The ATO’s JobKeeper audit targets

The ATO’s JobKeeper audit targets

The JobKeeper subsidy has progressed beyond the rush for eligibility and entered its second phase: compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will focus its compliance resources. The JobKeeper estimates error Hindsight is a dangerous lens as Treasury discovered last month announcing that the number of employees […]

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Can the tax office take money out of your account? Your right to know

Can the tax office take money out of your account? Your right to know

You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from your account without you knowing. The question is, do you really know what powers the ATO have?  The ATO is one of the most powerful institutions […]

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Tax alert: Distributions to non-resident beneficiaries

Tax alert: Distributions to non-resident beneficiaries

The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.  Two new determinations released by the ATO deal with the complex and technical issues that arise when a resident discretionary trust makes a distribution of capital […]

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Confusion over personal income tax changes – what are you really entitled to?

Confusion over personal income tax changes – what are you really entitled to?

The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they can access the $1,080 they now believe is owing to them.  What changed?  From 1 July 2018  A low and […]

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