Employers that have underpaid compulsory superannuation up to 31 March 2018, and who did not take advantage of the amnesty, will now generally be subject to a base penalty of between 100% and 200% of the superannuation guarantee charge (SGC).
Discretionary trusts that own ‘residential land’ in New South Wales or hold an ownership interest in a company or unit trust that owns residential land in New South Wales must amend their trust deeds before 31 December 2020 to exclude foreign persons as beneficiaries, otherwise foreign land tax and duty surcharges may apply.
As a result of COVID-19, Australians’ tax debts are at a record high. During the height of the pandemic, the ATO also slowed its tax debt recovery activity, so it collected less revenue than usual.
Fletch Heinemann has been listed as a preeminent tax lawyer and Linda Tapiolas has been listed as a recommended tax lawyer.
Expats returning to Australia should check before withdrawing from their foreign super fund.
To withhold or not to withhold – that is the question faced by every amateur sports club that makes match payments to its players. The correct answer requires some investigation.
The cost of establishing and using a ‘home office’ has become a significant expense for many employees who now work from home on a regular basis. In this article, we answer common questions about which, and how much, of your home office expenses are deductible.
The ATO reportedly received 2,609 tip-offs about businesses accessing JobKeeper payments by 20 May 2020, and is investigating some of those cases.
With 30 June fast approaching, it is time to start considering trustee distribution resolutions. For those many trusts that have made a family trust election (FTE), getting trust distributions wrong can have major implications.
Trustees of discretionary trusts and many unit trusts that distribute capital gains to non-resident beneficiaries will need to include these capital gains in their assessable income.
The ATO has released guidance that shows the JobKeeper ‘schemes’ that will be audited. Businesses that are receiving JobKeeper payments should check that their payments are not at risk of being clawed back by the ATO.
On 24 April 2020, the Treasurer announced that new rules will be introduced for the ‘decline in turnover’ test. The effect of one of these rules is that service entities, which may not suffer the necessary decline in turnover in their own right, may now become eligible for JobKeeper payments.