Foreign buyer crackdown

Current as of December 2015 The Australian Tax Office (ATO) has ramped up its efforts to hunt down foreign buyers of Australian real estate, with the employment of 50 compliance officers who will investigate potential breaches of the law by cross checking the records of approximately 11 million people to find illegal owners. The ATO is responsible for overseeing foreign … Read More

Have you registered for land tax?

Current as of December 2015 Depending on where the property is situated, land tax may be applicable to you. Land tax is a state tax levied on the owners of land in all states of Australia except for the Northern Territory. Each state has their own rules, rate of tax and exemption threshold, but for the purpose of this article, … Read More

Transfer Pricing – Chevron Case

Current as of November 2015 Last month, the Australian Taxation Office won a battle with Chevron Australia Holdings Pty Limited (CAH), with the Federal Court finding that the interest rate paid by the Australian resident company to its US subsidiary was not an arm’s length rate. The case considered both the former transfer pricing rules, as well as the current … Read More

The ATO is chasing outstanding debts

Current as of September 2015   The Australian Tax Office (ATO) is currently owed approximately $20 billion – that is “billion” with a “B”. During the Global Financial Crisis (GFC) the ATO was quite lenient on outstanding tax debts and encouraged taxpayers and small businesses to enter payment plans to pay off their outstanding tax debt, instead of the ATO … Read More

Scams – Is it really the ATO calling?

Current as of August 2015   We have heard from a number of clients of attempts by scammers pretending to be the ATO on the telephone. These scammers are trying to access personal data and get fictitious tax debts paid out, there and then. We have been told that these callers can be quite aggressive and intimidating. These phone scams … Read More

Do you have assets or income overseas that the tax office don’t know about?

Current as of December 2014 ATO amnesty about to finish! Further to our previous discussions, you may have also seen in the media recently about the Australian Taxation Office (ATO) amnesty on disclosures of assets or income overseas that they have not previously been made aware of. Well this ATO initiative, called Project DO IT,  is about to close on … Read More

Why do you need audit insurance?

Current as of October 2014 Over the last few years we have seen increase in compliance reviews and audit activities from both federal and state authorities (ATO, NSW Office of State Revenue and Work Cover). Review and audit activities can be very time consuming and expensive and you do not know when you will be selected. Anyone can be targeted, … Read More

ATO is ceasing to issue paper Activity Statements

Current as of July 2014 As of 1 July 2014, the ATO will stop issuing paper activity statements if you have last lodged your activity statement electronically. Therefore, if you have been completing and lodging your activity statements on paper and you want to continue to do the same, then you do not need to do anything as you will … Read More