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Government Forces Foreigners to Sell Australian Real Estate

The Treasurer has ordered the forced sale of a further 15 Australian residential properties held by foreign nationals in breach of the foreign investment framework, taking the total number of forced sales to 61, with a combined value of $107 million. A further 36 foreign nationals have sold properties during ATO investigations, showing improved compliance [...]

Ride-Sourcing is Taxi Travel

In a recent case, the Federal Court has agreed with the ATO that ‘ride-sourcing’ (such as that provided using Uber) is ‘taxi travel’ within the meaning of the GST law. The ATO has advised tax practitioners that, since a lot of people are taking up ride-sourcing to earn more income, clients with a ride-sourcing enterprise [...]

Government Acting on Super Guarantee Non-Compliance

The government has established a new multi-agency working group (chaired by the ATO and comprising senior representatives from the Treasury, the Department of Employment, ASIC and APRA) to investigate and develop practical recommendations to deal with superannuation guarantee non-compliance. The working group will identify the drivers of non-compliance, develop way to improve compliance, and develop [...]

New Bills Introduced to Parliament

The government has also introduced legislation into the Parliament (the Diverted Profits Tax Bill 2017) to implement the new Diverted Profits Tax from 1 July 2017.  The Diverted Profits Tax, announced in the 2016/17 Budget, targets multinationals that have global income of more than $1 billion and Australian income of more than $25 million, and [...]

Work Related Expense Deductions Denied

The AATG has upheld the denial of approximately $60,000 of work related expense deductions for an employee mechanical engineer, and affirmed of a 25% administrative penalty on the tax shortfall due to the taxpayer’s lack of reasonable care. The expense included motor vehicle expenses, self-education expenses and other work expenses (such as telecommunication costs and [...]

Donations to Bourke Street Fund now Tax Deductible

The Treasury Laws Amendment (Bourke Street Fund) Bill 2017 has passed both Houses of Parliament, ensuring that public donations are tax deductible. Members of the public who wish to donate should visit the Bourke Street Fund website at Ref: Minister for Revenue and Financial Service’s Media Release, 17 February 2017

CPI- December 2016 Quarter

The consumer Price Index (CPI) for the December 2016 quarter is 110.- (an increase of 0/6 from the September 2016 quarter of 109.4). CPI rates ae published by Australian Bureau of Statistics, and are relevant to some provisions in tax and superannuation law (Including the indexation of various amounts). Ref: ATO website- Consumer Price Index [...]

Higher Standards for Financial Advisers to Commence

The government has also passed legislation to lift the professional, education and ethical standards of financial advisers, including: Compulsory education requirements for both new and existing financial advisers; Supervision requirements for new advisers; A code of ethics for the industry; An ongoing professional development component. The previous education requirements, set out in ASIC guidance, allowed [...]

ATO Successfully Prevents Taxpayer from Leaving Australia

The Federal Court has upheld the issuance by the ATO of a Departure Prohibition Order (‘DPO’) preventing a taxpayer from leaving Australia. Facts An Australian tax resident, who lived and worked in Dubai in the construction industry, was subject to a ‘covert’ ATO audit, primarily due to his history of remitting and receiving several million [...]

ASIC Crackdown On Superannuation Advice!

We’ve become aware of recent ASIC surveillance activity in the SMSF advice space. It’s apparent that ASIC and the ATO are conducting a data matching program in relation to the establishment of SMSFs (at least, for the period May to September 2016). From what we’ve been advised, ASIC are contacting the accountant involved with the [...]

Business Consultants

Ten Reasons You Need A Business Consultant Have you ever thought about purchasing additional cars for your business, upgrading office/warehouse space or launch a marketing campaign but never have the courage to take the risk? If you have been saying things like 'what if' or 'I wish' than read on to see how we can help [...]

World’s Greatest Shave

WORLD'S GREATEST SHAVE On March 15, 2017 at the Bottrell Office in Maitland, Jonathon and the Bottrell team raised over $2000 by participating in the World’s Greatest Shave. Jonathon, Lachlan and Aiden each had their head shaved to show support for such a great cause. They braved the rain and took to the humming blades [...]

Benefits of Facebook for Business

Facebook currently exists as the biggest social network and has a user base that continues to grow. With over a billion active users, it’s a vital and essential tool for businesses to connect with people all over the world simply from their own computer or mobile device. In terms of business, Facebook provides several benefits [...]