by Shailesh Patel | Oct 1, 2023 | ATO
The Commissioner has flagged a return to firmer debt collection actions after easing activities in the aftermath of COVID-19. With less than 6 months left in his tenure as the Commissioner of Taxation, Chris Jordan has unapologetically flagged the ATO’s shift to...
by Shailesh Patel | Oct 8, 2022 | ATO, Business Structures, Small Business, Tax News
Did you know you can vary your pay-as-you-go (PAYG) instalments due to a change in your financial situation? Should you be varying your PAYG instalments? Pay-as-you-go (PAYG) instalments are prepayments of your expected income tax for the year. If your total PAYG...
by Shailesh Patel | Jul 20, 2022 | Business Structures, Small Business, Tax News
New ATO guidelines will soon allow professionals with an ownership interest in their firm to self-assess the risk of their profit allocation arrangement. If you run a professional services firm there are many tax issues to consider in allocating profits. The ATO is...
by Shailesh Patel | Jul 13, 2022 | Tax News
The ATO has warned taxpayers against participating in asset wash sales to inflate their losses artificially. With COVID-19 lockdowns and restrictions in the rear-view mirrors of most of the country, the ATO is also beginning to resume normal compliance activity...
by Shailesh Patel | May 26, 2022 | Capital Gains, Tax News
2022 Tax time is fast approaching, and this financial year, the ATO will again be focusing on a few key areas to ensure that individuals are doing the right thing and paying the right amount of tax. These key areas are considered by the ATO to be problem areas where...
