New measures to combat illegal phoenixing

(14/02/2020) Many of you have heard of illegal phoenixing but are not sure of what exactly it encompasses. While there is no legislative definition of illegal phoenixing or phoenixing activity, at its core, it is the use of serial deliberate insolvency as a business model to avoid paying company debts. In a report in 2018, […]

ATO tackling international tax evasion

(14/02/2020) In a recent coordinated effort with Joint Chiefs of Global Tax Enforcement (J5), the ATO, along with its international partners took part in the first set of enforcement actions to stop suspected facilitation of offshore tax evasion. The J5 was initially formed in 2018 to fight global tax evasion and consists of the tax […]

Foreign residents and the main residence exemption

(31/01/2020) Foreign residents beware, laws have been passed to restrict your access to claim the CGT main residence exemption on the sale of your home, except in some limited circumstances. This applies to any person that is not an Australian resident for tax purposes at the time of disposal (ie when the contract is signed […]

ATO scrutiny on car parking fringe benefits

(31/01/2020) The ATO has started contacting certain employers that provide car parking fringe benefits to their employees to ensure that all FBT obligations are being met. Car parking benefits arise where the parking provided meets certain conditions, and when the conditions are met, employers have a choice of 3 methods to calculate the taxable value […]

Super guarantee loophole closed

(07/02/2020) The concept of super guarantee should be a very familiar to everyone, particularly anyone who is an employee, as it makes up the bulk of future retirement income. You may not know the particular name, but you would know about the requirement for employers to contribute 9.5% of your salary or wages into a […]

More help for first home buyers

(24/01/2020) With the advent of the new year, a new measure is now in effect to give first home buyers a leg up on the property market. Starting 1 January 2020, couples that earn less than $200,000 combined, and singles that earn less than $125,000, who have never owned a property and are Australian citizens […]

Remission SGC Penalty..!

(24/01/2020) With the transition to Single Touch Payroll almost complete for all employers within Australia, the ATO now has considerably more information to identify superannuation guarantee non-compliance in real time. Employers that do not make sufficient quarterly superannuation contributions for each employee by the due date will be liable to the superannuation guarantee charge (SGC), […]