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How to Dispute or Object to a Tax Assessment
All is not lost if the ATO has issued a tax assessment and you believe that they have got it wrong because you are able to dispute the assessment by lodging an objection if you have grounds. We have set out below everything you need to know about preparing a tax objection.
Grounds for Objection
You can dispute a default assessment or an audit decision if you have grounds for an objection.
In relation to a tax audit you will have rece
[...]Tax Residency
Discretionary trusts: be wary of distribution to foreign residents
In a recent Federal Court case, Peter Greensill Family Co Pty Ltd v Commissioner of Taxation, the Federal Court found that a distribution from a […][…]
Tax Residency
Tax residency: don’t forget to declare your foreign income if you are an Australian tax resident
Did you know that Australian residents are taxable on their worldwide income? Some income may be protected to some extent from ‘double taxation’ in Australia if […][…]
Tax Advice
Are Gambling Wins Taxable?
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. […][…]
Tax Advice
Tax Practitioners Board (TPB) investigating tax agents JobKeeper restructuring
Are you a tax agent providing restructuring advice so that your client can obtain Covid19 JobKeeper? The Tax Practitioners Board (TPB) has provided clear instructions on […][…]
International Tax
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 […][…]
Tax Audit
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 […][…]