Tax

Authoritative and technically accurate information and guidance on all areas of tax

Top 5 Division 7A watch-outs

The top 5 Division 7A watch-outs are as follows. 1/ Transaction caught by Division 7A Division 7A will arise if transactions fall into the following three categories, for a shareholder or shareholder’s associate: certain loans from a private company, certain payments from a private company, and forgiveness of a debt owed to a private company.

[ Read More ]

Backpacker tax: Government backs down

Backpacker tax: Government backs down. The Federal Government has responded to pressure and dropped its plan to introduce a 32.5% tax on backpacker workers. Instead, working holidaymakers will be taxed at a lower rate of 19%, starting January 1, 2017. They will still be charged from the first dollar earned. Under the original $540 million

[ Read More ]

ATO not doing the best on revenue collection, says national auditor

The Australian National Audit Office (ANAO) has released a report which indicates that while the ATO may have indicated that hundreds of millions of dollars in tax revenue was being taken in, the actual amount may have been overstated. The new report by the ANAO found that the ATO had on at least one occasion over a

[ Read More ]