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Ato
When is a gift not a gift?
The distinction between gift or income is crucial in tax law. This article explores a case where the ATO deemed $1.6m in deposits as taxable income, not gifts or loans.
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2024 Tax Cuts: Revised stage 3 tax cuts confirmed for 1st July
The revised stage 3 tax cuts have passed Parliament and will come into effect on 1 July 2024.
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Have You Received a Business Support Grant?
As a small business owner, it is possible that you may have recently received a grant to support your business during difficult times.
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Why is my refund less than expected?
As part of the ATO’s response to COVID-19 and other natural disasters, they paused the recovery of debts, including offsetting credits and refunds to debts on hold to support economic recovery.
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Has your business been impacted by floods?
If you’re a small business or an individual in an Australian Government Disaster Recovery Payment declared local government area, you can request deferral on your lodgment due date. If you need help, contact the ATO to discuss your circumstances.
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Banking your business income to a private account?
The ATO have no concerns with business owners banking their business takings or other sales in private accounts, however, this can become a major problem for your bookkeeper!
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Taxing fame: The ATO’s U-turn
Sportspeople, media personalities, celebrities and ‘insta’ influencers beware. The ATO has taken a U-turn on how fame and image should be taxed.
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ATO ramps up heat on directors
Recently, the ATO sent letters to directors who are potentially in breach of their obligations to ensure that the company they represent has met its PAYG withholding, superannuation guarantee charge, or GST obligations. These letters are a warning shot and should not be ignored.
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