Refunds for Tax Losses

In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5 billion* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between 2018-19 and 2020-21.

  • Post published:09/11/2020
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ATO Chasing COVID-19 Frauds

The ATO is cracking down on people abusing the COVID-19 stimulus system. We always knew that a Government scheme swiftly distributing cash during a crisis was going to come with equally swift compliance and review measures, particularly when eligibility was self-assessed.

  • Post published:07/07/2020
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The ATO is targeting “lifestyle assets” to crackdown on under-reporting.

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income.

  • Post published:20/03/2020
Continue ReadingThe ATO is targeting “lifestyle assets” to crackdown on under-reporting.