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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 Planning
CGT event K3- Estate planning traps
In Australia, we don’t have death duties or inheritance taxes, so when assets pass to beneficiaries through a person’s estate, capital gains are generally disregarded. However, […][…]
Superannuation
Bringing your super to Australia from overseas
Transferring Foreign Superannuation. When people relocate to Australia, superannuation is sometimes forgotten. Depending on when you bring back your super to Australia, and how much, it […][…]
International Tax
Thin Capitalisation explained
In debt financing, an entity is considered ‘thinly capitalised’ where the assets are funded by a high level of debt and little equity. But why is […][…]
TPB Investigation
Recent Tax Practitioners Board (TPB) Wins
The Tax Practitioners Board (TPB) has dramatically increased its investigation of tax agents who are not complying with their tax agent obligations. This is the result […][…]
Tax Residency
Tax Issues: Hong Kong Residents Moving to Australia
In the growing unrest in Hong Kong, you may be considering moving to Australia – you should be aware of the following tax issues: When moving […][…]
Tax Audit
JobKeeper and ATO audit
JobKeeper: ATO audit Receiving a Jobkeeper payment carries the risk of an audit because the Australian Taxation Office (ATO) is heavily monitoring fraudulent Jobkeeper claims: records […][…]
