By: Steve Burnham
From 1 July 2018 the ATO says it will not apply penalties to tax returns and activity statements where your clients have made an inadvertent error by failing…
Bought Bitcoin? The Tax Office Has You in Its Sights
By Melissa Browne
Unless you are living under a rock, most of us have heard of the term cryptocurrency or, at the very least, Bitcoin. If you haven’t, cryptocurrency is generally used…
Have a Stress-Free July: Five Tax Time Tips from the ATO for SMEs
By: Dominic Powell
It’s no secret that tax time can be one of the most painful times of the year for business owners, with a seemingly ever-changing list of things on…
Clients’ Car Expenses Claims to Get the Blowtorch Treatment This Tax Time
By: Steve Burnham
Assistant Commissioner Kath Anderson has announced that the ATO is particularly concerned about taxpayers either making mistakes or deliberately lodging false claims in relation to work-related car…
Can Bitcoin Be a Personal Use Asset?
By Steve Burnham
A question was asked of the ATO recently, via its “ATO Community” webpage (find out more about that here) that centred on the viability of deeming bitcoin (or…
ATO Ramping Up Its “E-Audit” Option
The ATO has recently published information on its use of “e-Audit” technology, which it has begun to use as part of its tax compliance push. An e-Audit is carried…
The Riskier Side of Allocating Profits Within Professional Firms
By Steve Burnham
Now and then the ATO issues guidances on how its general anti-avoidance legislation can apply to professional firms that allocate profits to individual professional practitioners with proprietorship…
Claiming Lost Super Back From the ATO Will Help Build Your Retirement Balance
By: Rod Myer
Claiming back lost super held by the Australian Taxation Office could add $4200 to your retirement savings, according to new research.
Research house Rice Warner has found that the amount…
ATO May Delay Your Client’s BAS for Verification and Checking
Statistics supplied by the ATO indicate that most GST refund claims (98% of them according to its data) are processed without any problem, but the ATO also says that…
Borrowed Money to Pay Your Business Tax Debt? The Interest Could Be Deductible
The obscure deductibility gem alluded to in this article’s headline is in fact true. It was about 1990 when the ATO was asked about the tax deductibility of interest…
