If your business or personal wealth falls within the ATO’s new target range, it’s no longer a question of if you’ll be reviewed, but when. Over the last five years, the ATO has meticulously examined the tax affairs of Australia’s largest private taxpayers. Now, they’re expanding their scrutiny to 273,000 private tax groups. If [...]
Facing an investigation or audit from the ATO can be a stressful ordeal for most individuals, yet it is an essential part of our taxation framework. Should you be selected for review or audited, here are some tips and recommendations that can help you achieve the best possible outcome. Step 1: Reach Out to [...]
In early September, it was reported that the Queensland Land Tax Laws would be changing from 30 June 2023. This proposed change would mean that all Australian land owned by a resident would be taken into account for a QLD tax assessment, potentially putting land owners over the tax-free threshold. This proposal has now [...]
A series of events has resulted in the unfortunate situation that any entity applying for a QBCC License or applying for an increase in their maximum revenue amount will now be required to submit General Purpose Financial Statements with their accountant-reviewed MFR Report. This is the case regardless of turnover (so applying for a [...]
Queensland Land Tax Laws Are Changing in 2023: What You Need To Know Property and land have long been one of the most valuable assets and investment options for many Australians. The property boom might have a lot of landowners considering what to do next with their land and taxes are always an important [...]
COVID-19 Business Support Grants for Lockdown Impacted Businesses in Queensland Applications have opened today for businesses who have been impacted by the Queensland lockdowns. All eligible businesses which apply in time will receive the funding, and there is a time period of 3 months in which to apply. There is therefore no need to [...]
Overview The ATO released new draft guidance relating to the allocation of professional firm profits on 1 March 2021. The Draft Practical Compliance Guideline PCG 2021/D2 (the Draft PCG) explains how the ATO intends to assess the tax risk of individual professionals who operate professional practices and how they will allocate their compliance resources [...]
The Queensland government has announced the next phase of the rollout of Project Bank Accounts. Currently the regime applies to building contracts entered into with the Queensland government with a value between $1 million and $10 million. From 1 July 2020, the scheme is expanded to include contracts provided by a hospital or health [...]
What is Happening? In recent weeks we have had first-hand experience with the ATO taking a much more aggressive approach to contractors with outstanding tax lodgements. This has been possible principally due to the use of the Taxable Payments Annual Report (TPAR). Author: Tom Aitkenhead TPAR is a report that those in [...]
On 22 February, new laws will require businesses who suffer data breaches to notify both the government and their customers / clients. The consequences of a notification could be extremely damaging to businesses, and it is therefore imperative to understand the rules and to take action to protect yourself! Author Thomas Aitkenhead [...]
