When it comes to collecting tax money owing, the Tax Office has considerable legal powers at its disposal. This isn’t all that surprising, given that government coffers would be empty were it not for the activities of its principal revenue collection agency. But just how far can the Tax Office go in its efforts to...

The Individual tax return 2014 for tax agents includes additional fields asking us to provide your email address and mobile phone number. The Tax Office states that this will enable it to directly contact you with any queries about your tax and superannuation affairs. Note however these fields are not mandatory, and can be left...

This year, the Tax Office will be turning its attention to the following emerging risks within the self-managed superannuation fund (SMSF) sector. Ensure you do not partake in any of the practices below or risk being caught in the Tax Office’s net. Dividend washing Dividend washing is a share trading strategy that enables a taxpayer...

The Tax Office has invited Australia’s small business owners to apply to join its new small business consultation panel. This has been built with an aim to help cut the red tape small businesses are saddled with and boost its efficacy when dealing with small business owners. The Tax Office is looking for small business...

The growth of online services where one can buy and sell goods has been unstoppable, such is the ease and convenience of both searching and bidding for trash and treasure alike. But with all this commercial activity taking place in cyberspace, the Tax Office is obviously concerned that participants are not meeting their tax liabilities...

John is an executive sales manager for Fine Foods Pty Ltd, which owns a number of food brands including pre-packaged meals, canned goods and some beverages. During the year, John attended the following events on behalf of, and provided by, Fine Foods. 1.  A golf day including a round of golf (and equipment hire) at...

Lauded for its convenience and lack of dependence on a central authority as much as it is derided for its unpredictability and the anonymity it grants criminals, global digital phenomenon Bitcoin is spreading to every corner of the world and transforming the very essence of monetary transactions. The question is however, is it safe to...

Unfortunately, having to deal with managing a deceased estate is a task many of us will have to shoulder at some stage in our lives — but having some familiarity with what’s involved beforehand will hopefully ease the burden. It is worth remembering that the law that applies to the assets and income of a...

It is generally accepted that an exemption to capital gains tax applies to the family home, or “main residence”, and the exemption usually applies for only one home at any given time. But there is a rule  that allows for a taxpayer to have two main residences and still maintain that CGT-free status for both...

Businesses in the building and construction industry, take note – the deadline is July 21, 2014 to report the total payments you made to each contractor you enlisted the services of in 2013-14. You will need to report these payments to the Tax Office on the Taxable payments annual report. The taxable payments reporting system...