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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 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. […][…]
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 engaged in various overseas business dealings, such as owning overseas companies, trading in global shares, receiving rents, dividends, interest from foreign sources, or inheriting funds […][…]
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 […][…]
Tax Residency
COVID19 – Is your status as a tax non-resident affected if you return home to Australia
If you are a non-resident for tax purposes, an extended stay in Australia due to Covid-19 to be with family and friends may affect your tax […][…]
