MAP - November 2019 Update

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Scam Alert

Scammers are becoming increasingly sophisticated. They are constantly finding new ways to obtain as much information about you and/or your business, so that they can commit tax fraud in your name. Keep the following front of mind. The Australian Tax Office (ATO) will never:

-          Ask for payment via vouchers such as iTunes, Google Play or Cryptocurrency;

-          Threaten you with immediate arrest;

-          Keep you on the line until you make a payment;

-          Ask you for payment of a tax debt into an account other than the Reserve Bank of Australia

If you think an interaction with the ATO was not genuine, phone the scam hotline on 1800 008 540.

 

Land Tax

This is another State Government tax (like Payroll Tax) levied on land holders, whose combined land values exceeds a threshold amount as at the 31st December each year. Each state has their own exemption & tax free thresholds.

For NSW land holders, land tax is currently levied on combined land values as at the 31st December 2018, in excess of $692,000. The amount payable is $100 plus 1.6% of the amount over $692,000.

There are some exemptions in NSW. These include, but are not limited to:

-          Your principle place of residence

-          Land used for a primary production business (not hobby farm)

If you think you are liable, then you need to register for land tax with Revenue NSW.

Should you require further information on this topic, go to revenue.nsw.gov.au or feel free to give our office a call.

 

Important Dates This Month

21st November

-         October monthly BAS due

-         October monthly IAS due

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