ATO launches campaign to target tax withholding on overseas royalties

ATO Launches Campaign to Target Tax Withholding on Overseas Royalties

ATO has embarked on a new campaign to target private wealth groups withholding tax on overseas royalties. The ATO’s International Risk for Private Groups Program has launched a campaign focusing on non-resident withholding tax relating to royalty expenses paid overseas for the 2019 and 2020 income years. Taxpayers who have paid royalties to a non-resident…
Professional Services Firm Profits Guidance Finalised

Professional Services Firm Profits Guidance Finalised

The Australian Taxation Office’s finalised position on the allocation of profits from professional firms starts on 1 July 2022. The ATO’s guidance uses a series of factors to determine the level of risk associated with profits generated by a professional services firm and how they flow through to individual practitioners and their related parties. The…
Australian Tax Laws

If Santa was an Australian Tax Resident

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A lighter look at the complexity of Australian taxation laws and the year that has been. Dear Mr Claus, Thank you for the opportunity to provide strategic business, tax and compliance advice for your operation. We’re pleased you have initiated this advice as the Australian Taxation Office (ATO) has instigated a number or reviews that…
Main residence exemption myths and misconceptions

Main Residence Exemption Myths and Misconceptions

The surge in the residential property market continues to attract buyers and sellers, many involving the family home. This article considers the common myths and misconceptions when it comes to being eligible for the main residence exemption. When it comes to taxation, the family home is sacred. It is often the largest asset a taxpayer…
Tax and the Normalisation of Cryptocurrency

Tax and the Normalisation of Cryptocurrency

The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal.…
ATO WFM Shortcut Method

ATO Guidance: Working From Home Shortcut

The Australian Taxation Office has extended the working from home (WFH) shortcut method to 30 June 2022. The temporary shortcut method has been available for employees who worked from home and incurred some additional running expenses as a result. It allows them to easily work out their WFH expenses from 1 March 2020 to 30 June 2020,…
The ATO has begun utilising new powers that will allow it to disclose business tax debts to credit reporting bureaus, sparking concerns as businesses reel from ongoing lockdown restrictions.

ATO Utilising New Powers so Businesses Act on Tax Debts

The ATO has begun utilising new powers that will allow it to disclose business tax debts to credit reporting bureaus, sparking concerns as businesses reel from ongoing lockdown restrictions. Businesses with over $100,000 in tax debts have begun receiving letters from the Tax Office, warning them of the agency’s intent to disclose tax debt information…
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