by Team Garnet | Jun 23, 2023 | ATO, Tax News
This tax time, the ATO is ramping up its data-matching program and capabilities with two new programs. Taxpayers beware, this tax time, the ATO will be using all its data matching capabilities in multiple areas to ensure that individuals are paying the correct amount...
by Team Garnet | May 31, 2023 | ATO, Tax News
This tax time, the ATO will be targeting loan interest expenses, working from home deductions, and CGT on main residences also used for income-producing purposes. With the end of the financial year fast approaching, the ATO has again released the areas it will be...
by Team Garnet | May 26, 2023 | ATO, Business Structures, Tax News
The government has released new measures relating to businesses in the 2023 Budget. The 2023 Budget has been handed down by Treasurer Jim Chalmers. In addition to the cost-of-living and welfare measures leaked ahead of the Budget, the government also released new...
by Team Garnet | Apr 1, 2023 | ATO, Tax News
The ATO Second Commissioner, Jeremy Hirschhorn, recently spoke at a conference that provides some insights into how the ATO will be closing the tax gap. He outlined how the ATO is transforming tax administration by using tax gap data collected. Essentially, the tax...
by Team Garnet | Mar 18, 2023 | ATO, Tax News
The ATO can now issue a tax-records education direction which will require an entity to complete an approved record-keeping course in lieu of a penalty. Late last year, the Treasury Laws Amendment (2022 Measures No 2) Bill 2022 passed Parliament and received Assent....
by Team Garnet | Mar 10, 2023 | ATO, Small Business, Tax News
A Taxpayer Alert has been issued warning taxpayers to avoid arrangements where private company profits are accessed tax-free through the use of an interposed holding company. The ATO has recently issued this Taxpayer Alert warning, that it is reviewing arrangements...
