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  1. ATO credit card ban delay could lead to higher usage

    The IPA has warned that the extension could lead to more taxpayers using credit cards to meet their tax obligations and larger cost blowouts. Following the ATO’s original announcement that it would stop accepting credit card payments from taxpayers...

  2. Is this the ‘optimal path’?: Trust tax reform creates burdensome system

    last 30 years. That’s not enough,” Ortner said. As a consequence, there could be gaps in the drafting of the legislation, leading to interpretive differences, he said. “That could then increase the risks of future disputes with the ATO,” he said. Ortner...

  3. Minimum tax on discretionary trusts: the draft law lands, and the concerns remain

    before Parliament has a meaningful opportunity to scrutinise them and can be varied after enactment. We have seen where that leads with the challenges arising from the registration of the Tax Agent Services (Code of Professional Conduct) Determination...

  4. Tax reform measures risk adding to red tape burden: CPA Australia

    adding complexity through the new trust tax and CGT rules with a review whose purpose is to lessen it. CPA Australia tax lead Jenny Wong said that as currently designed, the proposed rules around discretionary trusts and capital gains tax (CGT) could...

  5. Tax reforms leave accountants, clients in planning ‘limbo’

    favour. You’re planning how to best structure things for the future, which makes it very difficult.” The CGT measures could lead to some business owners realising their asset early rather than holding it, Campisi said, who added that he is having...

  6. CA ANZ pathways program delivers boost to membership numbers

    it said. "While recruiting school leavers represents a shift in traditional career hiring practices and requires longer lead times, interest from employers remains strong, including active participation from major firms in New Zealand." The professional...

  7. ‘We don’t have crystal balls’: Trust tax rigidity causing angst

    accountants and is going to require some difficult analysis, according to a tax specialist. Knowledge Shop tax director and lead trainer Michael Carruthers said the government’s proposed changes around the minimum tax on discretionary trusts is top of...

  8. Businesses should not absorb merchant fees, accountant says

    have difficulty meeting an obligation, early engagement with the ATO will also be important,” she said. CPA Australia tax lead Jenny Wong encouraged businesses that may be impacted to speak with their accountant or registered tax agent as early as...

  9. Accountants must move past spreadsheets amid budget changes

    Moreover, it could be difficult to track any mistake, like a wrong date on one cost, and this could throw off the total and lead the accountant to provide incorrect advice, which could lead to the ATO asking questions. “You have a different line you...

  10. R&D changes to ‘completely eliminate’ cash flow support for some startups: RSM

    long, regulated and interdependent development pathways." RSM Australia warned that inclusion of these two measures would lead to outcomes contrary to the objectives of the Ambitious Australia Report, which examined Australia's R&D system. The...

  11. Weaker economic conditions lead to $8.2bn drop in taxes paid by corporates

    The ATO’s latest tax transparency report has revealed that slower growth, declining prices and high interest rates have seen an 8.6 per cent reduction in the tax paid by corporate entities. The Tax Office has published its latest tax transparency...

  12. Upskilling in Applied Finance: Key Learning Outcomes & Career Pathways

    how to put them to work in actual business and investment situations. And building stronger applied finance skills can lead to a host of benefits, whether you're looking to move up, specialise, or change direction. Here are some of the key learning...

    • Type: Article
    • Author: Matthew Kayser
    • Category: Business

  13. State government pushback likely on trust tax stamp duty

    whether trusts will be exempt from stamp duty, while Queensland is also deliberating on the matter. CPA Australia tax lead Jenny Wong told Accountants Daily last week that the accounting body has written to all the states and territories asking them to...

  14. Major new diversification event, Finance360, launches

    home loans has been launched by Accountants Daily’s parent company, Momentum Media. Momentum Media, in partnership with leading financial brands The Adviser, Broker Daily, Accountants Daily, and Accounting Times, has announced the evolution of its...

  15. Trust tax advice bill could balloon to $2.8bn: CPA Australia

    to restructure in any given year. But while Treasury has costed this on around 350,000 small businesses, CPA Australia tax lead Jenny Wong said this measure would impact far more taxpayers than Treasury’s estimates suggest. She said 850,000...

  16. Director fails to prove shortfall penalty assessment was excessive

    issue arises for the Applicants in the lack of proper record keeping in a situation where funds are intermingled, which can lead to unfavourable taxation treatment when the records that are presented are deficient in the ways described above,” the...

  17. Prospa appoints first chief operating officer

    Fintech firm Prospa has appointed an experienced financial services and digital operations leader to elevate customer experience and further scale operations. Angelo Azar has been appointed as chief operating officer of Prospa, effective 7 September...

  18. Settle stamp duty treatment before trust tax rules start

    and territories to collaborate and offer a uniform position before the new regime commences. The accounting body’s tax lead, Jenny Wong, noted that each state and territory administers stamp duty separately, and jurisdictions have not confirmed a common...

  19. ATO’s GIC alert for PAYG instalments a first, says accountant

    tax agents and their clients that underestimating their instalment amount or rate when varying PAYG instalments could lead to a large tax bill when they lodge their tax return at the end of the financial year. The Tax Office said that when it receives a...

  20. Your clients' accounts record what was agreed, not what was allowed

    and New Zealand, examined at both P&L and behavioural level, and 80 chief executive workshops with more than 850 business leaders. The finding is uncomfortable, and it sits closer to your work than to mine. A set of accounts is a faithful record of what...

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