To further support businesses and workers ride out the COVID-19 pandemic and minimise the impact on the overall economy, the government has released a second round of stimulus in addition to the initial $17.6bn package. This $66.1bn package is not only aimed at businesses but also includes support for households (including casuals, sole-traders, retirees and…

Following on from the Federal government’s $17.6bn stimulus package unveiled last week for the coronavirus (COVID-19), some State governments have announced various concessions to support businesses and keep the local economy moving during this difficult and uncertain time. – NSW – businesses with payrolls of up to $10m will have their payroll tax waived for…

For anyone with a self-managed super fund (SMSF) at 30 June 2019 or has wound up an SMSF during the last financial year, your SMSF annual return for 2018-19 may be due. This annual return must be lodged with the ATO even if your SMSF does not have a tax liability. This year, there are…

Victims of the recent natural disasters beware, there is an SMS scam circulating that purports to give you “an 8% bonus” on your 2020 tax return. The scam urges victims to start the process by filling out a form and provides a link to a what looks like the genuine myGov website. According to the…

In an effort to combat the economic effects of the global coronavirus pandemic, the government has released an $17.6bn stimulus package which is expected to provide direct support for up to 6.5m individuals and 3.5m businesses. The package includes the following: – Business investment initiatives – the instant asset write-off threshold will be increased from…

The ATO has released further guidance on investment strategy requirements for trustees of self-managed superannuation funds (SMSFs). The guidance comes on the heels of ATO contacting 17,700 SMSFs in late 2019 where the SMSF annual return data indicated that they may be holding 90% or more of their retirement savings in one asset or a…

In recent months, parts of Australia have been battered by a combination of fire and floods. As people try to piece their lives together in the aftermath, insurance payouts go a long way in helping rebuild homes and replace lost items. However, you’ll need to beware if you receive an insurance payout in relation to…

Do you know who to turn to when you have a complaint about the way you’ve been treated by the Tax Office? Whether you’re an individual or business, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) should be your first port of call. The department has two distinct, yet intertwined functions. As the Taxation Ombudsman,…

In a recent coordinated effort with Joint Chiefs of Global Tax Enforcement (J5), the ATO, along with its international partners took part in the first set of enforcement actions to stop suspected facilitation of offshore tax evasion. The J5 was initially formed in 2018 to fight global tax evasion and consists of the tax and…

Many of you have heard of illegal phoenixing but are not sure of what exactly it encompasses. While there is no legislative definition of illegal phoenixing or phoenixing activity, at its core, it is the use of serial deliberate insolvency as a business model to avoid paying company debts. In a report in 2018, it…

Page 0 of 251 25

© 2015 MARK BABBAGE | MADE FOR FUN!

Babbage-Transparent

STAY CONNECTED WITH US: