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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 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 […][…]
Superannuation
COVID-19 Superannuation Early Access
Superannuation fund members must generally wait until they reach their retirement age to access their super. There are some exceptions to this rule for superannuation early […][…]
General
COVID-19, Tax Fraud and The ATO
The Australian Taxation Office (ATO) is aggressively stepping up its campaign against ATO COVID-19 Fraud, focusing on deceitful activities and tax schemes that misuse the government’s […][…]
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 subject to taxation on their global income,? Certain mechanisms exist to mitigate double taxation on income earned abroad in […][…]
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. […][…]
