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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
Fringe Benefits Tax (FBT) Exemptions
If your business engages employees then you probably know that any extra benefit you make or pay to an employee is treated as a fringe benefit […][…]
Tax Debt
Making a Deal with the ATO for Your Tax Debt
The ATO does not ‘cut a deal’ with taxpayers on a commercial basis. The law doesn’t allow it. But there are some parts of the law that allow for a tax debt to be reduced. This article explores these options.[…]
Tax Residency
Australian Residency Tax Trap: Permanent Place of Abode
Australian Residency Tax Trap – In order to be treated as a non-resident of Australia and thus not taxed as an Australian resident you must satisfy […][…]
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 […][…]
