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False GST invoicing: the ATO is on to it
False Invoicing is big and the ATO is onto to it.
A recent media release says the ATO leads a serious financial task-force with the AFP in combatting a false invoicing scheme involving 1200 businesses.
Businesses are claiming a tax deduction and GST credits for a cheque payment made to the promoter who return cash less a small fee.
According to the ATO a false invoicing arrangement is a scheme where one entity issues another with an invoice, but provides no goods or
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Tax Debt
Four ways to fight a Director Penalty Notice (DPN)
If you receive a Director Penalty Notice (or DPN) you can be made personally liable for certain amounts owed by your company so you should consider each of the […][…]
Tax Audit
ATO Audit or Dispute: Engage a tax lawyer?
Receiving an audit notice or audit decision is always stressful and your immediate reaction may be to respond directly to ATO. BUT this is a critical […][…]
Tax Related Crimes
ATO crackdown on GST refund frauds
The ATO is cracking down hard on GST frauds after finding a large number of taxpayers falsely claiming GST refunds. The Serious Financial Crime Taskforce and […][…]
Tax Related Crimes
Tax Fraud Tax Evasion Tax Avoidance
The terms tax fraud, tax evasion and tax avoidance or minimisation are often used interchangeably, but there are important differences between the three categories of conduct. […][…]
General
Div 7A and s100A: Don’t get caught
Section 100A – Trust Reimbursement Agreements Overview: Section 100A targets certain trust distributions where a beneficiary is made presently entitled to trust income but does not […][…]
Tax Advice
Small Business CGT (Capital Gains Tax) Concessions
The Small Business CGT (Capital Gains Tax) Concessions in Australia provide tax relief for eligible small businesses when selling active assets. These concessions can significantly reduce […][…]
