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Coronavirus: Business Survival Guide

The coronavirus (COVID-19) presents a significant threat to our health but is now also impacting businesses across the world. The containment of the pandemic is already resulting in dramatic fluctuations in supply and demand, labour…

Coronavirus: $17bn Government Stimulus Package

Recently the Federal Government announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four-part package focuses on business investment, sustaining…

CGT and the family home

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the…

ATO Targets Lifestyle Assets

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial…

Can the tax office take money from your account?

You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from your account without…

ATO sends STP warning to non-compliant employers

The Australian Taxation Office (ATO) has revealed how it is going to use Single Touch Payroll (STP) data, acting as a warning to non-compliant employers. ATO Deputy Commissioner James O’Halloran indicated that the office is…

Tax planning should be an ongoing process

For most, tax planning is typically done before the end of the financial year, in June. At this time, you review your financial situation and likely tax position with your accountant, then also forecast what…

ATO ramps up small business visits

Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector…

Confusion over recent tax cuts

The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has…

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