For anyone with a self-managed super fund (SMSF) at 30 June 2019 or has wound up an SMSF during the last financial year, your SMSF annual return for 2018-19 may be due. This annual return must be lodged with the ATO even if your SMSF...
In an effort to combat the economic effects of the global coronavirus pandemic, the government has released an $17.6bn stimulus package which is expected to provide direct support for up to 6.5m individuals and 3.5m businesses. The package includes the following: Business investment initiatives - the...
The Government has recently announced its $17.6 billion economic stimulus package in response to the Coronavirus. Key Tax Measures that have been introduced include: From 12th March 2020, the instant asset write-off threshold has been increased to $150,000 until the 30th June 2020. A 15-month investment...
Victims of the recent natural disasters beware, there is an SMS scam circulating that purports to give you “an 8% bonus” on your 2020 tax return. The scam urges victims to start the process by filling out a form and provides a link to a...
Do you know who to turn to when you have a complaint about the way you’ve been treated by the Tax Office? Whether you’re an individual or business, the Inspector-General of Taxation and Taxation Ombudsman (IGTO) should be your first port of call. The department...
Many of you have heard of illegal phoenixing but are not sure of what exactly it encompasses. While there is no legislative definition of illegal phoenixing or phoenixing activity, at its core, it is the use of serial deliberate insolvency as a business model to...
In a recent coordinated effort with Joint Chiefs of Global Tax Enforcement (J5), the ATO, along with its international partners took part in the first set of enforcement actions to stop suspected facilitation of offshore tax evasion. The J5 was initially formed in 2018...
Can you believe that we are already in February? The new decade is in full force, the team at RWA wish you all had a lovely break with family and friends and we are excited to what the new year will offer. This month has...
With the average annual cost of an undergraduate degree for Australian students hovering around the $10,000 mark, a 3-year degree could easily cost upwards of $30,000 depending on what you’re studying and where you’re studying. In the current employment market, rife with short-term employment and...
The new year means more help for first home buyers to get on the property ladder. The new First Home Loan Deposit Scheme came into effect on 1 January 2020 and seeks to provide eligible first home buyers on low and middle incomes with a...
