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December 2019   |  Newsletter

 

Seasons Greeting and Office hours

Wow! Its December already, where did this year go? In my experience, the older we get, the quicker time seems to pass us by. As time goes by, there are increasing distractions competing for our attention. We are taking some time over Christmas and New Years for rest and self reflection. We hope to include this throughout our scheduled next year.
Thanking you for all your support throughout the year and being part of your journeys. Wishing you all the best over the Christmas break and a safe and happy New Year.
Our office will be closed from Monday 23 December 2019 and will re-open on Monday 6 January 2020.
Brad Seeto, Elaine Chim and the Bramelle Partners Team.

Expansion of tax avoidance taskforce

The ATO has expanded the tax avoidance taskforce to include top 500 private groups, high wealth private groups, and medium and emerging private groups. Perhaps the most interesting is the inclusion of medium and emerging private groups which cover around 97% of the total private group population. These consist of Australian resident individuals who, together with their associates, control wealth between $5m and $50m, and businesses with an annual turnover of more than $10m. Business captured will be receive a notification letter of the next steps.
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ATO debts to affect your credit rating

Businesses with tax debts beware, the ATO will now be able to disclose the details of your tax debts to credit ratings agencies, which could potentially affect the ability of the business to obtain finance or refinance existing debt. Generally, only those businesses with an ABN and debts over $100,000 and are not "effectively engaged" with the ATO will be affected. Practically, the ATO is planning a phased implementation which will consist of education before targeting companies followed by partnerships, trusts, and sole traders.
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