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ATO crowdfunding guidance raises questions over gratuities, specialty donations

With the Uber-GST stoush earlier this year mostly settled, the Tax Office has offered an olive branch to another high-profile disruptive economy in the form of provisional guidance that promises things will change if they need to. Historically the Tax Office’s stance on crowdfunding has been narrow but definitive. Late last year, the regulator said

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Payday lending – Be wary!

Payday loans, so called because they are meant to tide a person over until their next pay packet, have proliferated over recent times — and appear to be a permanent pothole in the financial landscape that can trip up the financially vulnerable in desperate times. Payday lending – Be wary! The lenders issue small amounts of

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The Tax Office has completely changed its documentation

Over the last few months a lucky bunch of taxpayers road-tested a new suite of paper-based ATO correspondence letters at the regulator’s Co-Design Centre in Canberra. The crash-test results were favourable, so now we can reveal what you’ll get in an envelope from the Tax Office going forward. The Tax Office has completely changed its

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Bank deposit levy dumped

A controversial bank deposit tax proposal has been dumped by federal government following criticisms the tax measure would not encourage bank customers to use wealth creation products. Bank deposit levy dumped. Prime Minister Tony Abbott said the levy was a misguided tax on savings accounts rather than the economic safeguard protocol Labor originally intended. “The

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Company directors: Do you REALLY know your responsibilities?

As though business owners and principals don’t already have enough on their minds, the word “recession” is being heard around the barbecue again — just to add to the list of excuses for not sleeping well at night. Company directors especially need to keep in mind that the Corporations Act holds directors personally liable for

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