by Team Garnet | Nov 25, 2021 | Tax News
ATO has announced the extension of its Medicare exemption statement data-matching program. As the year draws to an end, the ATO has extended another data-matching program, this time into the Medicare Exemption Statement (MES). The MES is a statement that outlines the...
by Team Garnet | Nov 11, 2021 | Tax News
Details have been released on the GST Analytical Tool (GAT) used by the ATO in GST reviews and assurance. So, how does it work? The ATO says this tool is used to obtain assurance that business taxpayers are paying the right amount of GST. It uses a standard method...
by Team Garnet | Nov 3, 2021 | Business Structures, Small Business, Tax News
Need to lower your company’s tax payable? The easiest way is to utilise prior-year tax losses, however, beware of conditions that apply With tax time 2021 nearly over, many businesses will now be finalising their tax returns. For many of these businesses, the 2020-21...
by Team Garnet | Oct 22, 2021 | Capital Gains, Tax News
Taxpayers that have received gifts or loans from overseas family and relatives beware, the ATO is currently scrutinising these types of transactions. The ATO has recently issued an alert, warning taxpayers against disguising undeclared foreign income as gifts or loans...
by Team Garnet | Oct 8, 2021 | Tax News
The ATO is continuing to run the medium and emerging private groups program, if you and your associates have “wealth” over $5m you could be targeted. The ATO runs many compliance programs targeting privately owned and wealthy groups, while the majority of the...
by Team Garnet | Sep 8, 2021 | Tax News
High-income individuals may receive a Div 293 concessional contributions tax assessment in the mail for the 2018-19 or 2019-20 income years, it is not a mistake. Div 293 tax is imposed on individuals that exceed the high-income threshold of $250,000. The consequence...
