Articles

JobKeeper Rules change

JobKeeper Rules change JobKeeper has been extended until 28 March 2021 but with new rules in relation to payment rates and business eligibility. JobKeeper payment rates The JobKeeper payment rate is to be reduced at a sliding scale over two periods.  Different rates apply for…
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Tax Issues:  Hong Kong residents moving to Australia

In the growing unrest in Hong Kong, you may be considering moving to Australia – you should be aware of the following tax issues: 1. Moving monies/cash to Australia If you can show that the monies were taxed before they were transferred to Australia, they…
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Jobkeeper and ATO audit

JobKeeper:  ATO audit Receiving a Jobkeeper payments carries the risk of an audit because the ATO is heavily monitoring fraudulent Jobkeeper claims:  records and monthly declaration/information could be subject to in-depth examination. Care should therefore be taken in lodging applications for Jobkeeper Jobkeeper scheme  …
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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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Tax Dispute

Involved in a dispute with the Tax Commissioner?
Being audited by the Tax Office?