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How to reduce your tax penalties and/or GIC
If your tax debt includes a tax penalty and/or general interest charge (GIC) you can apply for a reduction or elimination of the tax penalty and/or GIC.
What types of tax penalties can be reduced?
The ATO issues tax penalties for several reasons, for example when a taxpayer has:
- made a false or misleading statement;
- taken a position that is not reasonably arguable;
- entered into a tax avoidance scheme;
- failed to lodge
Uncategorized
Tax Crime: Failure to Lodge Tax Returns
Did you know that the Australian Taxation Office (ATO) can prosecute you for failure to lodge a tax return and, even worse, if you are convicted, […][…]
Uncategorized
Tax fraud can lead to prison
Tax fraud or evasion is treated very seriously by the courts. There are close to 100 serious criminal tax offence matters currently before the courts for […][…]
Tax Advice
Tax: employee or contractor?
It is critical you correctly classify a worker as either an ‘employee’ or a ‘contractor’. If your worker is in fact an employee there are significant […][…]
Superannuation
SMSF: co-trustee not acting properly? Take action immediately
Superannuation legislation does not deal with the situation of one trustee behaving improperly in relation to their Self Managed Super Fund (SMSF) obligations and the other […][…]
Superannuation
Superannuation: SMSF – LRBAs – Non-arm’s length income
One of the benefits of a Self-Managed Superannuation Fund (SMSF) is the 15% tax rate. However if income is ‘non-arm’s length’, the income will be subject to […][…]
Superannuation
Superannuation: SMSF illegal early access
A recent AAT decision has found that taxpayers who acted on the advice on the agent and entered into a loan arrangement using their SMSF funds had early accessed their benefits and were therefore assessable on those benefits at the time that they were initially released. The arrangement was a sham even though the taxpayers did not have the necessary intent to enter into a sham arrangement. The agent was aware it was a sham and the agent’s intention was the applicable one.[…]
