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  1. $5.2m in illicit tobacco destroyed following ATO investigation

    and destroyed more than 2,700kg of illicit tobacco at a property in Pentland Hills, Victoria. Officers attended the property last week and located four acres of illicit tobacco crops with an estimated excise value of $5.2 million. The ATO said that...

  2. Australian small businesses trail rest of APAC: CPA

    A recent survey from CPA Australia placed Australian small businesses last or near last on nearly all vital indicators. Inadequate use of technology and a lack of young entrepreneurs continue to undermine Australia’s small business market, said CPA...

    • Type: Article
    • Author: Nick Wilson
    • Category: Business

  3. ATO’s debts on hold campaign prompts new IGTO guidance

    tell people they owe money to the government. The report has been issued off the back of community concerns that were raised last year regarding the ATO’s approach to debt collection. The ATO issued tens of thousands of letters both to tax agents and...

  4. ‘Like banging heads against a brick wall’: agents blast client linking

    tired of doing the ATO’s work” as they spend hours helping clients navigate the complex regime. Exasperated tax agents have blasted the ATO’s client-agent linking (CAL) as a “ridiculous” regime that has caused wasted hours, lost clients and feels akin...

  5. Mackay Goodwin ventures west with Perth boutique acquisition

    Goodwin has expanded into Western Australia with the acquisition of Perth boutique GTS Advisory, it announced in a statement last week. The opening of a Perth-based office means the firm now has 12 locations across the country and a presence in every...

  6. Bowerman decision highlights flaws with ATO approach to losses

    and sale of the apartment was considered to be a ‘commercial transaction’ In its decision impact statement issued last week, the ATO stated that the Bowerman decision was an unusual case that would limit the application of the AAT’s decision in future...

  7. ATO admits to fast-tracking client linking over fraud concerns

    to expand CAL without any consultation which it previously said it would not do without stakeholder input,” Greco said. Last week, Matthew Addison from the Institute of Certified Bookkeepers also weighed in by saying “the ATO has shown no signs of being...

  8. DPNs surge to over 18k as ATO ramps up activity

    exceed the pre-pandemic levels. Wind-up notices are the strictest method used by the ATO to pay their debt and are used as a last resort by the Tax Office, Darin said. “The wind-up notices during Covid were reduced to basically nothing, we’re now in a...

  9. Reserve Bank reveals latest cash rate decision

    latter half,” in line with central banks in the US, UK and Europe. “All indicators point to inflation falling faster than last year’s forecasts,” she said, and a rapid uptick in the unemployment rate could also prompt the RBA to bring rate cuts forward...

  10. Beware of ‘quirks’ in draft GST ruling, cautions tax expert

    claiming input tax credits following the recent release of MT 2024/D1, Accurium has said in a recent educational webinar. Last month, the ATO released the draft taxation ruling, MT 2024/D1 which outlines the time limits for claiming an input tax or fuel...

  11. Canberra to create $8m ‘one-stop-shop’ small business cyber service

    recommending specific actions, tools and guidance best suited to the small business’ risk, situation and capability.” In the last financial year, nearly 94,000 cyber crimes were reported to the Australian Cyber Security Centre, the government said. This...

  12. AAT rules against ATO’s ‘incorrect’ $1.4m fine on Perth taxpayer

    $2.9 million in outstanding income tax liabilities dating back to 2014. AAT deputy president Boyle said in a judgment last week the penalty was “excessive or otherwise incorrect and that the assessment should have been that no penalty was applicable”....

  13. Grant Thornton makes job cuts to management consulting group

    the retirement of up to 37 partners. The firm cut 340 staff only four months ago. Within a day of that announcement last year, EY let go of 320 employees across the country. Redundancies in the consulting sector have been near ubiquitous in recent...

  14. ASIC acts against 15 auditors over in-house audit concerns

    These latest actions taken by ASIC follow the compliance action it undertook against nine auditors in the December quarter last year for conduct that did not meet the required standards. This included concerns about compliance with auditing and...

  15. PwC axes over 300 jobs in major restructure

    and private sector clients.” This latest round of job cuts follows previous job losses at PwC announced in November last year as the firm continues to grapple with the fallout of its tax leaks scandal and reduced demand. In November, 141 jobs were cut...

  16. AFSA’s positive discrimination makes inroads for female trustees

    to actually hire women, to promote women.” Recent statistics show 40 per cent of trustees coming into the profession in the last two years were women, and “the majority of those leaving the system are men”. “That’s positive in terms of status change the...

  17. Blame game erupts over ATO’s client-agent linking

    group, a panel composed of tax practitioners and professional bodies, such as the ICB, that has convened regularly over the last two years to discuss CAL’s design and implementation. He said the ICB’s consistent protests against the design fell on deaf...

  18. ATO’s adviser strategy zeroes in on late-paying partners

    practitioner. The ATO uses risk modelling to assess compliance with the guidelines. The adviser strategy was introduced last year and applies to a range of advisers from tax and BAS agents, to legal and insolvency practitioners, financial advisers, and...

  19. Tax Office targeting DPNs at directors with high-value assets

    “One is to encourage disengaged taxpayers to deal with the ATO. So that's a taxpayers that haven't dealt with the ATO in the last three months or 100 days,” said Mudford. “They're using that game as a tool to basically reengage that client.” Another...

  20. Former accountant pleads guilty to stealing from clients

    Damien Luscombe pled guilty to making fraudulent transactions from client accounts at the Victorian County Court last week. The former partner and manager at accounting firm White Sky pled guilty at the Victorian County Court to 12 charges on Friday....

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