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The Australian taxation office has decided to continue canceling Australian Business Numbers of enterprises that are reviewed as inactive. This includes operating a genuine business but failing to file tax returns and activity statements.  If a company reported any business activity like a tax return, income lodgement, other lodgements, or third party information then the ABN […]

The ATO establishes deadlines for early access to superannuation throughout the holiday season. The Australian Taxation Office has issued fresh guidance for people who wish to apply for early access to their superannuation on compassionate grounds during the Christmas closure period. If you are in serious financial trouble, you may be entitled to receive some […]

The Australian Taxation Office closely examines specific transactions that taxpayers frequently get incorrect. One of the most prominent examples is blurring the distinction between the company’s and the owner’s money. The ATO will treat such payments as un-franked dividends, which is usually a bad outcome for both the corporation and the shareholder.

Like 2020, 2021 has been a difficult year for everyone, defined by lockdowns, uncertainty, and frustration. Going through different waves of covid, motivating oneself to continue work from home, and wondering when the normalcy would back, took all the fun out of 2021. After such a hard time it’s time for some celebration and enjoying […]