Discretion to retain refunds extended to income tax
If your business has outstanding ATO lodgments or other notifications, the ATO now has the power to retain your income tax refund. This previously only applied to business activity statements, but the government extended the ATO’s power combat phoenixing activities. The ATO notes that these new powers to retain refunds will not be taken lightly …
Can I be released from my tax debts?
Individuals finding themselves in financial strife with an ATO debt may be able to apply to be permanently released from the debt. There are conditions attached to the debt release including not being able to provide for yourself, your family or others that you’re responsible for due to the debt. Once you apply, the ATO …
2021 FBT return due soon
The 2021 FBT return for the period 1 April 2020 to 31 March 2021 is due soon. For those businesses that prepare their own returns, lodgment of the return can be made up until 25 June 2021 without incurring a failure to lodge on time penalty. Although the associated FBT liability must be paid by …
Financial help for relocating job seekers
Need help to relocate to take up a job? The government is now offering relocation assistance of up to $9,000 to help job seekers. Those that relocate to a regional area with a dependent may be eligible for the full $9,000, while those that relocate to another capital city (with a lower unemployment rate) with …
NSW cracking down on payroll tax avoidance
In an attempt to recover potentially foregone payroll tax revenue, the NSW government is set to introduce new laws aimed at companies that avoid their payroll tax obligations in relation to unpaid wages and other practices associated with tax avoidance or minimisation. Under the new legislation Revenue NSW will be able to name taxpayers who …