The Australian Taxation Office (ATO) has announced that it will grant a two month lodgment and payment deferral to taxpayers impacted by the recent catastrophic bushfires. Acting Deputy Commissioner Andrew Watson said that people affected by the fires should focus on getting their other affairs in order and not worry about their tax obligations at this time. “We have applied automatic lodgment and payment deferrals to postcodes impacted by the
Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off. How you are taxed and what you are taxed on depends on your residency status for tax purposes. As tax residency can be different to your general residency status it’s important