Receiving a Director Penalty Notice (DPN) can be a stressful situation, which can be difficult to navigate. These situations become even more stressful for former company directors who may feel trapped by their past responsibilities
The Australian Tax Office (ATO) has outlined its focal points for this tax season. These areas mirror focus areas from the previous year however, they should still be regarded as important to ensure correct compliance.
The Super Guarantee Charge (SGC) is a mechanism as part of our Superannuation system which ensures employers make the required superannuation contributions on behalf of their eligible employees.
This time of year can often be stressful as the complexities and ever-changing regulations of lodging your tax can make the process seem overwhelming. In an effort to save time and money some people, particularly those who are at a younger age, may choose to take on the task of preparing their tax returns themselves. However, what might seem like a simple task can actually cause you quite a bit of trouble if executed incorrectly.
The ATO has warned taxpayers to be vigilant on a range of claims that they will be paying greater attention to during tax time. These claims include work-related expenses, cryptocurrency gains and rental income and deductions. The ATO has stated the areas in high focus are where most mistakes are made…
The media release outlined that the ATO has sent more than 80,000 awareness letters regarding outstanding debt. This gives some context to the recommencement of ATO debt collection activities. The ATO’s collection activities were publicly acknowledged in a Senate Economics committee meeting in February 2022.
The ATO is encouraging businesses to take precautions and review their cyber security measures in the wake of increased technological adaption and reports of scams and breaches.