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Australian Taxation Office

Insolvency Levels Surged

Posted on by Laze Spasevski
Insolvency Levels Surge
In worrying news for the small business sector, insolvency levels have surged to their highest point in nine years. Insolvency levels in the March quarter were 41.1% higher than the year before and 145.7% higher than the year before that, according to the latest data from credit bureau Equifax. Business owners in the construction and hospitality sectors are doing it particularly tough, b...
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ATO Warns Investors

Posted on by Laze Spasevski
ATO Warns Investors.
The ATO (Australian Taxation Office) warns property investors it will pay close attention to their reported income and deductions this tax time. Based on official data, 90% of investors make mistakes on their tax returns. ATO assistant commissioner Rob Thomson emphasized the importance of correctly categorizing expenses related to rental properties. He said that general repairs and maintena...
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Tax Deadline Nears

Posted on by Laze Spasevski
As the tax deadline nears, the Australian Taxation Office (ATO) has reminded taxpayers to lodge their taxes. You may lodge through myGov or engage with a registered tax agent by the October 31 deadline to avoid late lodgment penalties. If you have simple tax affairs, you can lodge online, often in under 30 minutes, through the myGov portal. Most of the information you need will already be p...
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ATO Resolution in Resolving Disputes

Posted on by Laze Spasevski
ATO Resolutions in Resolving Disputes
A senior official from the ATO has told businesses that there are multiple resolution procedures in resolving tax-related disputes. She further said that formal disputes and litigation are not the only ways they can resolve arguments with the Australian Taxation Office (ATO). ATO second commissioner Kirsten Fish delivered a speech earlier this month. She said that there were multiple review...
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ATO Issues Notice to Property Investors

Posted on by Laze Spasevski
The Australian Taxation Office or ATO, issues notice to property investors. It will scrutinize their tax returns in an effort to claw back an estimated $1.3 billion in missing taxes. In a 2020-21 sample audit conducted by ATO, an estimated $9bn of tax revenue was lost due to errors and tax avoidance. According to the ATO, the most common tax errors that property investors make are: inco...
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ATO Intends to Collect Tax Debts

Posted on by Laze Spasevski
The ATO (Australian Taxation Office) has put small businesses on notice that it intends to collect unpaid tax debts and crack down on tax evasion. ATO second commissioner Jeremy Hirschhorn said small businesses were responsible for 65% of the $37 billion in collectible (i.e. not disputed) debt. Mr Hirschhorn said that while the ATO took a relatively relaxed attitude to debt collection during...
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Tax Returns Are Ready

Posted on by Laze Spasevski
tax ready
Taxpayers' tax returns are ready to be lodged, as more than 80 million pieces of information are available in pre-fill.   The Australian Taxation Office said much of the information it collects from employers, banks, private health insurers, share registries, and other institutions have now been loaded into people's tax returns.   "While having this data ready to go cuts dow...
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ATO Cracking Down On Shadow Economy

Posted on by Laze Spasevski
The ATO is cracking down on the shadow economy by using tip-offs from members of the public. The Australian Taxation Office said it had received 43,000 tip-offs about black economy behaviour in the last financial year, with the most common reports being for businesses: Demanding cash from customers Paying workers in cash Making sales but not declaring them The industries that ...
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