Company Money Crackdown

It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred.

Taxation, New BusinessJPR BUSINESS GROUP29 April 2024ATO, australian tax office, Taxation, Tax law

The assault on professional services

The ATO has signalled that it is willing to pursue professional services firms who divert profits to avoid tax.

Tax Traps of Fringe Benefits

The Fringe Benefits Tax year (FBT) ends on 31 March. We explore the problem areas likely to attract the ATO’s attention.

TaxationJPR BUSINESS GROUP7 March 2024tax, Taxation, Fringe benefit tax, ATO, australian tax office

The Tax Office Debt Dilemma

Late last year, thousands of taxpayers and their agents were advised by the Australian Taxation Office (ATO) that they had an outstanding historical tax debt. The only problem was, many had no idea that the tax debt existed.

TaxationJPR BUSINESS GROUP1 March 2024Taxation, australian tax office

The problem when the evidence doesn't match what the taxpayer tells the ATO

A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking.

TaxationJPR BUSINESS GROUP9 January 2024ATO, Taxation, australian tax office

ATO Rental Property Blitz

The Australian Taxation Office (ATO) has launched a full-on assault on rental property owners who incorrectly report income and expenses.

TaxationJPR BUSINESS GROUP2 May 2023tax, rental property, ATO, australian tax office

What sharing platforms are sharing with the ATO

From 1 July 2023, a new reporting regime will require platforms that enable taxi services including ride sourcing, and short-term accommodation to report their transactions to the ATO each year. From 1 July 2024, the regime will expand to include all other platforms.

The ATO's final position on risky trust distributions

The ATO has released its final position on how it will apply some integrity rules dealing with trust distributions - changing the goal posts for trusts distributing to adult children, corporate beneficiaries, and entities with losses. As a result, many family groups will pay higher taxes because of the ATO’s more aggressive approach.

TaxationJPR BUSINESS GROUP1 February 2023trust, ato, australian tax office, taxation

Tax Time Targets

The ATO has flagged four priority areas this tax season where people are making mistakes.

With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season.

TaxationJPR BUSINESS GROUP18 June 2022tax, tax deductions, taxation, australian tax office

ATO refocus on debt collection

The ATO has not pursued many business tax debts during the pandemic and allowed tax refunds to flow through even if the business had a tax debt. That position has now changed.

TaxationJPR BUSINESS GROUP18 June 2022ATO, tax deductions, australian tax office, debt collection