Tag: Budget

Deadline Reached for Compassionate Release of Super Funds

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The Australian Tax Office (ATO) has announced that the deadline for the compassionate release of superannuation funds this year was 10 December 2021. Applications submitted after this date will likely be assessed from January 2022. The ATO has confirmed that their offices will close for the holidays on 24 December…

ATO Reports $33.5 Billion Tax Gap

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The Australian Tax office (ATO) has reported a 7.3% tax gap between what was supposed to be collected in the 2018-19 financial year versus what was collesmallcted. This has amounted to an estimated $33.5 billion tax loss, the bulk of which has been attributed to small businesses and individuals. Small…

ATO Doubts New Cryptocurrency Investors Record-Keeping Ability

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During the recent 14th International ATAX Conference on Tax Administration, Commissioner of Taxation, Chris Jordan, voiced concern that many new investors in cryptocurrencies were not fully cognizant of their tax obligations. New investors were of particular concern as they could not be relied upon to navigate the complexities of income…

PM Morrison Hints at Possible Extension to $1080 Tax Offsets

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As part of the government’s pandemic response, millions of Australians benefitted from tax cuts applicable to low and middle-income earners (LMITO). These tax offsets that amounted to anywhere between $255 and $1080, depending on taxable income, have been in use for the last several years. The measure was due to…

Backpacker Tax Ruled to Be Discriminatory

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Some foreign travellers are likely to benefit from a recent ruling by Australia’s High Court that found the backpacker tax to be discriminatory.  Following the filing of a case by a British woman who claimed she was unfairly taxed during the time she worked as a waitress in Sydney in…

ATO Issues Warning On Tax Deadline

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Taxpayers are being reminded that they had until 1st November to file their tax returns or register with a registered tax agent. The deadline would ordinarily be on 31st October but this falls on a Sunday this year, hence the postponement. Those that fail to submit their returns or register…

Employers Risk Prosecution for Underpayment of Workers

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The Fair Work Commission (FWC) has found that workers have been underpaid to the tune of over $148 million in the 2020-2021 period. This is 20% more than was reported from the previous year. The investigations found that this record breaking amount of unpaid wages and entitlements applied to 69,735…

ATO’s Examines Pandora Papers

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The Pandora Papers was a leak of millions of documents that released previously hidden away tax information. The Australian Tax Office (ATO) has been working since the release to examine every piece of information to check on Australians. The ATO examines and investigate tax evasion throughout the year but the…

ASIC Offers Relief to Companies Under External Administration

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The Australian Securities and Investment Commission (ASIC) has announced plans to provide regulatory relief for businesses in external administration. This move will see much red tape cut when it comes to fulfilling financial reporting and annual general meeting (AGM) obligations. Companies that are in external administration are still expected to…

Tax Dodgers Exposed

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A worldwide leak of private documents has occurred, exposing many of the world’s richest. Dubbed the ‘Pandora Papers’, almost twelve million financial documents were made public that exposes previously secretive financial information. This leak reveals a lot about those who are using offshore tax havens to dodge tax. The rich…