Sometimes people can do with a break: 3 ways tax debt relief rules are too tough

By Ann Kayis-Kumar, Associate Professor, UNSW
Kevin O'Rourke, Lecturer, UNSW
Michael Walpole, Professor, UNSW

When Debbie (not her real name) lost her main client and was left without a reliable income, the sole trader sold her home and adjoining investment unit to pay off her debts and ensure she had the means to support her daughter and herself.

But things didn’t work out as she had hoped.

A year later she was still mired in debt – only now to the Australian Tax Office, owing more than A$70,000 in capital gains tax from the sale of the investment property. By the time the payment deadline came, she still owed about A$61,000 plus A$13,500 in ATO-charged interest.

So…

Read complete article

~	Why the pathology bulk-billing campaign is more about driving industry profits than saving you money

~	Restoring coastal habitat boosts wildlife numbers by 61% – but puzzling failures mean we can still do better

~	TikTok fears point to larger problem: Poor media literacy in the social media age

~	Donald Trump trial: why it took so long to select a jury and how the process is different to the UK

~	Bitcoin is halving again – what does that mean for the cryptocurrency and the market?

~	Liz Truss: an economist explains what she got wrong (and what she’s actually right about)

~	Domestic politics will be a key factor in how far things escalate between Israel and Iran

~	Peter Higgs’ famous particle discovery is now at the heart of strategies to unlock the secrets of the universe

~	Why you shouldn’t be afraid to start running after middle age

~	The world’s oldest conjoined twins have died – what we know about this rare condition