News

ATO announces changes to how penalty relief is applied

From 1 July 2018 the ATO says it will not apply penalties to tax returns and activity statements where your clients have made an inadvertent error by failing to take reasonable care or due to the fact that they have not taken a “reasonably arguable” position (more below).It says that if…

Tips for your tax return

Before we sit down with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the “paperwork”, and if you wait until late-July or mid-August the ATO’s systems will most likely be able to provide most of…

Retired and asset rich but cash poor? The pension loans scheme may help

To help pensioners who are rich in assets but poor in income, the government launched a version of a commercially available financial product, the reverse mortgage.The government’s answer for pensioners who find themselves in the above situation is its pension loans schema (PLS), whereby a pensioner can apply for a…

2 minutes quiz: Partnerships

How well do you understand the taxation of partnerships? Try these questions to find out. Question 1 Which of the following is the definition of a tax law partnership? An association of persons (other than a company or a limited partnership) carrying on a business in common with a view…
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