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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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International Tax
Tax Common Reporting Standard (CRS): Australian Chinese Community
Many of the Australian Chinese community may be affected by the Common Reporting Standard (CRS) the new international tax reporting system. The CRS is designed to […][…]
Superannuation
Superannuation funds not yours until you retire
One of the biggest mistakes you can make as a trustee/member of a Self-Managed Superannuation Fund (“SMSF”) is to treat the fund’s money like your own […][…]
Tax Advice
SME Business Protection – Tax Tips – Chinese Community
In a recent seminar for members of the Chinese community on SME Business Protection, Tania Waterhouse, taxation and superannuation specialist, gave helpful tax tips. Tania focussed on […][…]
Tax Audit
Why a notice of estimate of liability from the ATO means trouble
If you don’t lodge your activity statement or SGC statement, the ATO can estimate your tax liability and charge very high penalties (75-90%) for doing so.[…]
Tax Audit
Don’t get caught out by an ATO default assessment
An ATO default assessment is bad news, particularly because there is a 75-90% penalty charged on top of the tax. Find out more about it in this article.[…]
Tax Audit
Payroll tax crackdown
The number of companies being audited over payroll tax compliance has dramatically increased and most companies audited have been found to have increased payroll tax liability. […][…]
