We have recently been alerted by a number of sources to the rising incidence of a particular type of scam which has seen a number of Tasmanian businesses and individuals targeted, some losing many thousands, if not hundreds of thousands of dollars..
Beware! Mandatory data breach notification laws will apply from 22 February 2018 to businesses covered by the Privacy Act
3 Oct 2017
An amendment to the Privacy Act legislation was passed by Parliament earlier this year which ensures that organisations which are subject to the Privacy Act will need to report certain data breaches to the Office of the Australian Information Commissioner (OAIC) and any potentially affected individuals effective from 22 February 2018.
Foreign residents to lose access to main residence exemption
2 Aug 2017
Perhaps guided by the assumption that most foreign residents do not vote, the Government has expanded the raft of measures clawing back tax concessions from those who are not Australian residents for tax purposes (including in many cases Australians who reside overseas). One of these new measures announced in the Federal Budget in May, was the prop...
Business tax debt to be reported to credit agencies
2 Aug 2017
The Government has announced that it will allow the Australian Taxation Office (ATO) to disclose tax debt information of businesses to registered credit reporting bureaus (CRBs), in certain circumstances. The measure is aimed at supporting “more informed decision making in the business community” and reducing “unfair advantage gained by businesses ...
Genuine ATO call or a scam attempt? ATO issues guidance on how to tell the difference
2 Aug 2017
The ATO has warned that identifying information like tax file numbers (TFNs), bank account numbers or your date of birth are the keys to your identity, and can be used by scammers to break into your life if they are compromised, and it is essential to keep this information secure.There is increased fraudulent activity at this time of the year, with...
Foreign tax residents with HECS/HELP & TSL debt now have to make compulsory repayments and report their worldwide income to the ATO
2 Aug 2017
In a widely publicised move, the Australian Government has introduced changes relating to Higher Education Loan Program (HELP – previously HECS) and Trade Support Loan (TSL) repayment obligations.The first loan repayments will commence from 1 July 2017 and will be based on your worldwide income for the 2016/17 Australian income year (that is, from ...
A superannuation deduction you (probably) can claim (but not till 2018!)
2 Aug 2017
On a positive note, from 1 July 2017, it is much easier for employees to claim a deduction in their own tax returns for personal superannuation contributions. These are the contributions made in addition to the 9.5% superannuation guarantee and salary sacrifice contributions, made by their employers. The change is a result of removal of the old “10...
11 deductions you (probably) can’t claim
2 Aug 2017
The ATO has published a warning to the taxpayers on their website as the tax season unfolds, titled “Don’t be a dummy with your deductions” and followed up with an article titled “Pull up your socks and don’t claim them”. These publications come in the wake of the ATO Commissioner’s public comments about the apparently rampant over-claiming by indi...
Are you buying or selling Australian property valued at $750,000 or higher? A new tax withholding regime applies!
2 Aug 2017
And by “property” we mean:residential or commercial real estatevacant land farm landmining/quarrying/prospecting rightsleases over real propertya membership interest of 10% or more in an entity whose underlying value is principally derived from the above.From 1 July 2016 Foreign Resident Capital Gains Withholding has applied to sales of Australian ...
Reminder: Immediate deductibility for assets under $20,000 purchased by small businesses (turnover up to $10m) extended until 30 June 2018
2 Aug 2017
In the last Federal Budget the Government announced an extension to the measure providing an instant asset write-off for small businesses. This announcement has since been legislated and small businesses (now defined as businesses with turnover under $10m) can immediately deduct the business portion of most assets if they cost less than $20,000 and...
