By API User
The Federal budget has expanded the Help to Buy scheme, with the government contributing up to 40% of a residential property’s purchase price. Income caps have increased to $100,000 for singles and $160,000 for joint applicants, widening access for first-home buyers. In a major policy shift, a two-year ban on foreign investors purchasing established homes … Continued
By API User
Commencing for the 2023–24 income year, more than 100,000 non-charitable not-for-profits (NFPs) with an active Australian business number (ABN) are now required to lodge an annual self-review return to notify of their eligibility to self-assess as income tax exempt. The new reporting requirement was introduced in the 2021–22 Federal Budget to enhance transparency and integrity … Continued
By API User
The Australian Taxation Office (ATO) has released a new set of updated financial benchmarks to help small business owners take the pulse of their business. Updated annually, the ATO’s benchmarks act as a health check, allowing small business owners to compare their performance including average expenses against other businesses in the same industry. Quotes attributable … Continued
By API User
The Australian Taxation Office (ATO), with support from Victoria Police’s VIPER Taskforce and the Australian Border Force (ABF), has seized and destroyed over 16 tonnes of illicit tobacco, with an estimated excise value of nearly $35 million. Two search warrants were executed on Thursday 6 March at a property in Merrigum, Victoria. A search of … Continued
By API User
The Australian Taxation Office (ATO) has announced that from 1 April 2025, it will be moving around 3,500 small businesses with a history of non-payment, late or non lodgment, or incorrect reporting from quarterly to monthly GST reporting to improve their compliance. Moving to a monthly reporting and payment cycle can help small businesses to … Continued
By API User
14 February 2025 Chartered Accountants Australia and New Zealand (CA ANZ) has welcomed the delay of legislation which could have seen individuals with more than $3 million in superannuation assets forced to borrow money or sell assets to pay tax bills. The Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 sought to tax unrealised … Continued
By API User
14 February 2025 Chartered Accountants Australia and New Zealand (CA ANZ) has welcomed the delay of legislation which could have seen individuals with more than $3 million in superannuation assets forced to borrow money or sell assets to pay tax bills. The Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023 sought to tax unrealised … Continued
By API User
As part of its role in the Fraud Fusion Taskforce (FFT), the Tax Practitioners Board (TPB) is actively disrupting non-compliant tax practitioners. The TPB terminated the registration of tax agent, Mr. Raheel Chaudhry who was found to have misled the TPB and failed to comply with his own tax obligations. Mr Chaudhry’s tax debt, … Continued
By API User
The ATO is warning the community to be alert for potentially dodgy tax schemes which are spreading online, including through social media. Acting Deputy Commissioner Sarah Taylor is urging individuals to be wary of online promotion of tax schemes promising to significantly reduce or avoid tax altogether. ‘Sometimes tax schemes can be peddled as investment … Continued
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The new Administrative Review Tribunal (ART) has rejected an application on appeal by former Gold Coast tax agent, Philippe Colin (also known as Phil Colin) to overturn the Tax Practitioners Board’s (TPB) decision to terminate his registration and impose a 4-year ban from reapplying. Mr Colin’s registration was terminated after the TPB found he had … Continued
