New laws can make directors personally liable for GST The government recently passed new legislation designed to strengthen laws to “crack down on illegal phoenixing activity by dodgy business operators Read More…
Lifestyle assets targeted The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred Read More…
Common errors with new GST withholding rules The ATO has noticed some common errors made in activity statements since the introduction of “GST at settlement” on 1 July 2018. These Read More…
Legislation proposed to increase instant asset write-off threshold Using the simplified depreciation rules, assets costing less than the instant asset write-off threshold are written off in the year they are bought and used, or Read More…
MYEFO report Mid-Year Economic and Fiscal Outlook (‘MYEFO’) report recently released. It indicates that the underlying Budget deficit is expected to be $5.2 billion in 2019 (down from the $14.5 Read More…