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Div 296 tax carve outs include special super interests
It has already been revealed that there will be some superannuation members who will be excluded from Division 296, but there are also “carve outs” of the tax in re...
ATO offers further guidance on self-assessing for new NFP return
The Tax Office has stressed that the main purpose of a community service organisation must be altruistic to be eligible for an income tax exemption.
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AAT upholds tax agent termination over unpaid tax debts
The AAT has affirmed a decision by the TPB to terminate a tax practitioner’s registration due to significant personal tax debts and overdue tax returns.
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Forvis Mazars merger to transform global accounting network
The merging of two powerhouse professional services organisations is set to shake up the global industry and transform operations in Australia.
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TPB bans agent for misappropriating $2.5m in client funds
The TPB has terminated a tax agent’s registration after allegedly misappropriating more than $2.5 million in client funds for personal financial gain.
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IPA calls for 6-month delay to dob-in obligations
The 1 July 2024 start date does not provide sufficient time for the TPB’s guidance to be finalised and communicated to the tax profession, the professional body says.
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Taxpayers warned on risks with rushed tax returns
CPA Australia says cost of living pressures may drive some taxpayers to rush their return this year to receive an early refund....
Lawyer issues reminder on tax risks with UPEs
Unless carefully managed, unpaid present entitlements (UPEs) and beneficiary accounts in family/discretionary trusts can give rise to significant tax risks, warns a legal...
Practitioners ‘taken by surprise’ by breach reporting requirements, says CPA
The TPB has assured tax practitioners that it will take a transitional approach with the breach reporting requirements with many feeling uncertain about the upcoming obli...
ATO flags critical considerations with family trust elections
Family trust elections and interposed entity elections “should not be set and forget” by trustees or their tax professionals, the Tax Office warns.
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Downsizer contributions can be time critical
With the expansion of the downsizer contribution, the timing of when it is used can affect how to use non-concessional contributions.
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ATO releases decision impact statement on Minerva decision
The decision does not change the Tax Commissioner’s view that schemes that include a trustee’s exercise of discretion to distribute income can attract Part IVA, the A...
ASIC pushes for new penalties for misuse of accountants’ certificates
The corporate regulator wants to see penalties and sanctions applied where the certificates are misused for classifying wholesale investors.
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SME employee growth rate on ‘downwards slope’, recent data reveals
The year-on-year employee growth rate for small business has halved since April last year, according to the latest Employment Hero SME Index.
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Committee pushes for tax changes for large consulting firms
The inquiry into the NSW government’s use of consulting services says large consulting firms should be required to pay company tax and payroll tax on partnership earnin...
Qld women sentenced over illegal COVID-19 scheme claims
Three Queensland women who illegally attempted to access superannuation payments under a federal government COVID-19 scheme have been sentenced to prison.
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Personal insolvencies rise again in March quarter
AFSA data indicates that personal insolvencies were close to 3,000 for the March quarter, with over a quarter business-related.
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Payment Times bill introduced into Parliament
The Minister for Small Business says the reforms will provide a “shot in the arm” for small business with faster payment times and improved cash flow.
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Government ‘failing small business’ with political games: Allegra Spender
The Member for Wentworth has criticised the government over its failure to deliver the promised instant asset write-off and small business energy incentives in a timely m...
Land tax objections can attract ‘greater scrutiny’, warns law firm
Recent changes to land tax rules and increasing property values is driving an increase in objections against land tax assessments, says a specialist law firm.
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