Statistical picture of Australia - Update

Clients failing to engage must “act now” or face rapid escalation of enforcement action, the Tax Office has warned agents.

If you’re an Australian resident for tax purposes, you don’t have to pay income tax on the first $18,200 you earn each year, from any source. This is called the “tax-free threshold”.

The Tax Office has revealed that 250,000 tip-offs have been received about tax avoidance and dishonest behaviours since July 2019.

The ATO said it is reviewing and assessing all new SMSFs before they can receive a registered or complying status on Super Fund Lookup (SFLU) as part of a program to stop illegal early access schemes.

Failure to create, execute, perform and retain documents for an SMSF can leave a fund and its trustees unable to provide compliance evidence, warns a specialist legal expert.

The latest forecasts for investment returns and region-by-region economic outlook.