Tag: Australian Taxation Office

ATO Releases Updated Tax and Superannuation Advice

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To help Australians deal with the economic fallout in the wake of the COVID-19 pandemic, the government is allowing early access to superannuation and tax relief for individuals and businesses. On March 24th, the Australian Tax Office updated its website with a ‘one-stop-shop’ that provides information and advice related to the…

ATO Warns Australians of Yet Another Tax Return Scam

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The vast majority of Australians were required to lodge their tax returns by October 31st, but complicating factors surrounding this process were highlighted when the Australian Taxation Office (ATO) released a statement warning people of impersonators fishing for personal and financial details. While Australian citizens were burdened with minor technical…
turning point

Australia’s Growth Rate Expected to Improve, But Other Issues Remain

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Australian economy reaching turning point In the semi-annual meeting with the Parliamentary Committee, Reserve Bank Governor Dr Philip Lowe said that the Australian economy was at a turning point and urged the government to do more. The meeting comes after Liberal MP Tim Wilson accused the RBA of giving up…

Coalition Passes Income Tax Cuts

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With crossbench backing from Jacqui Lambie and Centre Alliance, the Coalition has managed to pass their $158 billion tax cut package. Millions of low- and middle- income earners will soon receive up to $1,080 back. “This is a win for those hardworking Australians quietly going about their lives,” Prime Minister…

ATO Part of Global Crackdown on Cryptocurrency Abuse and Other Tax Crimes

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The Australian Tax Office (ATO) are currently investigating several tax avoidance schemes in an effort to more effectively regulate economic activity in the modern era. The schemes were detected though the global sharing of resources dedicated to preventing cryptocurrency abuse, which forms part of the Joint Chiefs of Global Tax Enforcement’s (J5)…

Things to do with Extra Cash

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Money can come from many places. Sometimes its arrival is purely positive – a gift, a lottery win, or an unexpected promotion, raise, or bonus – or even a tax refund! Other times, money can come from more inauspicious circumstances, like severance pay or an inheritance. The source of the…

ATO to Use Data Matching to Crack Down on Cryptocurrency Tax Avoiders

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The Australian Taxation Office (ATO) recently issued a warning, stating that they are beginning a new data-matching programme that will compare data collected from designated service providers (DSPs) with tax records. The central aim, according to the government, is to ensure that crypto-investors are paying the right amount of tax.