Articles

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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Director Penalty Notices – Unpaid company taxes

Directors – don’t get caught being liable to pay your company’s unpaid taxes.  Directors are personally liable for their company’s unpaid tax for PAYG, SG, GST. Most people who operate a company believe they are personally protected – that their company’s debts remain with the…
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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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Tax Dispute

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