22
Aug 2023
2023/24 ideal for concessional contributions
The 2024 financial year is the time period for trustees to make voluntary contributions to superannuation funds as a number of key events have converged to boost their usefulness, according to a technical expert. BT Academy technical consultant Matt Manning highlighted 2023/24 was the last year trustees could make use of accrued unused concessional super contribution caps from the 2019 financial year when the mechanism was first initiated. To illustrate
19
Jun 2020
TAX PLANNING FOR THE 2020 FY
With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June to reduce your tax like tax deduction for bloggers and grow your wealth.
19
Jun 2020
TAX PLANNING FOR THE 2020 FY
With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June to reduce your tax like tax deduction for bloggers and grow your wealth.
Taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles or aircraft should be aware of the ATO’s view of such assets. The ATO has announced that it will be requesting a further five years’ worth of policy information from more than 30 insurance companies about taxpayers who own what it dubs “lifestyle assets” such as those mentioned above. You can try here to find out and
10
Jan 2020
THE $11.1BN SMALL BUSINESS TAX SHORTFALL
The ATO recently 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 and indicate where we can expect ATO resources to be focussed now and in the future. The tax gap estimates the difference between the tax collected and the amount that would have been collected if everyone
New black mark on credit ratings to leave substantial smudge. The Australian Taxation Office (ATO) can now disclose business tax debt information to registered credit reporting bureaus. This law has been in the making since 1 July 2017; on the government’s agenda from 2014; and received royal assent on 28 October 2019. This is a new and unprecedented power for the ATO. And is a measure under the government’s strategy
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
What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).
What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).
What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO).