News
Jail time for GST fraud
Warning: Very recent cases where GST fraud have landed business people in jail.
Correcting GST Errors
If a taxpayer finds a mistake made on a previous activity statement, they can:- Correct the error on a later activity statement if the mistake fits the definition of a “GST error” and certain conditions are met; Lodge an amendment – the time limit for amending GST credits […]
Fuel tax credit rates raised
The ATO have raised the fuel tax credit rates following an update of the December quarter consumer price index.
ATO set to contact clients for overdue TPAR
The Tax Office will begin contacting clients in the building and construction industry about their overdue taxable payments annual reports.
Reminder on Victoria Property Duties
Property transfers between spouses and de facto partners in Victoria involving commercial and/or investment properties will incur stamp duty costs at 5.5%. This means that assets that do not constitute a principal place of residence are no longer exempt from transfer stamp duty. A spouse to spouse transfer of […]
How Australia is performing.
An up-to-date snapshot 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
Global outlook summary: Down but not out
Down but not out As the global economy enters its tenth year of expansion following the global financial crisis, concerns are growing that a recession may be imminent.
Bookkeepers remind on incoming TPRS obligations
With the taxable payments reporting system now set to cover five different industries, in-house and external bookkeepers have been urged to start ensuring business clients start keeping records of contractor payments.
Golden Rules for Deductions
The Australian Taxation Office now uses sophisticated data analytics to assess a range of deductions and claims. Taxpayers must follow three golden rules when making a deduction: the taxpayer must have spent the money (and not been reimbursed); the claim must be directly related to earning the taxpayer’s income; they […]
How’s Australia going – 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
