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Extension to Downsizer Contribution rules – Budget 2021-2022 Announcement In 2017-2018 Budget, the Government at the time announced reforms that would assist in reducing the pressure on housing affordability in Australia – one of which was the Downsizer contributions measure. From 1 July 2018, individuals 65 years of age or older who met the...
Read MoreI’ve received an audit letter from the ATO – what do I do? All entities – individual, partnerships, companies, trusts and super funds can be reviewed or audited where there is concern by the ATO on the preparation of tax returns. With more data-matching capabilities and ease of access to information, the ATO is able to identify undisclosed income o...
Read MoreWhen can I access my super? Throughout your work life, your employer sets aside a portion of your wage into a superannuation fund towards your retirement. For some, this can add up to hundreds of thousands of dollars that are inaccessible until retirement. In our experience, for those who try to access their super prior to reaching the appropriate...
Read MoreThe ATO and other revenue agencies have a broad power to calculate tax assessments on the basis of ‘other information’, rather than just relying on documents lodged by taxpayers. These are commonly called ‘default assessments’ and for the ATO often focus on ‘unexplained wealth’. Such ‘other information’ includes the results of ‘indirect audit metho...
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