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Tax Compliance: The Problem When the Evidence Doesn’t Match What the Taxpayer Tells the ATO

The problem when the evidence doesn’t match what the taxpayer tells the ATO is a common issue in tax compliance. This can occur when the ATO receives information from third parties, such as employers or financial institutions, that does not align with the information provided by the taxpayer on their tax return. This can lead to discrepancies and potential audits or investigations by the ATO.

Next 5,000 Review Program: An Update on ATO Private Groups Tax Program – and How we PROTECT YOU!

The Tax Avoidance Taskforce funds the Next 5,000 review program, which employs data matching and analytic algorithms to identify Australian residents who, with their associates, possess wealth in excess of $50 million. The program focuses on prevention rather than correction, with the goal of increasing continuing and willing involvement in the tax and super system through one-on-one engagements.

Bah humbug: The Christmas Tax Dilemma for Businesses

Don't let taxes ruin your holiday spirit! This blog decodes the tax complexities of Christmas spending, ranging from FBT on parties to gift deductions. Here are our best suggestions to avoid giving the Australian Taxation Office a bonus this holiday season.

Reduce Your Energy Costs by Going Green

Want to cut the cost of your energy by 20%? Learn how putting simple cost-cutting measures into place can help your business save money and lessen its environmental impact. These five suggestions from Success Accounting Group will help you cut your energy costs and lower your greenhouse gas emissions. Find out more.

Victorian Guaranteed Sick Pay Leave Until 2025

Up until 2025, the Victorian Government will guarantee sick leave. The Victorian Sick Pay Guarantee provides eligible casual and contract workers, including sole traders, with a guarantee they will receive sick pay when they can’t go to work. Sign up today to qualify. Email your accountant to help with application and registration.

Additional Tax Deductions for Small Businesses through Technology Investment Boost

The Technology Investment Boost is now a law. Small business entities such as individual sole traders, partnerships, companies, or trading trusts with an annual aggregated turnover of less than $50 million are eligible for additional tax deductions for their digital operations. Here’s how to benefit from the boost and maximise your tax deductions.

Temporary Full Expensing and Loss Carry Back Tax Offset Claims to be Reviewed by ATO in 2023

ATO Set to review Temporary Full Expensing and Loss Carry Back tax offset claims for 2023. Learn the most critical issues and our tax advice on claims for assets. It is significant to remember that temporary full expensing will not apply if an eligible depreciating asset is first utilised, or placed ready for use, on or after 1 July 2023. As a result, the asset's cost cannot be immediately deducted for the 2023 tax year.

Prepare For Stocktake – Conducting A Stocktake

You might need to do a stocktake for tax purposes if your business acquires or sells stock. Learn how to do a stocktake and how it might benefit your company. Your business must do a stocktake by June 30, 2023, as the fiscal year comes to a close, in order to fulfil its tax obligations.

Taxation Changes for Business Owners – What’s New This 2023?

The 2023 Federal Budget was announced on Tuesday 9 May 2023, with a focus on cost-of-living relief and modernizing the economy. What does this mean for you? Here is a brief summary of the business tax updates and the two important things that could have an impact on business owners.

ATO Announces Enforcement of CGT, Rental Properties and Work Claims

Recent media reports have confirmed that the ATO's priority targets now include CGT, rental property deductions and work-related expenses. The ATO has declared that it will concentrate on capital gains tax, work-related costs, and rental property deductions in FY2024 in an effort to crack down on questionable payments as the end of the FY2023 financial year draws near.

Federal Budget 2023 – Winners and Losers Revealed!

The government promised a budget that would build “stronger foundations for a better future”. Look at the breakdown of the 2023 federal budget winners and losers. And if you’d like to know how this can impact, contact us today!

ATO Supercharges Its Campaign to Crackdown Incorrect Rental Property Report

The ATO boosts its campaign against rental property owners who incorrectly submit their income and expenses report. Based on previous data, there is a tax gap of around $1 billion from incorrect reporting of rental property income and expenses and the government has launched a more serious campaign against inaccurate tax report.

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