Articles

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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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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