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Covid-19 help from the ATO

Posted on July 8, 2021 at 11:55 PM

https://www.ato.gov.au/general/covid-19/


Information about ATO measures and tailored support during COVID-19 (novel coronavirus).

 

If you’re worried you won’t be able to pay on time, or you’ve already missed a due date, we have a range of options to support you.

 

Visit Help with paying

See also:

 

Support for businesses and employers

Support for individuals and employees

Support for not-for-profits

Support for tax professionals

Additional support during COVID-19

Government grants and payments during COVID-19

Keeping the system fair

We're working hard to maintain the integrity of the COVID-19 stimulus measures.

 

Visit COVID-19 compliance measures

If you feel an individual or business is not acting within the guidelines of the COVID-19 measures, you can make a tip-off to us.

 

Visit Making a tip-off


Goods and Services Tax

Posted on February 1, 2016 at 4:10 AM

GST can sometimes be a little confusing.

Are you registered for GST?

If you aren't but think that your business is going to be over the GST threshold, then you may need to register for GST.

Speak to your accountant to see whether you are required to.



https://youtu.be/I0pk24tSdXw

Starting your own Business

Posted on February 1, 2016 at 4:05 AM

 

If you are starting a new business, or already running one, I found these short videos via the ATO that may help you with your tax and superannuation obligations.

 

The series follows a landscaper operating as a sole trader (Jason); two web designers in a partnership (Fiona and Greg); and a café owner running her business through a company (Mary) as they take you through some of the tax issues they came across when they started their business.

These videos are simple to understand. 

If you have just started or are thinking about starting a business it would be a good idea to have a look at the videos below.



https://youtu.be/Mxjaf4hWzt4



https://youtu.be/V17KAkAYt7U

Work balance

Posted on February 1, 2016 at 4:05 AM

We all want it, but what is it?

 

Career advice 28 January 2016

 

Career advice , Career progression , Work life balance , SEEK

 

The days of working nine-to-five are all but over, with many Aussie professionals embracing flexible working arrangements and hours as a means of achieving greater balance between work and home, and being happier and more productive in their careers.

 

Experts talk a great deal about work-life balance, and 92% of Australians say this sweetener would have an impact on their decision to change careers. Much more than a recruitment buzz-term to pique the interest of candidates, work-life balance has become a significant deciding factor for professionals in which roles they seek, and which companies they choose to work with. So what exactly is work-life balance? And why is there such wide desire for it?

 

What is work-life balance?

 

Like many of the best things in life, work-life balance means different things to different people. For 34% of us it means having flexible working hours and opportunities to work remotely, while 27% see balance as finding work that doesn’t disrupt life at home. A further 23% value balance as the ability to accumulate hours towards personal time, and 15% think work-life balance can be achieved by working only agreed set hours, no overtime.

 

While high-level employees and the self-employed tend to value flexible hours and locations, mid-management employees value the ability to time-bank and accumulate hours towards personal time off. Part-time employees tend to favour work that doesn’t disrupt home life, while entry-level employees value set hours and not working overtime.

 

Australia-wide, professionals are fairly happy with their work-life balance, though Australian Capital Territory leads the way with 68% of professionals stating they are happy with their work-life balance. This is followed closely by 62% of professionals in Tasmania, and 61% in Victoria, Queensland and Northern Territory.

 

Of Australian men surveyed, 35% valued flexible working hours and locations, followed by the ability to time-bank hours for personal leave (27%), work that doesn’t disrupt home life (23%) and no overtime (14%). Similarly, 33% of women value flexible working hours and locations most in their quest for work-life balance, followed by work that doesn’t disrupt home life (31%), the ability to time-bank (20%) and no overtime (16%).

 

How to achieve work-life balance

 

Looking to improve work-life balance in your current role? Try one of these 5 simple strategies.

 

Consider your current workload. Assess whether or not the number of tasks you have to complete is reasonable within your normal working hours. If you have too much on your plate, talk to your colleagues and see if there is any room to share out those additional responsibilities.

Talk to your employer. If you feel like you’re currently stretched too thin, a chat you’re your seniors might help you work out how to achieve greater work-life balance. You may be able to negotiate flexible working hours in lieu for overtime worked, or organise some work from home days.

