tax Archives · Australian Loans Group

ATO Resolution in Resolving Disputes

Posted on 06/07/202305/07/2023 by Laze Spasevski

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 12/05/202325/05/2023 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 19/12/202216/12/2022 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 07/09/2022 by Laze Spasevski

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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FY22 Tax Returns | ATO Warning

Posted on 23/08/202221/08/2022 by Laze Spasevski

The Australian Taxation Office warned small businesses that it will focus on three main areas when assessing the FY22 tax returns. The first area the ATO plans to examine closely is overclaiming on expenses and claiming deductions for private expenses that are unrelated to business income. The second area is the potential omission of certain income streams, such...
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