Syttadel Holdings Pty Ltd sold a CGT asset, the Spinnaker Sound marina at Sandstone Point, in August 2006 for $8.9 million. Syttadel had acquired the asset, comprising land, buildings, marina berths, goodwill and plant and equipment, in June 1996 for $1.675 million. The venture was not initially profitable but by 2006 its net profit was [...]
Article topic archives: ato tax audit
Tax Audits and Penalties
The Offshore Voluntary Disclosure initiative closed on 30 June 2010. While you are no longer able to take advantage of this intiative, you can still make a voluntary disclosure of your offshore income by providing details to allow the ATO to amend your income tax returns. The ATO has indicated that they will be increasing [...]
Tax Crime and the ATO Response
The ATO has recently released the fourth issue of it’s “Targeting tax crime – a whole of government approach” . Project Wickenby is an initiative by the ATO to identify tax crime and ensure that the government identifies those individuals associated with committing tax crime. The principal partner of Omega Partners has assisted a number [...]
Successful Debtors Management
Debtor Management, Keys To Stabilising Business If there is one area of a business that should never be ignored, it’s managing business debtors. Successfully managing business debtors may appear complex, given the underlying reasons for business debt. In most cases, inadequate business debt management is the reason business debt grows out of control in a [...]