As a part of the crackdown on black economy, the Government is planning to introduce an economy-wide cash payment limit of $10,000. Any payments made to businesses for goods and services from 1 July 2019 would be captured, and if the transaction exceeds $10,000, payment will need to be made using an electronic system or … Continue reading “Cash Payments Limit Coming Soon”
Tax time has come around for another year, and this year the ATO is focusing on “other” work-related expense deductions and work-related car expenses. You should be aware that you’re not automatically entitled to claim standard deductions and that all expenses need to be substantiated. You also need to be able to show that you … Continue reading “Tax time focus areas for individuals”
As a consequence of the allegations aired by current and former ATO staff about the inappropriate use of ATO’s powers to issue garnishee notices, particularly to small businesses, on the Four Corners Program. The Inspector-General of Taxation (IGT) has now commenced an independent review to address these allegations to allay concerns of adverse impacts on the … Continue reading “IGT Review Of ATO Garnishee Notices”
A recent interview with Tax Commissioner Chris Jordan revealed details of what the ATO will be paying particular attention to this year. Perhaps not surprising, the ATO will be targeting businesses that deal in cash. As a part of its cash and hidden economy operation, the ATO has compiled “data-maps” of cash-only businesses and those that … Continue reading “ATO’s Focus Areas for Businesses”
Have you looked at your trust deed recently? If you have a trust, chances are it was set up by your accountant or solicitor, and you didn’t have to do too much of the legwork. Look closely at your deed and you’ll notice that it will specify a date on which the interests in the trust … Continue reading “Trust Vesting”