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  1. Blindsided accounting bodies lash ‘unworkable’ code changes

    concepts detracts from the breadth, generality and certainty of the existing code,” general manager Tony Greco said last week. Grant called for the 1 August start date to be deferred by “at least six months” to allow time for TPB guidance to be...

  2. Minister Jones’ determination ‘inconsistent’ with current law, warns IPA

    exposure draft. The determination is the first use of new ministerial powers provided under legislation that was enacted last year in Treasury Laws Amendment (2023 Measures No. 1) Bill 2023. The legislation enables a Minister to supplement the existing...

  3. ATO software bugs revived false on-hold debts, documents show

    obtained by iTnews under freedom of information laws. The documents showed the ATO first identified the bugs in July last year and resolved them months later in October after numerous meetings and briefings. As part of “remediation” efforts, ATO staff...

  4. ATO to crack down on Amazon, eBay sellers’ tax affairs

    thing,” the ATO said. The ATO’s online seller data matching program comes after it announced one for Medicare levy claims last month. In February, the ATO acquired personal details and rental bond information of 900,000 landlords from state and...

  5. Shock tax code changes hit industry

    Governance procedures introduced by the Assistant Treasurer without warning last week have flown under the radar but will overwhelm many firms, practitioners say. The tax community has been blindsided by a set of rule changes mandating firms to...

  6. Bankruptcy trustee’s bid to shirk CGT on $388k sale fails in court

    on the sale of two of Lanning’s Noosa properties which sold for a combined $388,000 in 2020 and 2021. However, in a judgment last week, the Federal Court dismissed Robson's argument that the tax laws around CGT did not apply to bankruptcy trustees. “The...

  7. ATO teams up with private sector in anti-scam fight

    a “world-leading anti-scam plan” after consumers lost $3.1 billion to scams in 2022. The start of NASC’s work in July last year saw scam losses fall for the first time since 2016, it said. As part of the 2024–25 federal budget, the government also...

  8. PayPal used unfair contract term with small business, court rules

    allowed it to keep overcharged fees if customers failed to dispute them, a Federal Court has found. The ruling, delivered last week, affects PayPal’s user agreements with small businesses that opened a business account between September 2021 to November...

  9. Accountant’s $340k BAS refund claim crumbles

    for a creditable purpose so that there could not be a creditable acquisition,” AAT member Rob Reitano said in a judgment last week. Reitano also upheld the ATO’s $136,000 fine against Ecosse because he found Guy was reckless as to the operation of the...

  10. Temporary FBT break lifts plug-in hybrid sales 130%

    of PHEVs,” chief executive Rohan Martin said. PHEVs accounted for 17 per cent of all electrified passenger and SUV sales last month, up from 6.6 per cent in June 2023, and made up around 22 per cent of electrified SUV sales for the year to date, up from...

  11. OECD executive among 3 new ‘high calibre’ KPMG hires

    both for our people and our clients.” The appointments come after KPMG announced a major overhaul of its consulting practice last month. It involved cutting 200 senior staff and pivoting towards technology advisory in an effort to save $80 million and...

  12. Ascendant mid-tiers boost partner ranks as big 4 scale back

    as middle market adviser of choice”. RSM set a goal of having 1,750 staff in 2024. A raft of appointments at the end of last year took total numbers to over 1,800 by November. O’Rourke also commended 18 of the 22 appointments being internal promotions –...

  13. ATO portal’s 24-hour malfunction vexes tax agents

    it disrupts your workflow during the day. Whatever you're doing, you have to put down and come back to it the next day.” Last week, the OSfA dashboard reported an outage for client correspondence for just under seven hours, days before the financial...

  14. CPA Australia seeks permanent $100k asset write-off to end uncertainty

    prevent the “lost opportunity” of the 2023–24 measure, having passed Parliament just five days before its 30 June deadline last week and leaving businesses with little time to make an investment decision. It would also fit better with the original...

  15. 125% foreign student visa fee hike to worsen accountant shortage

    However, after the international student population reached a record high of 671,000 in March – a 15 per cent increase on last year – pressure has mounted to bring numbers down. According to budget papers released in May, the government estimated its...

  16. PwC names 22 partners in first intake since tax scandal

    of 2023. Among the new partners was chief executive Kevin Burrowes, who had his partnership transferred from the UK in July last year, the big four firm said on Monday. Burrowes said the partners would be leading their teams in delivering PwC's...

  17. Navigating business debts as the ATO ramps up collection activity

    how they manage these debts, according to specialist credit provider Global Credit Investments (GCI). Since the middle of last year, the ATO has accelerated its activities with debt collection following a more relaxed and supportive approach during the...

  18. $20k instant asset write-off passes lower house

    It comes after the eleventh-hour passage of a bill that raised the threshold from $1,000 to $20,000 for FY24 last week. A 12-month extension to the $20,000 instant asset write-off scheme has passed the lower house. The scheme was the government’s chief...

  19. ‘Don’t panic’ over new reporting rules, ATO tells NFPs

    be lodged between 1 July and 31 October for the past financial year. During a Senate Economics Legislation Committee hearing last week, Liberal Senator Dean Smith raised concerns from constituents to the ATO over NFPs' inability to meet the...

  20. Airwallex posts 93% revenue surge in Australia

    strong product offerings and has flagged plans for further expansion. Airwallex recorded a 93 per cent increase in revenue last year across its Australian and New Zealand business, it announced in a statement last week. The Tencent-backed fintech, now...

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