Articles

ATO Director Penalty Notices – Unpaid company taxes

Directors – don’t get caught being liable to pay your company’s unpaid taxes because you will be personally liable for a Director Penalty Notices.  This is because directors are personally liable for their company’s unpaid tax for PAYG, SG, GST. Most people who operate a…
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Tax and Employee Share Schemes – ESS

Employee share schemes (ESS) are an effective way of providing benefits to employees who perform well but they also come with a tax bill. Employee shares act as an incentive to improve performance.  But, depending on the scheme your employer set up, either non-concessional or…
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TPB: Tax Practitioners Board: Tax agent investigation and deregistration

The Tax Practitioners Board (TPB) is dramatically increasing its tax agent investigations of tax agents leading to a consequent increase in deregistrations.  The ATO is also ramping up its activities in this area. The deregistration process starts by the ATO reporting the tax agent for…
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Transfer Pricing – SMEs simplified rules

If you have international transactions with a related party – eg a loan from your foreign subsidiary – your Australian tax will be affected if the amounts for the transaction do not comply with the arm’s length principle under the transfer pricing rules. Transfer pricing…
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Tax Debt: We can help reduce your tax debt or negotiate a payment plan

Tax Debt? Take action now – the longer you leave it the greater the debt because general interest charge (GIC) accrues daily. The GIC can more than double the tax debt. If you do not dispute the tax debt, taking action typically involves two steps….
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Tax Cryptocurrency: ICO income or capital?

As everyone knows, the taxation of cryptocurrency is a very grey area.  However, the ATO considers that cryptocurrency is a CGT asset (and not cash). Thus the disposal of cryptocurrency for a profit will ordinarily give rise to a capital gain. This then leads to…
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Unpaid SG? Amnesty: Pay now and avoid SG penalties

Are you a business owner who has  been unable to make a sueprannuation guarantee (SG) payment for your employee?   The Turnbull government has announced an amnesty for all unpaid Superannuation guarantee contributions.  So, if you lodge and pay all of your outstanding SG payments within…
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Buying overseas goods online? Be prepared to pay an extra 10% GST tax

Wonder why Amazon has blocked Australians from their US sites?  Its because from 1 July goods bought online from overseas will incur a 10% GST tax. Up until now, such goods were GST-free if worth less than $1,000. The new GST rules will apply to…
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