KSM 0919 YK

ATO take ‘gloves off’ on overseas income

ATO take ‘gloves off’ on overseas income Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off. How you are taxed ...
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Confusion over personal income tax changes

Confusion over personal income tax changes – what are you really entitled to? The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated ...
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KSM 0719 YK-01

Super, Insurance and Exit Fees: The 1 July changes

From 1 July 2019, new laws prevent superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner. These changes do not apply to self-managed ...
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Tax Time - June 2019 Blog

What you need to know this tax time

Tax time: what you need to know A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are greater than what is expected. We take ...
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Instant asset write-off threshold and eligibility

One of main tax related items in the recent Federal Budget related to the expansion of the immediate deduction rules for depreciating assets. The amendments in this area received Royal Assent on 6 April 2019 and are law. There are two major aspects of the changes. Firstly, the legislation increases ...
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