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  1. Chris Jordan casts doubt on controversial $3k tax affairs cap

    Deutsch. “It is distortionary.” In defence of tax agents Mr Jordan faced significant backlash from the tax profession last year when he said that results from the individuals not in business tax gap report showed that some agents were not living up to...

    • Type: Article
    • Author: Jotham Lian
    • Category: Tax

  2. Why business owners must understand the liquidation process

    including sole traders and partners in partnerships, who are declared insolvent. Bankruptcy is also an interim legal state, lasting three years, whereas liquidation leads to a permanent winding down of a company. When a company goes into liquidation, a...

  3. CBA settles big tax case

    heavy scrutiny following a $3 billion budget blowout, up from its $1.8 billion expected expenditure. Start-up Airtasker was last year forced to pay back “100 per cent of the R&D incentives provided” following an ATO review of its claims dating back to...

  4. Div 7A approach to be ‘fair and sensible’, says Assistant Treasurer

    Treasurer Stuart Robert acknowledged concerns from the profession surrounding Treasury’s consultation paper released last year, noting that his position was “not in line” with Treasury’s view. “In terms of Div 7A, I’ve finalised my view on it and...

  5. PwC commits to reconciliation action plan

    firm in the PwC global network which maintains an Indigenous majority owned, managed, and 60 per cent staffed operation. Last year, PIC was highly commended and named “Organisation to Watch” in the Shared Values Awards. PIC was also the first Indigenous...

    • Type: Article
    • Author: Reporter
    • Category: Business

  6. New quarterly STP reporting method for closely held payees revealed

    through pre-fill for that person's tax return” Legislation to introduce STP across businesses of all sizes was passed last month, with the ATO granting a three-month buffer to 30 September 2019 for small businesses to transition to the new regime. The...

  7. BAS agents, bookkeepers called on to spread STP message

    obligations with the new Single Touch Payroll regime. Legislation to introduce STP across businesses of all sizes was passed last month, with the ATO granting a three-month buffer to 30 September 2019 for small businesses to transition to the new...

  8. Commissioner’s opinion on fraud, evasion may create ‘incontestable tax’, government warned

    to amend assessments on the suspicion of fraud or evasion. In a presentation at the Tax Institute’s National Convention last week, David Marks, Queen’s Counsel, Inns of Court, noted that fraud or evasion in terms of section 170 of the Income Tax...

  9. CPA seeks FASEA accreditation for prior learning

    will see practitioners required to complete a bachelor or higher or equivalent qualification. Accountants Daily reported last year that FASEA had written to the major professional bodies, inviting them to consult about having their designations and CPD...

  10. Stakeholder increases share in MYOB as takeover negotiations continue

    a 19.9 per cent stake in MYOB. The increase comes in the wake of a letter from equity fund KKR to MYOB chair Justin Milne last week, informing him that the $3.40 per share bid was the “best and final offer”. Manikay Partners chief investment officer...

  11. Accounting is sexy, and I’m here to prove that

    membership and qualification. From a business perspective I am proud to say my company has grown five times over this last financial year in terms of revenue! That is a huge win for me! Also, from everything I can tell, my clients like me and what I...

  12. ATO sheds light on big 4 partner income

    internal governance measures” to ensure the appropriate amount of tax was being paid. During a Senate estimates hearing last month, Greens senator Peter Whish-Wilson had asked the ATO to reveal the aggregated income of the big four firms, with the tax...

  13. Director GST liability inches forward with Senate committee approval

    Laws Amendment (Combating Illegal Phoenixing) Bill 2019 be passed, after the Senate referred the bill to the committee last month. The bill seeks to implement four measures to combat illegal phoenix activity, including new offences to prohibit...

  14. Federal budget tipped to bring extra ATO funding, compliance activities

    so we’re not expecting to see anything on that,” said Mr Drum. A move to standard deductions was widely predicted last year, as the ATO made several high profile statements and speeches about the state of work-related deductions. Instead, the government...

  15. Government warned on delicate balancing act ahead of federal budget sweeteners

    thresholds were the most likely routes the government would take. The potential cuts will come on top of tax cuts announced last year – a three-stage process that will run to 2024. “While individual tax cuts could be seen as being election sweeteners,...

  16. ‘No action warranted’ until Labor provides CGT and negative gearing clarity, says Tax Institute

    discount has raised questions around its transition policy, with investors being warned against taking action immediately. Last Friday, shadow treasurer Chris Bowen announced that Labor, if elected, would set a 1 January 2020 start date to begin...

  17. Changes to ABN requirements put forward by government

    to update their ABN details. The new conditions, revealed in the federal budget, come after a Treasury consultation paper last year considered a reform to the ABN system to ensure information was up-to-date, with possible renewals fees discussed. This...

  18. ‘Fulsome survey of facts and evidence’ required: ATO speaks on correspondence error

    a high-profile federal court case but says taxpayers should not interpret decisions in isolation of facts and evidence. Last year, the Full Federal Court ruled in Pintarich v Deputy Commissioner of Taxation that Mr Pintarich was liable for the entire...

  19. Franking credit inquiry report labels proposal ‘inequitable and deeply flawed’

    only be considered as part of an equitable package for wholesale tax reform. Following the announcement by Labor in March last year that, if elected, it planned to remove cash refunds for excess dividend imputation credits as a way of improving the...

  20. Tax practitioners face new TPB 72-hour client complaint deadline

    72 hours when directed by the Tax Practitioners Board, as it seeks to focus its resources towards high-risk agents. Launched last week, the new complaint resolution process will see the TPB assess complaints from a client of a tax practitioner,...

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