Articles

COVID19 Superannuation early access

Superannuation fund members must generally wait until they reach their retirement age to access their super. There are some exceptions to this rule, but a full super benefit is only paid where a member satisfies one of the following grounds: permanent or temporary incapacity terminal…
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ATO Covid19: Tax Fraud

The Australian Taxation Office (ATO) has announced it is building on its significant efforts zeroing in on fraud and tax schemes designed to take advantage of the government’s COVID-19 stimulus package. This includes JobKeeper, early release of superannuation, and boosting cash flow for employers. Taxpayers…
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Discretionary trusts: be wary of distribution to foreign residents

C   In a recent Federal Court case, Peter Greensill Family Co Pty Ltd v Commissioner of Taxation, the Federal Court found that a distribution from a resident discretionary trust to a foreign resident beneficiary was taxable in the hands of the foreign resident. There…
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Are gambling wins taxable?

Typically, winnings from gambling are not taxable.  BUT, there is a caution to this.  The winnings of a “professional” gambler are taxable. Whether gambling wins (and losses) are taxable depends on whether a taxpayer is “carrying on a business” of gambling.   In determining whether a…
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TPB investigating tax agents Jobkeeper restructuring

Are you a tax agent providing restructuring advice so that your client can obtain Covid19 JobKeeper? The TPB has provided clear instructions on your obligations as a tax agent during COVID-19. During the quiet period at the ATO, the TPB has been focusing on tax…
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International offshore business dealings? Undeclared taxable income?  Make a voluntary tax disclosure now

Taxpayers who own an overseas company, trade in international shares, receive rents, dividends and interest from overseas interests, receive inheritance funds from overseas and managed overseas companies from Australia are all at risk of having their international business dealings audited by the ATO. Australia has…
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Tax review or tax audit – try to satisfy the ATO at the review stage

Individuals, partnerships, companies, trusts, super funds are all at a risk of a tax audit following an unsatisfactory tax review.  Tax audits which follow an unsatisfactory tax review can be very costly in terms of time and money.  So, it is better to satisfy the ATO…
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COVID19 Is your status as a tax non-resident affected if you return home to Australia

Many non-residents for tax purposes have returned to Australia due to Covid19 so that they can be with family and friends.  If you are not an Australian resident for tax purposes, what will this extended stay in Australia mean for you? On the flip side,…
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