Why ‘Property Flipping’ is the Next ATO Target
The tax law does not allow you to ‘flip’ a property tax-free even if you are living in it. Most people think that they can move in to a property, renovate it, and then sell it without paying tax. [...]
Taxing Bitcoin
Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in [...]
Cleaners and couriers latest black economy target
The detail of the Government’s crackdown on cleaning and courier companies was revealed late last month. From 1 July 2018, the taxable payments reporting system will extend beyond the building [...]
New legislation restricts access to the reduced company tax rate
Legislation restricting access to the small business company tax rate reduction entered Parliament last month. The changes specifically preclude companies with passive investments such as rental [...]
How small subsidiaries are being caught by Australia’s new multinational tax crackdown
Entities with a global parent or that are part of a large group of companies are being caught in the multinational tax crackdown regardless of their size in Australia. With effect from 1 July [...]
ASIC penalties ‘the cost of doing business’
The Australian Securities and Investment Commission (ASIC) is set to increase penalties for corporate and financial sector misconduct to deter the fines being seen as the cost of doing business. [...]