Taking work home should be the exception, not the rule. While it’s sometimes inevitable, avoid taking work home where possible, so you can spend your time away from work relaxing and enjoying time with family and friends.

Work smarter, rather than longer. Look for ways to boost your productivity during your normal working hours so you can avoid overtime and subsequent burnout.

Make the most of your free time. When you’re away from work, take time to relax and regroup – but also find time to do the things you love. Doing something fun with your weekends and evenings will make your down-time feel more meaningful.

- See more at: http://www.seek.com.au/career-advice/we-all-want-it-but-what-is-it?tracking=NLC-SAU-EDT-ART2-MASS-813&etcid=38352&etrid=7853358c-eabb-e511-80ed-6c3be5b017d4#sthash.5IUQMEwC.dpuf

Warning ATO Scam

Posted on October 11, 2015 at 1:35 AM

A Perth businessman felt his "heart race" and then his "stomach churn" after he received a message on his answering machine from the Australian Taxation Office telling him his arrest was "imminent".

 

But the savvy financial consultant soon clued on to the fact he had been targeted by a conman pretending to be Jason O'Connor from the ATO.

 

"I knew they wouldn't string someone up like that," the businessman said.

 

"They would write a letter first.

 

"Then there's the other stuff, the accent and his terminology.

 

"But, yeah, it scared the s--t out of me."

 

The businessman, who said he did not want to be named in a story associated with a tax scam, is not the first person to be targeted by the man pretending to be Jason O'Connor.

 

The con starts with a grim warning.

 

"This is Jason O'Connor calling you from the Australian Tax Office," the message began.

 

"The nature of the purpose of this call is just to inform you that a law suit has been filed against your name concerning a tax evasion...

 

"Before things go wrong against you, before one of the police officers from the local police department contacts you and issues a warrant for your arrest, call 02 6140 3445."

 

The businessman, who has been a financial consultant for more than 30 years, said the man gave the game away through his unusual accent and his use of phrases.

 

He said "Mr O'Connor" employed foreign terms, such as "contact your attorney", redundant ones, like "a legal lawsuit has been filed against you", and phrases, such as "the Commonwealth Department of Public and Prosecutions", which were simply wrong.

 

The businessman said he called "Mr O'Connor" back and tried to play him at his own game – deception.

 

He told "Mr O'Connor" that he also worked for the tax office and suggested they catch up for a coffee. But "Mr O'Connor" declined the offer and hung up the phone.

 

Others have not been so lucky.

 

WA's Department of Consumer Protection said an 81-year-old man looking after his sick wife was recently conned out of $110,000 by the tax-scam con – the largest loss of this type of scam in the state's history.

 

Threats were also made of the potential loss of employment of his three children, according to consumer protection.

 

Commissioner for Consumer Protection Anne Driscoll said, with more than 800 calls received about the ATO scam, she was alarmed by the huge increase in reported losses resulting from the scam.

 

"I am concerned that the increasingly threatening nature of the ATO scam calls is intimidating many in our community, including seniors, with the urgent demands forcing victims to respond and lose their money to these heartless and ruthless criminals," Ms Driscoll said.

 

"The ATO scam has been around for many years but I am disturbed that the scammers have now heightened their threatening tactics to coerce their victims into transferring money in order to pay fictitious tax bills or get fictitious refunds or rebates.

 

"The most recent tactic has been hostile threats of court action, an arrest warrant or even prison for tax evasion unless money is paid as soon as possible."

 

The Australian Taxation Office was also concerned. Second Commissioner Geoff Leeper urged the public to be cautious when dealing with cold callers.

 

"We make thousands of outbound calls to taxpayers a week, but there are some key differences to a legitimate call from the ATO and a call from a potential scammer," said Mr Leeper.

 

"We would never cold call you about a debt, we would never threaten jail or arrest and our staff certainly wouldn't behave in an aggressive manner. If you're not sure, hang up and call us back on 13 28 69."

 

Follow WAtoday on Twitter

 

8 tips when selling shares says Bina Brown

Posted on October 11, 2015 at 1:30 AM

 

1. Reduce the size of individual stocks if they become more than 5 per cent of your portfolio.

2. Sell any stock if its market price is 25 per cent more than its intrinsic value.

3. If you can wait 12 months from date of purchase to take advantage of capital gains tax discounts, do so.

4. If you can sell in a tax free environment (pension phase in your SMSF), that's great.

5. If you have bought a stock expecting price increases and this does not eventuate, re-assess whether it has a place in your portfolio.

