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False GST invoicing: the ATO is on to it
False Invoicing is big and the ATO is onto to it.
A recent media release says the ATO leads a serious financial taskforce with the AFP in combatting a false invoicing scheme involving 1200 businesses.
Businesses are claiming a tax deduction and GST credits for a cheque payment made to the promoter who return cash less a small fee.
According to the ATO a false invoicing arrangement is a scheme where one entity issues another with an invoice, but provides no goods or s
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Tax Advice
Buying overseas goods online? Be prepared to pay an extra 10% GST tax
The recent decision by Amazon to restrict Australians’ access to their US websites has sparked curiosity and concern. This move comes on the heels of the […][…]
Tax Advice
Haven’t disclosed foreign income in your tax returns?
If you have received foreign income or have been holding monies overseas and receiving interest income but haven’t disclosed this in your tax returns, do it […][…]
Tax Debt
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 Lawyers negotiated a Garnishee arrangement so that the company could continue […][…]
Tax Debt
How the ATO uses legal action to collect tax debts from an individual
These are the steps that the ATO takes when it starts legal action to recover a tax debt from an individual (i.e. as a sole trader, an employee, or a partner in a partnership).[…]
Tax Debt
How the ATO default administrative penalty is calculated, and what you can do to reduce it
The ATO can charge a penalty of up to 90% of the primary tax debt if it issues you a default assessment or a notice of estimate. Read about how these default penalties are calculated and how they can be reduced.[…]
Tax Debt
The ATO’s ‘because I said so’ rule – the conclusive evidence rule
If the ATO wants to collect a tax debt from you, it doesn’t have to prove you owe the debt, or even that the amount it is trying to collect from you is correct. This is because of the conclusive evidence rule.[…]
