News

Jail time for GST fraud

Warning:  Very recent cases where GST fraud have landed business people in jail.

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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 […]

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Fuel tax credit rates raised

The ATO have raised the fuel tax credit rates following an update of the December quarter consumer price index.

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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.

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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 […]

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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

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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.

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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.

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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 […]

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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

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