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 24, 2021 | Business Structures, Small Business
If you’re closing or selling your business, don’t forget about the GST obligations you’ll have to meet including deregistration and lodgment of final returns. If the current prolonged lockdown and economic conditions has prompted you to sell or close your business,...
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...
by Team Garnet | Sep 1, 2021 | Small Business, Tax News
Has your business received State or Territory COVID-19 grants in the past tax year? If you have, you may not know that some grants may be taxable while other grants are not. After another challenging year, businesses may be wondering whether the amounts they’ve...
