ATO targets false Medicare exemptions
A recently announced ATO initiative will target individuals who are falsely claiming an exemption on the Medicare levy. Using metadata matching technology, the ATO will aim to ensure that individuals are meeting their tax obligations. The program is also predicted to identify a number of individuals who do qualify for the exemption, but have not…Read more
Division 7A and family breakdown
The ATO has made its final ruling on the application of Division 7A to relationship breakdowns. If a private company is ordered by the family court to make a payment or transfer an asset to a separating partner, then the settlement will be treated as a distribution of profits for tax purposes. The ruling has…Read more
Claiming personal technology as a tax deduction
As personal technology devices such as laptops, smartphones and tablets, are becoming increasingly prevalent, the ATO will be focusing its attention on individuals claiming tech items as work-related tax deductions. Currently, Australians claim almost $19.5 billion each year in work-related expenses, and an increasing number of tech items are being included each year. It is…Read more
Avoiding the usual GST errors
It is common for businesses to make GST errors in their BAS. The majority of these mistakes are unintentional. The ATO recently reviewed all of the BAS adjustments made as a result of auditing and revealed that over 80% were the result of inadvertent GST mistakes. Examples of common mistakes include: clerical errors such as…Read more
7 Things You Need to Know About Self-Managed Super Funds
1. What is a self-managed super fund? A self-managed super fund (SMSF) is a superannuation fund with a maximum of four members who act as the fund’s trustees and direct its investment strategy, giving Australians the chance to take a more active role in planning their retirement. SMSFs represent the fastest growing sector of the…Read more
ATO increase penalty units
There are now greater penalties in place for breaches of most Australian tax laws. The ATO has increased the value of a penalty unit from $110 to $170, the first such increase since 1997.Read more
Susan Flux, Brisbane
Since that time I known Tony and his team at Lee and Lee, they have provided me with outstanding advice and services regarding my personal, family and especially my SMSF borrowing setup for wealth creation and tax reduction strategies that have since led to financial independence.
I now very clear and feel confident on my future financial goals and taxation strategies and know they can be achieved with Tony's expert and professional help.
Shukri Barbara, Property Tax Specialists Sydney
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John Mu, Internet Marketing Strategist Gold Coast
Tony has the strategies which are helping me legally minimise tax. He has helped me in my personal development and wealth creation to build a multimillion dollar property portfolio.
If you want a hands-on accountant who knows his stuff...Tony Lee is the man!