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ATO increases Late Lodgement Fines
The 2018 May budget included many notable and highly publicised tax amendments that impact almost all Australians. Little attention has been paid to the fact that the Commonwealth penalty unit increased from $180 to $210.
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Fuel tax credits rates increased from 1 August 2017
Fuel tax credits have increased for fuel acquired after 1 August 2017, in accordance with the CPI increase. These rates are indexed twice a year.
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Foreign investors to pay more land tax and stamp duty
Recent announcements of 2017/18 state budgets in New South Wales and Queensland have changed the landscape for foreign investors of residential real estate.
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Small Business Disaster Relief Government Loans
As Australia takes stock after Ex Tropical Cyclone Debbie both the Queensland & New South Wales governments have published details of their small business support packages.
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ATO attempts to squash the Hilux & Co
The ATO confirmed in a recent Private Binding Ruling that any consistent private use of SUVs or utility vehicles is a residual fringe benefit.
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Cash business ATO crackdown
Businesses operating in the cash economy will get increased scrutiny in the coming months. The ATO has been sending officers to visit businesses in all capital cities in industries notorious for not declaring all income in tax returns and BASs.
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Victorian Vacant Residential Property Tax
From 1 January 2018 any residential properties that are left vacant for more than six month in inner city and middle areas of Melbourne will incur the new Victorian Vacant Residential Tax.
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What is Audit Shield and how does it work?
Audit Shield is a group insurance policy held by GMD Chartered Accountants that protects our clients from professional service costs incurred by the ATOs increased audit activities.
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