False BAS claims leads to 30-month jail sentence

On Friday, the Maroochydore District Court sentenced a tax payer to two and a half years in jail for GST fraud and ordered him to repay more than $130,000 that he fraudulently obtained. Between October 2008 and February 2013, the tax payer lodge...
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Government's instant write-off extension

The government’s announcement to not only extend the instant asset write-off for small business but also the increase in the limit from $20,000 to $25,000. The PM Scott Morrison announced on Tuesday that the $20,000 write-off will be extende...
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No Refund of Franking Credits as per Labour

 The house and Government of the Commonwealth of Australia and the Opposition were requested by the Australians, not to change the Current Franking System that will unfairly discriminate against hundreds of thousands of Australian Share Inves...
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Do I have to pay tax on my Australian property?

If you are a foreign resident and you earn rent from an Australian property:

  • You should lodge a tax return each year and include your “net rental income”, that is, rental income minus rental deductions. Deductions in...
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Trusts tax reform set to go ahead under Labour

As part of its reforms, Mr Shorten outlined that Labor would introduce a minimum 30 per cent tax rate for discretionary trust distributions to adults. The report released by RMIT University this week, which was commissioned by the ATO, stated that...
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