News

Victorian Vacant Property Tax

Residential property tax of 1% of the property’s capital improved value is imposed on vacant properties.           Properties will be deemed vacant if they are left unoccupied for six months or more in a calendar year.  Exceptions include deceased estates, renovations and holiday homes. It is understood to be enforced by […]

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Director Penalty Notices

If a company fails to comply with their obligations under the PAYG withholding system or the SGC provisions, company directors can be held personally liable for the amount the company should have paid.           The Australian Taxation Office can force directors of a company that is unwilling or unable to meet […]

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ATO set to pounce on undisclosed income streams

The ATO has warned that it will be increasing efforts to identify taxpayers who leave out certain payments and foreign income streams, as new international reporting standards kick in this month.

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In case you missed it – The company tax Bill that did pass Parliament.

Amidst all the drama in Canberra recently, you could be forgiven for missing an important company tax rate change.

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GST spotlight headed to smaller end of town

With large multinational and public companies put on notice by the ATO over their GST compliance obligations, smaller taxpayers have been warned of “greater frequency and rigour” of reviews heading their way.

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Superannuation Amnesty – Maybe! Maybe Not!

          An amnesty to allow unpaid superannuation to be reported and paid without penalties has hit a big snag. The amnesty announced in May 2018 lasting for 12 months was concessional in allowing employers to catch-up unpaid compulsory superannuation with reduced penalties. However, the legislation has not passed and will not […]

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ATO drills in car-sharing focus this tax time

The tax office has reiterated it will be paying close attention to taxpayers earning income through car-sharing platforms, in line with its focus on the share economy this tax time.

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What is Bankruptcy?

Bankruptcy is a legal process whereby a person is declared unable to pay their debts.

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Update of Australia’s vital statistics

          Please click on the following link to see all this interesting information. The areas covered are: Overview Markets GDP Labour Prices Money Trade Government Business Consumer Housing Taxes Climate   Access all this data here.   tradingeconomics.com

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ATO speaks on risk factors, surveillance triggers for FY19

The ATO has outlined key risk factors, behavioural triggers and paper trails that will draw its attention to your client’s SMSF this financial year.

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