ATO may cancel inactive ABNs
ATO’s Review of Inactive ABNs Ensuring Continued Eligibility and Steps to Reapply if Your ABN is Cancelled The ATO regularly reviews, and sometimes cancels inactive Australian Business Numbers (‘ABNs’). The ATO may review a taxpayer’s ABN if the taxpayer has not reported business activity in their tax return, or there are no signs of business […]
Export Market Development Grant
From 1 July 2021, the Export Market Development Grant underwent some major changes This grant is available to any Australian exporter operating in any type of business entity – Sole Traders, Partnerships, Trusts or Companies. Over 4,000 Australian businesses participate in this grant program each year and may be particularly relevant for business exporters or […]
Cryptocurrency tax obligations
Cryptocurrency under the microscope this tax time The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars. ATO data analysis shows a dramatic increase in trading since the beginning of 2020, and has estimated that there are over 600,000 taxpayers […]
JobKeeper fraud criminal conviction
First criminal conviction for JobKeeper fraud A person claiming to be a sole trader was convicted of three counts of making a false and misleading statement to the Commissioner of Taxation, in order to receive $6,000 in JobKeeper payments to which he was not entitled. He was not operating a genuine business and he had […]
