by Financially Sorted | Sep 1, 2023 | ATO, Tax & Accounting
The ATO is on the warpath and is certainly not afraid of trying to raise some extra revenue lately. You may have recently been imposed by the ATO with General Interest Charges or Penalties due to personal circumstances for late or outstanding lodgments or possible...
by Financially Sorted | Sep 1, 2023 | ATO, Property Investment, SMSF, Tax & Accounting
Once again, the ATO has targeted SMSF property development schemes that divert profits of a property development project to a SMSF. This time, the focus is on using a special purpose vehicle (SPV), which the SMSF directly or indirectly owns. It appears that some SMSF...
by kirstyb | Jul 24, 2023 | ATO
Understanding your ATO notice of assessment can change how your tax is calculated. A Notice of Assessment is generally issued to us individually by the ATO when we lodge, and the ATO ultimately processes our individual income tax return. Recently, the ATO confirmed...
by kirstyb | Feb 27, 2023 | ATO, Interest Rates, Land Tax, Property Investment, stamp duty
The rising costs of Land tax bills are arriving across the State of Victoria, and many have been left stunned by staggering increases. Speaking to many clients and listening to many of the media outlets like 3AW and the nightly news services, its being reported that...
by kirstyb | Feb 27, 2023 | ATO, Business, Business Support
An area that often gets private companies into hot water, is the blurred line between the company’s money and the owner’s money. This is an area that many clients often tend to get wrong and is a frequent item on the ATO’s radar. This is what is referred to as...
by kirstyb | Feb 13, 2023 | ATO, SMSF, Superannuation
Even in death, taxes will follow, so you may be wonderng how is your Superannuation is taxed upon death? Generally speaking, how tax applies & what tax will arise to your superannuation benefits depends on your age, the source of your superannuation, and how...
