The Low and Middle Income Tax Offset (LMITO) has ceased

In recent years, income tax payable by individuals has been reduced by the LMITO, an offset introduced by the government in 2019. This offset will cease after the 2022 financial year and the government has not announced any plans to reinstate it. Starting from the 2023 financial year, Individuals should be aware that their tax…

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Fake ATO robocalls

There has been an increase recently in the number and frequency of automated phonecalls. Some of our staff have received these calls on their private numbers. You can tell these call from a regular call as they sound like a recorded message, are quite threatening and require immediate payment of a debt. The scammers use…

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Are you selling a residential property for more than $750,000 in Australia? Do you need a Capital Gain withholding clearance certificate?

The Australian Taxation Office (ATO) has introduced rules that require purchasers of Australian Property costing $750,000 or more to withhold 12.5% of the purchase price and remit it to the ATO. This is to assist the ATO to collect foreign residents Australian tax liabilities. Australian resident vendors can avoid the requirement to withhold the 12.5%…

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Single Touch Payroll is coming. How will it affect you?

Single Touch Payroll is coming. How will it affect you? The ATO is making changes to the way employers report information. Single Touch Payroll introduces the electronic reporting of payroll data to the ATO directly from your payroll system when you pay your employees.   Who does this change apply to? If you have 20…

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