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Tag: ato

  • ATO told to ‘think about arrangements’ beyond credit card deadline | Tax boss concedes he ‘jumped…

    ATO told to ‘think about arrangements’ beyond credit card deadline | Tax boss concedes he ‘jumped…

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    ATO told to 'think about arrangements' beyond credit card deadline

    The Australian Tax Office (ATO) has admitted its controversial move to ban credit cards for tax payments should have undergone further consultation. Originally set to begin on December 1, the credit card ban has since been pushed out to July 1, 2027 to allow businesses more time to prepare. 

    ATO commissioner Rob Herefen told Senate estimates on Wednesday he had jumped to the wrong conclusions about how businesses use credit card payments. He had believed that those who did so were financially struggling to pay their bills, rather than understanding credit card payments could be used as a practical cash flow option. 

    If the right stakeholders had been involved, including the small business ombudsman, "we may well have been in a different situation", Herefen admitted. 

    Tax boss concedes he 'jumped to conclusions' on controversial card ban

    Australia's tax boss has admitted he “jumped to conclusions” when implementing a credit card ban that has outraged small businesses.

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  • Foreign buyer fined $508k, ATO freezes land with 111 forced sales | Chinese foreign investor hand…

    Foreign buyer fined $508k, ATO freezes land with 111 forced sales | Chinese foreign investor hand…

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    Chinese foreign investor handed eye-watering fine over failure to build property on vacant land

    A Chinese foreign investor has been handed an eye-watering fine after failing to build property on vacant land she bought four years earlier.

    A foreign investor has been handed an eye-watering fine by the ATO after failing to build on land previously purchased.

    Chinese resident Fengqin Li was ordered to pay $508,000 to the ATO after failing to complete construction on vacant land within four years.

    Court records seen by News.com.au showed Ms Li purchased land in Berwick, Victoria, in 2011.

    Ms Li initially responded to the ATO’s enquiries over the matter but later stopped engaging.

    The ATO continued its compliance action regardless and obtained a civil penalty order through the Federal Court.

    Foreign investor hit with $508k penalty over land banking

    The Australian Taxation Office (ATO) has continued its crackdown on foreign investors, fining a second overseas landlord for failing to build residential dwellings within the timeframe.

    The Australian Taxation Office (ATO) has continued its crackdown on foreign investors, fining a second overseas landlord for failing to build residential dwellings within the timeframe.

    The ATO has won a second civil penalty case against a foreign investor accused of breaching Australia’s rules on purchasing vacant residential land.

    Fengqin Li has been ordered to pay a $508,000 penalty after failing to build a residential property on vacant land within the four-year timeframe attached to their foreign investment approval.

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  • ATO alleges Adgemis companies were involved in $1b sham tax scheme | Lawyer says answering about …

    ATO alleges Adgemis companies were involved in $1b sham tax scheme | Lawyer says answering about …

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    ATO alleges Adgemis companies were involved in $1b sham tax scheme

    Tax officials have alleged that one of the companies in the sprawling corporate structure behind Jon Adgemis’ Public Hospitality Group submitted more than $1 billion in spending as part of a sham arrangement that resulted in it receiving almost $80 million in GST refunds.

    A Federal Court examination into the business dealings of Public Hospitality and Adgemis was handed documents from Australian Taxation Office reviews that alleged one entity, JAGA Group Constructions, had claimed spending of $1.05 billion and $78 million in GST refunds between March 2021 and July 2024.

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    Emails raise questions about Adgemis’ links to Climate200 adviser

    Emails handed to a special examination into the business affairs of Jon Adgemis suggest the failed publican had some involvement in the running of a company operated by his friend and business associate, contradicting long-running claims that it was an unrelated enterprise.

    Damien Hodgkinson, who worked with Adgemis at KPMG and went on to advise several Climate200-backed candidates, was a director of Linchpin Hospitality, which was established in 2024 to manage Sydney pubs including the Empire Hotel, the Oxford Tavern and the Lady Hampshire.

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  • Homeowners warned as new ATO crackdown takes effect: ‘Slipped under the radar’ | New radar techno…

    Homeowners warned as new ATO crackdown takes effect: ‘Slipped under the radar’ | New radar techno…

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    Homeowners warned as new ATO crackdown takes effect: 'Slipped under the radar'

    Australians with a second home are being urged to make sure they are aware of a new approach from the ATO as rules tighten about what homeowners can claim at tax time. A new, stricter interpretation of existing provisions means that owners could be caught out when trying to claim expense deductions they lodged in previous years.

    Susan Franks from Chartered Accountants Australia and New Zealand (CA ANZ) said the new approach from the ATO "is a major shift" for hundreds of thousands of taxpayers with a holiday home which they periodically rent out. The group is warning owners may need to rethink how they make their home available after the new rules began last month.

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  • ATO data reveals country’s new richest postcode where average resident is earning $320,000 | Aust…

    ATO data reveals country’s new richest postcode where average resident is earning $320,000 | Aust…

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    ATO data reveals country's new richest postcode where average resident is earning $320,000

    Sydney has been toppled off its pedestal and is no longer home to Australia's highest earners. The city's wealthy eastern suburbs have been surpassed by a Melbourne seaside suburb, newly released data from the Australian Taxation Office (ATO) has revealed.

    Portsea, on the Mornington Peninsula, was named the richest postcode in Australia, with the suburb's 656 residents earning $321,988 a year on average. That's more than four times the national average income of $78,217.

    The suburb is known as being a "holiday playground" for Melbourne's wealthy and is literally home to Millionaire's Walk, a cliff-top trail that offers water views across Port Phillip to the Bellarine Peninsula and winds through the backyards of some of Australia's most expensive homes.

    Australia’s richest postcode is no longer in Sydney’s east

    A seaside suburb that’s home to 787 people and best known as a holiday playground for Melbourne’s wealthy has knocked off Sydney’s eastern suburbs as the place with the nation’s highest average taxable income.

    Capital gains helped Portsea, on the Mornington Peninsula, record an average taxable income of $321,988 in the 2023-24 financial year, according to new data from the Australian Taxation Office.

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