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…

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…

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….

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…

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…

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…

If you have received income from overseas or have been holding monies overseas and receiving interest income and haven’t disclosed this in your tax returns do it now before you are audited and face severe penalties. This is because, as a result of the new  Common…

The ATO commenced debt recovery action and would not accept a payment plan.  However Waterhouse Lawyer negotiated a Garnishee arrangement so that the company could continue trading and not be wound up.  83 jobs were saved. In this case, the ATO had issued a Statutory…