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  1. Federal Court dismisses appeal in tax dispute over settlement payment

    represented the commutation of the taxpayer's income protection benefit into a lump sum payment. The decision handed down last week, Sladden v Commissioner of Taxation [2024] FCAFC 122, involved a $1 million insurance settlement sum that was received by...

  2. WA woman faces jail time for illegal early release scheme

    benefits by submitting fraudulent applications. The 39-year-old woman was sentenced by the Perth District Court last week to three years imprisonment with a non-parole period of 18 months. According to the statement, the woman pleaded guilty to 30...

  3. ATO announces myGovID revamp to end user confusion

    app to their ABN to nominate their agent. The ATO said it was prompted to revamp myGovID following a user audit report last year. The report found “several pain points” with the ATO-run service as well as confusion between myGov and myGovID. “The...

  4. Is the Commissioner’s speech a turning point for the profession?

    the road’ for tax agents. I want to be expectant that the Commissioner’s stated intent will be followed through because the last, say, 15 years of experience by tax agents has been one of feeling unappreciated, unrepresented and being seen as the...

  5. Reprimand for lawyer who dodged 9 tax returns

    has put arrangements in place to prevent similar lapses from reoccurring and has been compliant with his obligations for the last five years. In response, the Legal Services Commissioner said QCAT should find his explanations “insufficient” and it was...

    • Type: Article
    • Author: Naomi Neilson
    • Category: Tax

  6. ATO urges workers to claim $17.8bn in lost super

    The billions in lost and unclaimed super is spread across 7.1 million accounts and has grown by around $2 billion since last year and $4 billion since 2021. ATO deputy commissioner Emma Rosenzweig urged Australians to check if they were owed a portion...

  7. SMEs looking to increase asset investment, CBA data reveals

    economic conditions. CBA revealed a 15 per cent uplift in vehicle and equipment financing compared to the same period last year. CBA executive general manager of business lending Grant Cairns said though economic conditions remain tough, there is reason...

  8. Businesses to face $50m fines under new anti-scam laws

    the government’s $154 million anti-scam plan and follows the establishment of the National Anti-Scam Centre within the ACCC last year. Explanatory materials said a new, comprehensive framework was needed to address “piecemeal and inconsistent” scam...

  9. Tax laws trap domestic abuse survivors in debt cycles, expert warns

    as statistics from the UNSW Tax Clinic showed that over 80 per cent of female clients self-reported domestic violence in the last year, up from 60 per cent in 2022. During a panel discussion at the Tax Institute’s annual summit last week, Associate...

  10. ATO boss tells agents to use ‘Kardashian-like influence’ wisely

    that “hasn’t always hit the mark”. The multi-step linking process became mandatory for all ABN holders in November last year and has been derided as “poorly implemented” and an “administrative nightmare” for taxpayers and agents. Practitioners and...

  11. ‘Significant progress’ made on TASA determination, joint bodies say

    the Assistant Treasurer will deliver on these piecemeal changes or backflip yet again,” he said. “With these embarrassing, last minute concessions it is now another deal with the Greens that has blown up in the Government’s face.” According to Howarth,...

  12. Disallowance motion on code changes voted down in Senate

    on tax professionals to help with their financial affairs". Senator Dean Smith filed a motion to block the new obligations last month following concerns raised by professional bodies and the wider tax community. The government has committed to...

  13. ATO calls out tax advisers still making ‘basic’ errors

    enforcement action. The ATO’s private wealth adviser program is part of the Tax Avoidance Taskforce and was established last year to ensure advisory firms and individual advisers were meeting their own tax obligations. The program sees the ATO use a...

  14. ATO SMSF auditor referrals see slight uptick for FY23–24

    undertaken on auditors who had been in reciprocal audit arrangements and auditors who hadn’t undertaken any audits in the last five years. Auditors who were at risk of not holding appropriate professional indemnity insurance or failed to complete the...

  15. Joint bodies continue support for disallowance motion on TASA changes

    Determination 2024, but are still in support of the disallowance motion to block the changes. During a roundtable meeting last week, the Assistant Treasurer’s office and Treasury acknowledged the concerns about the determination raised by the joint...

  16. ‘You will be caught’ over NDIS fraud, Shorten warns tax agents

    access personalised services and funding. Following a review of the scheme in 2022–23, the government passed reforms last month to rein in the scheme’s costs and improve its sustainability, giving authorities new powers to investigate fraud, refine what...

  17. Mental health of SME owners in rapid decline, research reveals

    the mental wellbeing of SME owners that highlighted the stress the majority have experienced in the current economy. In the last 12 months, 52 per cent of business owners and senior managers have reported that their mental health has been impacted by...

  18. Little progress on superannuation and other measures

    superannuation balances exceeding $3 million. While legislation to implement the measure was introduced into Parliament late last year, the enabling Bill and the related imposition Bill remain before the House of Representatives. These Bills have...

  19. $3m bill set for debate next Thursday

    “The bill is due for debate on Thursday, but that doesn’t necessarily mean it will be as we have seen, as there can be last-minute changes to the schedule,” Burgess said. He said he has arranged to meet with independent MP Allegra Spender and is...

  20. BDO doubles Melbourne office to accommodate expanding team

    CBD and is centrally located with public transport links, including Parliament Station and tram stops. BDO also announced last month that it will be expanding its operations in Canberra after recording record growth in annual revenue. The firm aims to...

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