Tag: income

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…

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…

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

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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…
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ATO Highlights Need to Report Gig Economy Incomes

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The Australian Tax Office (ATO) has noted a growing number of people have taken up side hustles during the pandemic. This has led to a growing number earning extra income that often goes undeclared at tax time. Amongst the highlighted online gig and share economy platforms that people are using…

Aging Population A Worry For Taxpayers

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Aging population occurs in Australia when there is a decline in mortality rates, and high life expectancy, coupled with lower fertility rates. Because of the Covid-19 pandemic, there is concern that Australia’s tax system will not be able to support aging citizens with its smaller population. This is something that…

Luxury Goods Under Watch

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The Australian Tax Office (ATO) has warned that they have their eyes on big spenders. No matter what purchase – your luxury goods purchases must match your declared income. Anyone who are attempting to fool the ATO are warned. Data matching technology is sophisticated and will uncover any discrepancies in…