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Number of people involved in fake GST claim scam continues to balloon A dozen arrest warrants have been issued for a viral tax scam that has allowed Australians to swindle over $1 billion in fake GST refunds. The ATO has put 70,000 people on notice for the scam, which spread via Facebook and TikTok. We’ve […]
Another budget is coming in October Federal Treasurer will deliver a second budget so as to put the Albanese government’s election promises in play and start the cutting back of wasteful expenditure. BNPL schemes face new rules The new government declared that buy now, pay later providers will be subject to major changes in rules governing the […]
Director Identification Numbers (DIN) are now a requirement. All you need to do is follow the steps below to get one. What is a DIN? It is a unique 15-digit number that a director needs to get and it follows you forever, just like your tax file number. It is needed so that ASIC can […]
Are you overlooking these 5 Australian tax deductions? It could be costing your business. Tax can be somewhat overwhelming and sometimes seem like a mountain to climb. Business owners usually get into a routine during tax time and just continue to claim what they have always done so in the past without considering some less […]
Superannuation Fees: The 3 most important things you need to know. When you hear the word ‘superannuation’ what comes first to mind? Is it fees? It is all too common to think of superannuation as a complex system that is only understood by people in white collars who work in high rise glass offices. Unfortunately, […]
“Neglecting These 7 Tax Planning Actions Could Cost You…” We know that tax planning can feel daunting. So far, you’re having a great year in business and kicking goals but the thought of a potential tax bill at the end of the year can be stressful. This unknown future number weighs in on your mind […]
The ATO’s business benchmark data is a useful tool for smart business owners. Learn how you can access these benchmarks to judge your business’ performance against industry standards, identify your ATO audit risk and other tax compliance issues, and prompt new thinking about ways to improve your profit margins. The ATO has released its latest […]
Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps. It pays to be aware of the main residence rules and to plan ahead accordingly. In straightforward cases, a property owned by individuals and used as a […]
Australia’s growing “sharing” economy provides many opportunities to make extra income. However, this will generally give rise to additional tax obligations, and accommodation sharing sites like Airbnb are no exception. Whether you rent out your whole house or just a room, make sure you understand how this “side job” will affect your tax. Millions of […]
The ATO is warning taxpayers about scammers who impersonate the ATO in order to obtain the taxpayer’s personal information or even to demand payment of a fake tax debt. As these scammers continually adapt their techniques to become more convincing, all Australians should be familiar with the basic red flags of an ATO impersonation scam […]
