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  1. How to read the draft guidance on Div 7A

    of section 100A (s 100A) and Division 7A (Div 7A) of Part III of the Income Tax Assessment Act 1936 (ITAA 1936). My column last month explored the operation of s 100A and how the Commissioner intends to apply the provision and devote compliance...

  2. Adviser review meets mixed response

    reforms. We’re disappointed that these are excluded in the terms of reference.” The final terms of the review, released late last week, will investigate whether there are opportunities to streamline and simplify regulatory compliance to reduce costs and...

  3. Petrol prices mean car allowance ‘undercooked’

    said accounting bodies, and will leave millions of taxpayers short-changed. The ATO announced the rise, up from 72¢, last week but its calculations are already being challenged. “It’s not reflective of the bowser price,” said Tony Greco of the IPA....

  4. Accountants urged to ramp up ATO debt clearance

    Daniel Riley. He said the ATO had resumed its debt collection activities across the small-business sector after a pause last year during lockdown. “This means businesses need to really focus on clearing the debt as the ATO pursues harder collection...

  5. SMSF assets climb to $877bn during COVID

    (LRBAs), with total assets in LRBAs jumping from $44.9 billion at December 2019 up to $65.8 billion at the end of last year. Both residential and non-residential property also saw large increases, with assets invested in non-residential property...

  6. Accountants face pressure on advice tech adoption  

    Involving dedicated support staff and business leaders in these decisions can also be very effective,” Mr Holland said. “The last part is to keep a bigger picture focus. Too often we get consumed by the day-to-day short-term pain of implementing changes...

  7. EV owners should help pay for roads: Poll

    infrastructure is something the government will need to confront eventually.” Sales of plug-in electric vehicles tripled last year to 20,665, up from just 6,900 in 2020, according to the Electric Vehicle Council. Meanwhile, the Queensland government...

  8. How to manage the rise of clients selling online

    to scale and expand its online operations. Their initiative to create new products and find new ways to sell them during the last two years saw the Karu Distillery team receive an overwhelming amount of sales data from a growing number of platforms....

  9. ATO defends stance on draft 100A

    It said 100A was an anti-avoidance provision and its application since 2014 was consistent with the draft ruling published last month. The ATO assistant commissioner in the Office of Chief Tax Counsel, Justin Dearness, said there was no specific...

  10. 100A draft driven by demand, says ATO

    Groups Stewardship Groups since the 2014 factsheet was released,” Ms Clarke said on LinkedIn, echoing a webinar for CA ANZ last week. “The ATO has raised the application of section 100A in cases since then and that has led to calls for more detailed...

  11. Government offers ‘umbrella of hope’ in NALI storm

    than large multinationals. Needless to say, [the government’s] announcement is good news for all Australians.” In December last year, The Tax Institute lodged a submission to Treasury on behalf of the professional bodies and industry associations...

  12. Ramp-up migrant intake to fix talent drought, says accounting body

    annum. I don’t think it’s tens of thousands, but I think it could be up to 10,000.” “We’re playing catch-up because for the last two years, these migrants haven’t been able to get here.” Just 79,600 places are allocated to skilled migrants during...

  13. A day to remember

    $2,700 each. And the ATO was taking a special interest in WFH deductions with 4.1 million taxpayer claims already exceeding last year’s figure and a huge increase on 2019, when there were just 1.4 million. “We’re noticing weird and wonderful claims...

  14. Cyber squatters ‘could cash in’ on domain rule change

    squatters taking advantage of a rule change on domain names unless they move quickly, says an ATO security group. Starting last week, a shorter “.au” suffix became available as an alternative to the widely used “.com.au” or its variants such as...

  15. Legal fix only realistic solution to 100A, says law firm

    in 1979 back in the days where they drafted legislation really badly,” he said at the Cooper Grace Ward adviser conference last week. “It's stuck in there in its current form and so really it's the drafting of the legislation that's the biggest problem....

  16. Budget: The should-have-beens

    Institute, which said the lack of any measures “to address the unreasonable cost of childcare were a missed opportunity in last night’s Budget”. It said recent analysis revealed substantial financial disincentives for a family’s secondary earner to...

  17. Budget: Best of the rest 

    he said. Starts: 1 July 2022 Extension of patent box regime The government will expand the patent box regime announced in last year’s budget to cover more patents in a broader range of sectors. Patents granted after 11 May 2021 become eligible for the...

  18. ATO puts 50,000 directors on notice

    PAYG to now include unpaid GST, superannuation, wine equalisation tax and luxury car tax. “The notices are being sent to the last known address of the company’s directors as disclosed on a search of the records of ASIC,” he said. “If the director has...

  19. Key budget incentives stall on starting line

    left in the dark about key budget investment incentives after they were omitted from legislation enabling other measures last week. The Skills and Training Boost and Technology Investment Boost apply to eligible expenditure incurred from budget night...

  20. ATO hints at ‘common sense’ approach to COVID test deductions

    ATO is also taking a sensible approach to record-keeping, recognising that many may not have been keeping records since July last year.” Business clients were likely to have records to substantiate their claims, but employees who had previously...

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