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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 Dispute
TPB: Tax Practitioners Board: Tax agent investigation and deregistration
Understanding Tax Agent Deregistration Investigations amidst the Tax Practitioners Board’s (TPB) heightened scrutiny and increased deregistrations, alongside intensified efforts by the Australian Taxation Office (ATO). The […][…]
Tax Advice
Transfer Pricing – SMEs simplified rules
If you have international transactions with a related party – eg a loan from your foreign subsidiary – your Australian tax will be affected if the […][…]
Tax Debt
Statutory Demands Issued by the ATO
Find out what to do if the ATO issues your company with a statutory demand for unpaid tax debts.[…]
Tax Debt
Applying for a release from your tax debt
The ATO can completely release an individual from some or all of their tax debt if they would suffer ‘serious financial hardship’ if they had to pay it.[…]
Tax Advice
Tax Cryptocurrency: ICO income or capital?
As everyone knows, the taxation of cryptocurrency is a very grey area. However, the ATO considers that cryptocurrency is a CGT asset (and not cash). Thus […][…]
Superannuation
Unpaid Superannuation Guarantee? Amnesty: Pay Now and Avoid SG penalties
Are you a business owner struggling to fulfill your superannuation guarantee (SG) obligations? The Turnbull government has introduced an amnesty program for all outstanding SG payments. […][…]
