Introduction The ATO has issued a warning on SMSF asset valuations about sloppy valuation practices. ATO data analysis has revealed that over 16,500 self managed superannuation funds (SMSFs) have reported assets as having the same value for three consecutive years. With many of these assets residential or commercial Australian property, you can forgive the ATO […]
Introduction In late 2023, thousands of Australians were notified about outstanding historical tax debts they never knew existed. This revelation has significant implications for individuals and businesses, particularly small and medium enterprises (SMEs). Historical Tax Debt and ATO’s Response In circumstances when a taxpayer is in serious hardship and unable to pay the ATO, the […]