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  1. Property investors signal retreat in latest big bank figures

    cope with their levels of debt. Property investors also had deductions disallowed for travel expenses, effective from 1 July last year, as part of the federal government's plans to "improve the integrity of negative gearing" in the 2017 budget....

  2. Property investors on notice after ATO spots false claims

    expenses up to the amount of the income received.” The ATO’s increased focus came after it found similar claims being made last year, including red flags when clients attempt to make claims for property that has not been genuinely rented out. Ms...

  3. Property investors marked a high compliance priority

    Australians now claim deductions for rental income at tax time. About $45 billion in rental expenses were lodged to the ATO last financial year, pushing property investors’ compliance with tax laws to the top of the Tax Office’s agenda. “It’s one of our...

  4. Property deduction errors down to ‘lack of understanding’: ATO

    to trip property investors up, leading to simple mistakes and heaping pressure on tax agents, the ATO has revealed. Last year, the ATO singled out rental property deductions as a “top priority” for the agency, with Commissioner of Taxation Chris Jordan...

  5. Prominent tax execs feature in Board of Taxation appointments

    to the development of the tax system,” said Ms O’Dwyer. The reappointments follow a raft of appointments announced late last year featuring a heavy representation from a big four firm. [email protected]

  6. Prominent tax bills set to lapse as Parliament enters last 2 sitting days

    The last two Senate sitting days will see a number of prominent tax bills, including the proposed SG amnesty, being left off the table, which will ultimately see those bills lapse when the federal election is called. The Senate’s draft legislation...

  7. Progress on payment time legislation applauded

    ongoing incentive to reinvest in their businesses; which extends the economic benefit of growth and the capacity to employ.” Last week the Business Council of Australia introduced a voluntary code of conduct for big business payment times to small...

  8. Profit-splitting professionals ‘in the dark’ over revised tests

    the ATO would choose to cast its compliance net after publishing PCG 2021/4, on the allocation of professional firm profits, last December. “Many professionals will still be unaware of these guidelines or at least unclear on whether, or in what way, the...

  9. Professionals warned on legal risks of new software

    significant legal risk to financial services professionals. Speaking at The Adviser Network’s Digital Advice Conversations last week, Holley Nethercote partner Grant Holley explained that digital advice presents several legal challenges, particularly...

    • Type: Article
    • Author: Reporter
    • Category: Tax

  10. Professional with 4 decades of experience joins Grant Thornton

    Mr Butterfield joins the firm with over 40 years of experience and knowledge in the accounting profession and has spent the last 34 years specialising in business valuation and forensic accounting with expertise in firm risk management and technical...

  11. Professional bodies welcome Coalition’s move to disallow code obligations

    the crossbench to have the determination disallowed in Parliament. "After tax practitioner breach reporting rules surfaced last year unannounced in poorly drafted legislation we thought it was an isolated incident. It’s Deja Vu with the new code...

  12. Professional bodies struggling to hold back government overreach

    incorporated in a future Bill. Unfortunately, the Bill proceeded into law with the Greens amendments intact, in November last year. We had no issue with the policy intent and policy objective, but good intentions do not equal good law, particularly when...

  13. Professional bodies mount last-ditch deferral request

    them for the first time ever. “Our members are telling us throughout the duration of the crisis, and in particular over the last three to four weeks, that they have been inundated with pressing requirements to assist their clients access the variety of...

  14. Professional associations hit back at TPB registration proposal

    registration pathway for its members, pushing back on suggestions to follow developments in the financial planning space. Last week, Treasury released a discussion paper on its independent review of the Tax Practitioners Board, suggesting a lift in...

  15. Profession’s pyrrhic victory

    and felt the thrill of victory when the Assistant Treasurer, Stephen Jones MP, wrote to the accounting bodies at the end of last month and announced that the implementation of the Legislative Instrument, Tax Agent Services (Code of Professional Conduct)...

  16. Profession waits on over 80 announced and unenacted tax measures

    “We obviously have to wait for the writs to be returned and there is a formal process for that,” Mr Morrison told Sky News last night. “At the moment, it is not looking like until the back end of June.” Enacted measures for 1 July 2019 While...

  17. Profession up in arms as complex pension issue lingers

    and Treasury is now being lobbied to correct the matter which impacts SMSF clients. The introduction of legislation last year to allow transition to retirement pensions to convert to retirement phase, where a member has satisfied a condition of release,...

  18. Profession revolts against proposed ATO deadline

    now been told in no uncertain terms that the proposed start date for the second phase of Single Touch Payroll is unfeasible. Last week, the ATO confirmed that it was working towards a 1 July 2021 start date for STP Phase 2, which will see employers...

  19. Profession appeals for stage 4 workaround arrangements

    requirements of the worker permit scheme or who otherwise breach the scheme requirements. However, with restrictions set to last for at least six weeks, practitioners now face an unenviable task of assisting clients without access to physical files and...

  20. Productivity turnaround ‘halts post-COVID freefall’

    are needed to achieve sustainable, long-term growth, the Productivity Commission says. A turnaround in labour productivity last quarter has halted a post-pandemic “freefall” but sluggish long-term growth remains a cause for concern, the Productivity...

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