Tax Update Archives - Page 2 of 2 - KBSG Business Services

19Aug19/08/2019

‘You can no longer hide’: ATO cracks down on $100 billion in foreign income

Around 1.6 million Aussies are being told “you can no longer hide” as the tax man ramps up a major crackdown on this $100 billion area.

The Australian Taxation Office has turned its sights on more than $100 billion held in offshore bank accounts in a crackdown on undeclared foreign income.

Taxpayers who receive income from investments, family members or working overseas are being urged to report it this tax time or face hefty penalties, with new international data-sharing agreements meaning the ATO has greater power to track money across borders to identify cheats.

(more…)

16Aug16/08/2019

ArticlesReal Estate, Tax Update

Rental Properties – Income and Expenses Tax Guide of rental property owners Copy

Do you own a residential rental investment property? Then you should read this Guide to see what you can and cannot claim, as there have been some significant changes to the rules. (more…)

15Aug15/08/2019

ArticlesTax Update

GST obligations to be included under the director penalty regime

It looks like Directors Penalty Notices( DPNs) for GST are set to take effect 1 October 2019 on the back of legislation that lapsed at the dissolution of Parliament in the lead up to the last federal election but has just been revived. As well as directors possibly facing personal liability, the options available to the ATO under its director penalty regime includes garnishee proceedings to recover amounts owed, offsetting amounts owed against any other tax credits, and initiating legal recovery proceedings. Before any of such actions are taken, the ATO is obliged to issue a “director penalty notice” outlining the unpaid amounts and remission options open to the concerned directors. (more…)

08Aug08/08/2019

NewslettersTax Update