ATO ramps up collection of tax debts The ATO are recommencing the use of an external debt collection agency for overdue tax debts. From 29 January 2024, external debt collection agency Recoveriescorp will be actioning tax debt cases that have been referred to them by the ATO. This will occur when taxpayers have not responded
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The Australian Taxation Office (ATO) has issued a caution to businesses carrying substantial tax debt or those that have neglected their superannuation responsibilities, instructing them to settle their dues promptly or risk having their financial information disclosed to credit reporting agencies. The ATO has announced a return to its pre-pandemic standard debt collection approach, having
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Newcastle and Hunter businesses are battling rising costs and inflation. With inflation reaching a high of more than 8% last year and taking time to come down, some business’ margins and cash flow are being squeezed to breaking point. An effective but overlooked or under-utilised tool in managing inflation pressures is the business budget. Budgeting
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Fringe Benefits Tax and how it attracts the ATO’s attention What is the Fringe Benefits Tax? Fringe Benefits Tax (FBT) is required to be paid by employers who provide non-cash benefits to their staff. Accurate reporting of FBT is something that is consistently on the ATO’s compliance program. FBT is calculated on the taxable
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Property owners in the Hunter region have received land valuation notices with a surprising increase of over 38%. While it may seem like good news, this increase could mean having to pay land tax for the first time or more than previously. It’s essential for property owners to seek professional advice on managing tax obligations and evaluating their investments. This timely reminder highlights the need for property owners to review their holdings and make informed decisions.
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Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of. It’s been more than 10-years since the advent of bitcoin and the term “cryptocurrency” entered the public consciousness. However, neither bitcoin nor the many thousands of cryptocurrencies that have followed have become widely used for
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