During Covid the ATO temporarily suspended the collection of debts, including the use of credits and refunds to offset outstanding debts however the ATO has reactivated debts that were previously placed on hold.
The 2023-24 Budget was released by the Federal Government on Tuesday, 9 May 2023. Treasurer Jim Chalmers described the budget as a balancing act between relief, repair, and restraint, in his second budget announcement. While The Budget includes various tax measures, most have been previously announced and haven’t changed.
Did you know that owning an investment property could qualify you for valuable tax deductions? Things like interest on your mortgage, repairs and maintenance costs, water rates and property taxes may be deductible. Make sure you understand all the potential tax benefits available to you as a property investor—it could help boost your cash flow and maximize your tax refund.
Business tax audits are at a record high as the Australian Tax Office (ATO) cracks down on those who aren’t paying their fair share. In this article, we’ll take you through the red flags that can trigger an audit before covering the steps you can take to audit-proof your business.
If you’re dealing with cryptocurrency in Australia, it’s important to have a good grasp of the rules and guidelines set by the ATO regarding its tax implications when it comes to buying, selling, or using cryptocurrency.
