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From 1 July 2016, new rules will apply to sales of taxable Australian property (e.g., real estate) with a market value of $2 million or above. A 10% non-final withholding tax may be applied to all contracts to sell such property entered…

The ATO has advised that it has identified some instances where lifestyle assets, such as artworks and collectables, are not being properly accounted for. They said that they want to help taxpayers with these kinds of assets comply and be…

With the SuperStream deadline of 30 June rapidly approaching, ATO Deputy Commissioner James O’Halloran says now is the time for employers who are not yet using SuperStream to cross it off their to-do list. SuperStream is the new way employers must pay…

As part of an ongoing, Australia-wide program, the ATO has advised that it will be visiting restaurants, cafés and take-aways, along with hair salons and nail bars, on the Gold Coast. Assistant Commissioner Matthew Bambrick said “In all, we’ll be visiting…

Editor:  Clients may have recently heard something about an unknown source who has leaked 11.5 million documents from the Panamanian law firm of Mossack Fonseca. Basically, the documents illustrate how many wealthy individuals hide their money from tax authorities. Under…

The ATO has published the 2016 June quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC):   GIC annual rate 9.28% GIC daily rate 0.02535519% SIC annual rate 5.28% SIC daily rate 0.01442623%    …