Small business litigation funding: improvements recommended
A recent Inspector-General of Taxation and Taxation Ombudsman (IGTO) has recommended improvements to the small business litigation funding program. The report by the IGTO was mainly based on 2 completed dispute investigations, with a further 3 investigations currently underway. The original intention of the funding program was to mitigate the disadvantage that small business taxpayers …
AirAsia Partnership Success
After an extended hiatus, it was an absolute joy to step back into REDQ! ✈️ A big shoutout to the dedicated finance and legal team at AirAsia for their warm reception and enlightening us on the airline’s visionary growth plans for the future. We have been standing shoulder to shoulder with the AirAsia Group as …
ATO alert: diverting profits to SMSFs
The ATO has issued an alert, warning taxpayers against entering arrangements where special purpose vehicles (SPVs) are used to divert profits of property development projects to SMSFs. Specifically, it is reviewing arrangements where one or more SMSFs have or acquire direct or indirect ownership of SPVs that undertake a property development project and due to …
ASIC: super trustees need to step up efforts
In recent media releases, ASIC has called on superannuation trustees to step up efforts in the areas of appropriately dealing with members money, and consolidating duplicate member accounts. The calls follow 2 ASIC reviews which identified either poor trustee practices or deficiencies in these areas. “We expect all trustees to closely review their policies and …
18/08/2023: Does GST apply to crypto-assets?
The issue of GST and crypto-assets have started concerning more businesses as digital currency becomes more common-place in terms of trading and using the assets for payment. The GST treatment of assets will largely depend on whether a crypto-asset is considered to be a digital currency, and whether digital currency it is being used as …
18/08/2023: Tax Time 2023: lodgment period underway
With only a little more than a month into tax time, the ATO has given the green light for taxpayers with uncomplicated financial affairs to lodge their returns. It says that the information it collects from employers, banks, private health insurers, share registries and other institutions have now been prefilled and ready to go on …
11/08/2023: Simplifying individual tax residency: consultation
The government is currently seeking feedback on design features of the Board of Taxation’s proposed model to modernise individual tax residency, initially contained in its 2019 report. The new framework was designed to simplify the tax system and reduce compliance costs for individuals and employers. The model that the Board of Taxation proposed consists of …
28/07/2023: SMSF scheme: residential property purchase
With the never-ending increase in Australian house prices, many desperate home buyers are often turning to other, perhaps unconventional, means to secure housing, one such property scheme currently making the rounds involves the use of SMSFs and has caught the ATO’s attention. The scheme is classified as an illegal early release by the ATO and …
28/07/2023: Motor vehicle data matching program extended
The ATO has extended the motor vehicles data matching program once again to encompass the 2022-23 to 2024-25 financial years. This successful program has been running for 19 years in various iterations, and was developed as a way to assess the overall tax compliance of individuals and businesses involved in buying and selling motor vehicles. …