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News
Victorian government honours its commitment
Holiday home exemption from vacancy residential land tax will be extended to companies and trusts.
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Plan now to take advantage of stage 3 tax cuts, specialist advises
With the stage 3 tax cuts set to be implemented in around six weeks, opportunities for tax-saving strategies should be considered soon.
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HLB Mann Judd flags super changes for new financial year
Practitioners have been reminded about the increase in contribution caps as well as other changes impacting employers.
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Federal Court quashes AAT decision involving property trust
Two taxpayers have been successful in an appeal against a tribunal decision examining whether bank deposits were assessable income.
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Accountants primed to help burnt out business owners
Accountants are well placed to support business owners overwhelmed by the cost-of-living crisis, according to a data analyst.
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ATO scrutiny on trust distributions increasing, lawyer warns
The ATO’s additional guidance on trust distributions shows this is an area it is likely to check closely, says a specialist solicitor.
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1 in 3 SMBs looking for additional advisory services
Over a third of small- to medium-sized businesses are looking for more advice in areas such as strategic tax planning or financial planning from their accountant, accordi...
ScotPac, Gallagher partner for better SME finance and insurance services
The deal will allow clients to easily access both firms’ products as well as preferential premiums and rates.
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Payroll tax for GPs scrapped in Victoria, SA
The RACGP says all states must follow suit and abolish the “disastrous” impost, while tax advisers have called for more certainty over the “complex” exemptions.
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Revolut expands services to Australian sole traders
Fintech firm Revolut has launched an offering specifically for sole traders in Australia through its Revolut Business product.
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Parliamentary pipeline stalling Treasurer’s key tax reforms
The budget has been criticised for a light-on tax reform package and now opposition forces are stalling the progress of the changes it did commit to.
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Joint bodies push for ‘problematic’ accountants’ certificates to be scrapped
Accountants’ certificates are increasingly exposing accountants to significant personal risk and should be removed from the wholesale investor tests, accounting bodies ...
ATO warns taxpayers on ‘double dipping’ with WFH deductions
Tax professionals should ensure clients are aware of the broader scope of deductions covered under the fixed rate method, the ATO cautions.
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Cyber scams to spike 400% at tax time, CBA warns
Experts say scammers will ramp up efforts to steal tax and super portal login details through AI-enhanced phishing emails and texts.
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SMEs face recession-like conditions as consumer spending dries up
Low demand but high cost pressures are hitting hospitality businesses the hardest, CreditorWatch says.
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TPB releases guidance on planning for practitioner incapacity
The guidance is aimed at assisting practitioners to put arrangements for unforeseen circumstances in place.
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ATO flags top problem areas for rental property deductions
Investors incorrectly apportioning interest from investment loans and confusion between repairs and improvements are some of the main issues, says the ATO.
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Insolvency accountant awarded liquidator licence at Mackay Goodwin
The insolvency and restructuring firm has announced that Nelson Huang has received his liquidator licence.
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ATO affirms Federal Court’s ‘employee’ definition for super purposes
The finding that superannuation entitlements extend only to natural persons and not partnerships accords with submissions made by the Tax Commissioner.
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AAT sets aside trustee disqualification
The tribunal has overturned the commissioner’s decision to disqualify an individual from acting as an SMSF trustee despite serious breaches that were made.
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