Almost $1bn to the ATO for Tax Compliance The Government has allocated $999 million over four years to expand the ATO’s compliance programs, which include: Tax Avoidance Taskforce Shadow Economy Compliance Program Personal Income Tax Compliance Program Tax Integrity...
Growth Australia’s economy is expected to grow slowly at 2.25% in 2025-26 and 2.5% in 2026-27. The direct economic impact of Ex-Tropical Cyclone Alfred is estimated to be up to 0.25% of GDP. The budget will record a deficit of $42.1bn in 2025-26 before improving. Debt...
You have prepared your business activity statement, submitted it, and moved on. However, what if there is an error in your lodged business activity statement? It could be something as simple as categorising a transaction in the wrong way, flipping two numbers, or even...
With numerous tax obligations, understanding how much tax your business must pay is crucial for compliance and financial planning. The Australian Taxation Office is vital in regulating these taxes to ensure every business meets its responsibilities. A clear...
It’s time to sort out your obligations and prepare for the latest FBT changes. With the 2025 year approaching on 31 March, it’s essential to stay on track to meet your tax obligations and be ready for the upcoming changes. Follow these steps to get it right: Check if...
If you are a business owner, you must be aware of the importance of tax compliance for your business’s success. Tax compliance is more than just meeting your tax obligations—it’s important for maintaining financial stability, avoiding costly penalties, and building...
Goods and Services Tax is a tax of 10% on most goods, services, and other items used or sold in Australia. Goods that don’t have GST included are known as GST-free sales. In this blog, you will come to know how and when your business needs to be registered for GST....
Future Made in Australia (Production Tax Credits and Other Measures) Bill 2024 The bill that creates the Hydrogen Production Tax Incentive and the Critical Minerals Production Tax Incentive has successfully passed both Houses and has received Royal Assent. Update on...
A Practice Statement has been issued by the ATO which highlights the approach that the staff of the ATO must follow to check out whether to allow an extension of time to apply for direction identification number for individuals. Typically, an individual must apply for...
Updated guidance on land and subdivision projects The ATO has revised its document, ‘Examples of tax consequences of sales of land, including small-scale land subdivision,’ to add more examples. It now features seven instances addressing the income tax and GST...