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Small businesses ‘overwhelmed’ by EOFY tax compliance, survey finds
Misplacing important documents and receipts and forgetting to claim deductions are the most common problems, Xero says.
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Landlords who ‘double dip’, fudge deductions in ATO crosshairs
The Tax Office has warned taxpayers to revise deduction rules and maintain proper records.
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City Beach founders win tax battle with ATO over $52m restructure
A selective capital reduction to extinguish Division 7A loans that raised the Tax Office's eyebrows was not a “sham”, the Federal Court has ruled.
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CA ANZ course accreditation renewed by education body
The accreditation with TEQSA allows it to award the chartered accounting graduate diploma and offer FEE-HELP loans to students.
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Check in-house assets before 30 June, trustees reminded
Before 30 June, SMSF trustees need to check the level of any in-house assets to ensure they haven't exceeded the 5 per cent limit, says a senior technical adviser.
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Tax time confusion spikes among small business owners, survey shows
Recent research indicates that a growing proportion of small business owners find the tax system and the process of completing a tax return confusing.
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Retail business failure rate highlights ongoing challenges for sector
Retail businesses are struggling to stay afloat, with failure a common theme amongst many of them in the past year, says CreditorWatch.
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LRBAs under fire as super legislation debate continues
The introduction of the $3 million super tax has sparked a fresh debate about limited recourse borrowing arrangements, says the CEO of the SMSF Association.
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Lost receipts to cost SMB owners $948m in unclaimed expenses
SMB owners are expected to miss out on claiming an estimated $948 million in unclaimed expenses due to damaged or lost receipts, research by Intuit QuickBooks reveals.
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Victoria’s new tax regime to ‘significantly impact’ commercial propery
The new commercial and industry property tax is a complex regime that will impact cash flow and returns, a specialist law firm cautions.
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Bendel appeal could affect Section 100A approach, says ATO
A decision by the Full Federal Court that ends up being unfavourable to the ATO for the Bendel appeal could have implications for the ATO’s Section 100A approach.
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CPA Australia calls for 2-year extension to stalled tax break
The government’s pattern of announcing tax incentives but failing to pass them has become a “running joke” for accountants, it says.
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William Buck charity event brings joy for sick and disadvantaged children
Over 3,000 children and their families attended William Buck’s dedicated charity night at Sydney Zoo’s GLOW Festival.
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ATO ‘scrutinising’ section 109RB requests, practitioners warned
The ATO has cautioned practitioners and their clients not to rely on favourable discretion from the Tax Commissioner for Division 7A obligations.
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NFPs urged to check guidance before applying for private rulings
The Tax Office has experienced a surge in requests for private rulings by non-charitable NFPs as the new reporting changes approach.
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Instant asset write-off measure for 2024–25 introduced into Parliament
A bill to set the instant asset write-off threshold to $20,000 for 12 months over the 2024–25 income year has been introduced into the lower house, with the 2023–24 m...
New Victorian property tax will affect investment decisions: legal specialist
SMSF trustees that invest in qualifying use property in Victoria from 1 July 2024 will need to be aware of how the new commercial and industrial property tax works, say...
CPA outlines ATO focus areas for expenses this tax time
With tax time fast approaching, the professional body has outlined some of the claims that may attract additional scrutiny from the Tax Office this year.
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Over half of accounting firms to raise fees for services: Ignition
Ignition’s latest tax and compliance pricing data reveals that 55 per cent of firms plan to increase fees across all services this year.
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Dob-in window ‘nearly impossible’ for practitioners, joint bodies warn
A submission to the TPB says the 30-day time frame needs to be extended to at least three months amid heavy workloads and client obligations.
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