Tag: Tax

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…

Predicted ATO audit activity trends for 2021 & 2022

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Despite the temporary slowing in 2020 of the Australian Taxation Office (ATO) and other State & Federal government revenue authorities’ audit activity levels due to the Covid-19 pandemic, 2021 has already proved to be as busy as ever. Our claims team recently published an article on tax audit claim stats all…

Proposed Law To Make New COVID-19 Payouts Tax-Free

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The Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021 was recently presented in parliament. It seeked to ratify declarations made by PM Scott Morrison that Australians will not pay taxes on the latest round of lockdown payments come the next tax season in 2022. This is a change…

ATO Releases Over $5.3bn In Tax Refunds

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It is good news for many Aussie taxpayers as the ATO has disbursed over $5.3 billion in tax refunds in July. With over 2.1 million recipients, it brings the average refund to about $2,490. With the new financial year only having recently started, it is a helpful injection into the…

ATO Affirms Data Matching Program On Lifestyle Assets

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The ATO has published a gazette notice in the Federal Register of Legislation that confirms their intention to acquire lifestyle assets data from an estimated 25 insurers on specified insured lifestyle assets that meet nominated thresholds. The data collected will be cross-checked against internal data holdings at the ATO. The…

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…

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…

Victoria’s Landowners To Be Hit With New Tax Measures

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In pre-budget announcements, Victoria’s Treasurer, Tim Pallas, confirmed plans to have the wealthiest homeowners and developers pay more taxes. The government estimates that these changes would raise $2.4 billion in revenues over the next four years. The proposals include a new windfall gains tax on developers whose projects are on…

Federal Tax Residency Overhaul Expected To Draw Talent

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The recently released federal budget has been geared towards helping the nation recover from the pandemic. Treasury head, Josh Frydenburg, indicated the government was not inclined towards taking austerity measures but rather aimed to lower taxes, limit the size of government, and ensure the delivery of essential services. He added…