming For Gumtree Or Facebook Group Sourced Assets

Business expense deduction claims A recent case before the Administrative Appeals Tribunal (AAT) shed light on a growing phenomenon that you should keep in mind for work-related or business expense deduction claims. This case involved a business purchase on Gumtree. Case study of an engineer who purchased business related tools on Gumtree The case involved …

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Will your professional service business profits meet the new ATO guidelines? - image

Profits Of Professional Firms Under Scrutiny OF ATO

Profits of professional firms under ATO spotlight! The ATO has updated its guidelines on the taxing of profits made by certain professional firms. Specifically, it is focusing on the risk of arrangements that appear to comply with tax law but are purposefully designed to affect a certain tax position (under a tax avoidance rule known as “Part IVA”). Structured for a …

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Data Matching To Uncover Hidden Wealth

Wealthy Australians uncovered The Tax Office has announced that it has partnered with insurance providers to identify Australians with policies that cover an expanded range of asset classes. Coming under its net are insurance policies that include cover for damage or loss related to marine, aviation, enthusiast motor vehicles, fine art and thoroughbred horses. Purpose …

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