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Tax audit claim stats all accountants in Australia will want to know

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Every accountant knows that reviews or audits of your client’s tax returns or financial compliance obligations can sometimes be unavoidable. When an audit hits, this is rarely a reflection of the work put into preparing the return and is more often due to a specific crackdown by the Australian Taxation…

Review of GST On Low-Value Imported Goods Begins

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The Australian government has requested the Board of Taxation to review the performance of the Low-Value Imported Goods (LVIG) measure. The LVIG enables the application of goods and services tax (GST) on low-value import purchases valued at $1,000 or less. The Board is expected to examine how well the measure…

ATO Launches New Service To Attract Significant Foreign Investment

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The ATO has just launched the New Investment Engagement Service (NIES) as part of the Morrison government’s efforts to attract more foreign investment to the country. This service will complement the already established Global Business and Talent Attraction Taskforce by offering new investors a chance to enjoy hands-on guidance and…

Accountants Warn Against Early Lodgement of Tax Returns

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While it may seem instinctively preferable to lodge your tax returns early, the Institute of Public Accountants (IPA) is advising against it. Taxpayers will be able to lodge their taxes from July 1, 2021, with the Australian Tax Office (ATO) stating they will begin “full processing” from July 7, 2021.…

Fair Work Commission Orders 2.5% Minimum Wage Increase

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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…

Experts Differ With Government On Benefits Of Stage 3 Tax Cuts

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The Morrison government’s stage 3 tax cuts are set to take effect from 2024 but are already attracting criticism from various quarters. The changes they would bring include shifting the lower limit on the top tax bracket that pays 45% from $180,000 to $200,000. It would also see those earning…
crypto

ATO Puts Crypto Investors On Notice

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Since the pandemic started there has been a surge of investment in cryptocurrencies. 2021 has seen record-high values and the ATO has taken notice. More so when it comes to capital gains made from trading in the currencies. Investors have been warned that the ATO will be looking to ensure…