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  1. Industry at odds over new ATO reporting model

    of the SMSF sector and I think they should be commended for that,” Mr Burgess told delegates at the SMSF Summit in Brisbane last week. “But I’ve got to say, what a shemozzle we are in when it comes to events-based reporting,” he said. “Once we start...

  2. Individuals speed up returns, royal commission drives early rush

    Individual lodgement numbers are ahead of where they were last year, and some tax professionals believe the royal commission and stricter lending conditions are driving businesses and individuals to lodge early. Tougher lending conditions in the wake...

  3. Indexation of TBC tipped to trigger surge in excess amounts

    if indexation of the general TBC does occur, this will result in “significant difficulties” for many SMSFs. In an update last week, the ATO reminded SMSFs that if the All Groups consumer price index (CPI) figure for the December 2020 quarter is 116.9 or...

  4. Independent report details Count’s financial woes

    significant overhead recharges from CBA, which the report noted will not be incurred under CountPlus ownership. Over the last few years, the number of firms and advisers steadily declined. On 30 June 2017, there were 292 member firms and 587 advisers....

  5. Independent MPs push for indexation on tax brackets

    history and on track to exceed its highest point, notwithstanding the ‘cost of living’ (stage 3) tax cuts introduced last year to much fanfare,” it read. “With other major tax bases flat or in decline, Australia is becoming more reliant on income taxes...

  6. Increased SME borrowing a ‘green shoot’ for the economy, says ABA

    begun restarting loan repayments again, with the value of SME loan repayments on deferral dropping by more than $686 million last month. ABA chief executive Anna Bligh said the new figures showed small businesses were growing in confidence about...

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

  7. Increased penalties ‘still low’, says CPA

    misconduct may not be sufficient, especially in light of the revelations of the royal commission, says one accounting body. Last week, the government announced plans to increase penalties for the most serious criminal offences under the Corporations Act...

  8. Incomplete ATO client lists highlighted ahead of TPAR deadline

    out to the building and construction industry. The courier and cleaning industries were required to lodge for the first time last year, with the road freight, security, investigation, surveillance and IT industries now included.

  9. Incoming property, GST laws a ‘sledgehammer to crack a nut’

    property, as some tax experts believe it’ll be a “major” change which is further reaching than the government intends. Last month, the government introduced legislation to implement the purchaser GST withholding regime for new residential premises. The...

  10. Incoming Payday Super legislation: What you need to know

    has passed its judgement on what it will mean for employers. When the Payday Super legislation was introduced to parliament last week (Thursday, 9 October), advocates and service providers welcomed the move, as it was intended to stop wage theft in the...

  11. Incoming insolvency spike could prompt bankruptcy changes

    in late March saw relief for company directors faced with insolvency and statutory demands from creditors, which is set to last until September. However, while the relief has been largely welcomed given the economic downturn brought about by the...

  12. Incoming changes for directors a ‘step in the right direction’

    that rogue operators, including dodgy accountants, could still bypass checks and fraudulently register clients as directors. Last week, more than 45 service providers, clients, employees and alleged “dummy directors” of phoenix companies connected to...

  13. Incoming ATO audits tipped to focus on JobKeeper, employer obligations

    audit activity is significantly down on previous years due to COVID-19, JobKeeper reviews have continued to feature over the last few months as the Tax Office looks to weed out fraudulent arrangements. “A lot of them are just the Tax Office looking for...

  14. Income tax focus ‘coming back to haunt us’, govt report shows

    of Commonwealth taxes shows the country’s focus on personal income taxes is beginning to compound into a systemic problem. Last week, the PBO examined the broad trend within the Commonwealth tax system since 2001-02, spotting an over-reliance on...

  15. Income tax cuts tipped to be brought forward, backdated

    Labor has also indicated that it will throw its support behind the brought-forward stage 2 cuts. “We, of course, argued last year that stage 2 of the tax cuts should be brought forward. So, there will be nothing surprising if we took a position...

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

  16. Inappropriate accounting treatments continue to plague entities

    concerns over the new accounting standards, with the corporate regulator noting a general lack of preparedness by entities last year. Last week, the corporate regulator released its findings of its audit review, finding that in 20 per cent of cases,...

  17. Inappropriate accounting treatment dominates ASIC results

    to focus on the impact of the new accounting standards on revenue and financial instruments, repeating its previous warnings last year. It also previously announced its focus for 30 June 2019 financial reports, with new accounting standards on revenue...

  18. In-house accountant charged in underpayment case

    Work Ombudsman. A joint investigation by the Fair Work Ombudsman and the Department of Immigration and Border Protection last year has resulted in restaurant owner Ye Shao and accountant Yizhu “Jessica” Ding being charged for allegedly underpaying...

  19. Important considerations from the recent TRIS clarification

    Last week, the ATO clarified transition to retirement income streams, and there are several considerations to be aware of as a result. ATO issues transition to retirement income stream (TRIS) confirmation of key commutation strategy The ATO in SMSFD...

  20. Impending IASB standard ‘fortuitous’ for ATO

    International Accounting Standards Board will give the ATO a roadmap to focus its audit activity according to a mid-tier. Last month, the International Accounting Standards Board (IASB) finally issued IFRIC 23 Uncertainty over Income Tax Treatments in...

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