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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Haven't disclosed foreign income in your tax returns?

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…
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Garnishee arrangement instead of payment plan: Company not wound up

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…
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Tax: Don't get caught by the global Common Reporting Standards (CRS)

The Common Reporting Standard (CRS) is designed to reduce tax evasion.  It is a global reporting system and will affect all taxpayers who have bank accounts in two countries. Under the CRS regime, financial institutions, such as banks, are required to report foreign tax residency…
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Tax Dispute

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