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Latest News

Australian Taxation Office (ATO) shifting to firmer debt collection activity

The ATO has flagged a return to more aggressive debt collection actions after seeing a trend of profitable businesses that have the capacity to pay their tax debts but are actively choosing not to do so.

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The ATO should not be considered as an unsecured lender last in line, because when they lose patience, they hit hard.

Taxed debts include not only income tax, but also unremitted GST and unpaid PAYG withholding, as well as super guarantee charges.

In general, if taxpayers do not pay their tax by the due date or engage with the ATO by the due date to work out a payment plan, general interest charge (GIC) will be applied to any unpaid amounts. GIC is automatically calculated on a daily compounding basis on the amount outstanding and added to taxpayers’ accounts periodically.

Latest Accounting News

  • FBT Reminder – Odometer Reading

    Anybody who has a Fringe Benefits Tax obligation should take an odometer reading of motor vehicles.

  • ATO’s debts on hold campaign prompts new IGTO guidance

    New guidance has been released on best practice principles for debt notifications in response to the re-activation of old debts by the ATO.

  • Small business benchmarks

    The ATO has developed quite a number of benchmarks to help small businesses develop an idea of their performance compared to similar businesses in the same industry.

  • The 2025 Financial Year tax & super changes you need to know!

    The new financial year is fast approaching and so are a number of changes to superannuation contribution amounts and the individual tax rates. These changes are outlined below, as is some information on how you may be able to work with these changes when managing your tax affairs during 2024-25.  

Tax Specialists

We specialize in providing proactive tax planning strategies for our clients. High earning individuals and business clients can benefit by speaking to one of our tax advisors.

Bookkeeping

Good, fundamental book keeping will ensure that your accounts are up to date and give you proper control of your business. With over 85% of business failure attributed to poor financial control, skilled and professional bookkeeping will give you results that speak for themselves.

Superannuation Planning

Taking the time to plan for your future makes good financial sense. Ensure you have the money to live the lifestyle you'd like during your retirement.

Investment Properties

Preparation of negative gearing tax schedules for all investment properties. Including Depreciation Calculations and Special Building Write offs.