6. If you have bought a stock for its income and the income does not eventuate, sell the stock.

7. Set a stop-loss for all stocks – say 15 or 20 per cent – and exit the stock if the point is reached. Exit dispassionately and clinically.

8. Know what you are going to do with the proceeds before you sell.

 by Bina Brown

 

 

 


 

8 tips when selling shares

Posted on October 11, 2015 at 1:30 AM

 

1. Reduce the size of individual stocks if they become more than 5 per cent of your portfolio.

2. Sell any stock if its market price is 25 per cent more than its intrinsic value.

3. If you can wait 12 months from date of purchase to take advantage of capital gains tax discounts, do so.

4. If you can sell in a tax free environment (pension phase in your SMSF), that's great.

5. If you have bought a stock expecting price increases and this does not eventuate, re-assess whether it has a place in your portfolio.

6. If you have bought a stock for its income and the income does not eventuate, sell the stock.

7. Set a stop-loss for all stocks – say 15 or 20 per cent – and exit the stock if the point is reached. Exit dispassionately and clinically.

8. Know what you are going to do with the proceeds before you sell.

 

 

 

 

written by Bina Brown

 

G20 Finance minsters

Posted on October 11, 2015 at 1:25 AM

The Group of 20 major economies have endorsed a package of measures to tackle corporate tax avoidance, but questions remain about whether countries will follow through on the plans or leave loopholes multinationals can exploit.

 

G20 finance ministers agreed to back proposals drawn up by the Organisation for Economic Co-operation and Development, which aim to shake up rules dating back almost a century that govern taxation of profits from international commerce.

 

The ministers reached the agreement against a backdrop of concern about weak economic growth, tight government finances and media reports on the tax structuring used by companies including Starbucks and Google that have spurred public anger in Europe and the United States in recent years over tax avoidance.

 

"This is a reaction of people who cannot stand anymore that they pay their fair share of taxes, that they contribute to fiscal consolidation while companies, especially multinationals, can avoid tax," European Economic Affairs Commissioner Pierre Moscovici told Reuters.

 

The practise of so-called Base Erosion and Profit Shifting (BEPS) has allowed companies to move profits out of the countries where money is earned and into jurisdictions such as Luxembourg, Ireland or Bermuda that do not tax them.

 

The agreement endorsed by the G20 ministers late on Thursday aims to close the gaps in existing international rules.

 

The plans include provisions to give governments a global picture of the operations of multinational companies, and minimum standards on so-called "treaty shopping" to put an end to the use of conduit companies to channel investments.

 

"The challenge is consistent implementation," said Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration.

 

The OECD said a conservative estimate of the amount of untaxed money moved by companies into tax havens was $100 billion to $240 billion annually, suggesting tens of billions of dollars in lost tax revenue.

 

Technology companies are seen as the most adept at exploiting loopholes, but drug makers, medical device groups, banks, fast food groups and retailers all commonly use contrived arrangements to cut their tax bills.

 

Tax advisers agree the measures could force many companies to restructure their operations and rethink how they fund themselves.

 

However, multinational enterprises (MNEs) will try to exert influence over the way the plans are implemented.

 

"The implementation phase now starts and MNEs and their advisers will have to continue to make their voice heard in the implementation phase to limit negative impacts on business," said Keith O'Donnell, board member at Taxand, which provides tax advice to multinational businesses.

 

"If certain states don't implement or implement partially, MNEs may be able to take advantage of this," he added.

 

The crackdown on corporate tax avoidance has been led by governments, who asked the OECD to develop the plans.

 

British Finance Minister George Osborne urged OECD chief Angel Gurria to put pressure on countries to enact the measures.

 

"I think he should call out countries that are not implementing what has been signed up to and hold our feet to the fire," Osborne said after the meeting of G20 ministers in Lima.

AFR Weekend

smsf investing in property

Posted on October 5, 2015 at 12:50 AM
It has been reported that the rules may change when it comes to lending for investment properties in your smsf. If you are thinking about buying an investment property in your fund it may be a good idea to look at our soon

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