Tag: Cash

Deadline Reached for Compassionate Release of Super Funds

Blog
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

Blog
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

Blog
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

Blog
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

Blog
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…

Employers Risk Prosecution for Underpayment of Workers

Blog
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

Blog
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…

New Regulations to Look Out for with The Incoming Better Advice Bill

Blog
The government has submitted for consultation exposure draft regulations for the Better Advice Bill. The bill was passed in the House in early August and is expected to go into effect on 1 January 2022. Amongst its proposed changes are plans to transfer functions from the Financial Adviser Standards and…

Fair Work Commission Orders 2.5% Minimum Wage Increase

Blog
Minimum wage earners can expect a boost following a decision by the Fair Work Commission to increase their wages by 2.5%. This will see full-time workers take home about $20.33 an hour, or $772.60 a week. It translates into an increment of $18.80 a week, impacting as many as 2.5…

Scammers impersonate ATO, costing Australians dearly

Blog
A recent upsurge in fraudulent activity has plagued Australian taxpayers, continuing an already existing trend that takes advantage of people’s fears. Scammers have been impersonating the Australian Taxation Office (ATO), conning hundreds of people out of their savings. In 2020, Australians lost a reported $11.8 million to such incidents. The…