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  1. Company failures on track to reach 12-year high: ASIC

    financial year. ASIC recorded 7,742 company failures in the past nine months, over a one-third increase on the same period last year, according to insolvency data published yesterday. “With only one quarter remaining this financial year, it’s expected...

  2. Company denied cash flow boost under ‘discriminatory and counterintuitive’ rule

    tax notice requirement. She pointed to how the top professional accounting bodies had raised the issue with the Treasury last year, but it failed to be considered by the department. “It is not enough to demonstrate business activity before 12 March,” Ms...

  3. Company auditor’s registration cancelled after ‘extensive and serious’ failures

    Disciplinary Board has cancelled an auditor’s registration for “extensive and serious” failures in his company audits. Last Friday (24 October), the Companies Auditors Disciplinary Board (CADB) cancelled the registration of company auditor Ryan O’Shea...

  4. Company auditor applies for registration cancellation: ASIC

    corporate regulator has accepted the cancellation of a company auditor’s registration for independence compliance failures. Last Friday (5 September), ASIC accepted the auditor registration cancellation of Allan William Donald, following a broader...

  5. Common sense the best defence against fraudsters: forensic auditor

    to anybody looking at that document.” “You have got to do your general checks and balances. Check for signatures, check for last year's documents compared to this year's documents, maybe even something for you to use as a bit of a benchmark. “Or have...

  6. Common GST, property errors flagged for tax agents

    The ATO has flagged some common errors in suppliers’ activity statements since the introduction of GST at settlement. Last year, the government announced new measures that put the onus on purchases to withhold the GST on the purchase price of new...

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

  7. 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...

  8. Commissioner’s deceased estates fix trudges along

    been tabled in Parliament, but practitioners will have to continue to wait until mid-May for the measure to kick in. Late last year, the Commissioner of Taxation proposed to use his remedial power to modify the Taxation Administration Act to allow a...

  9. Commissioner tips ‘record-breaking year’ for lodgements

    As of yesterday, the ATO said it has received just shy of five million returns, which is up 360,000 compared to this time last year. About three million of these lodgements came from tax agents, which is up by about 2 per cent from 2016. By comparison,...

  10. Commissioner seeks to appeal residency decision in High Court

    the Full Federal Court’s recent tax residency decision, casting doubts on the interpretation of individual residency rules. Last month, the Full Federal Court upheld an appeal by Glenn Harding in Harding v Commissioner of Taxation, ruling that the...

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

  11. Commissioner responds to tax agent concerns over GIC remission

    of the taxpayer, to make remission decisions." Heferen noted that the ATO received over 140,000 requests for remission last year, with many of them quite complex. "It is inevitable that some decisions may be contestable. We encourage you to send us...

  12. Commissioner registers updated JobKeeper alternative tests

    test removes the requirement for entities with multiple acquisitions, disposals and restructures to use the period after the last of the sequential transactions. Where an entity has had multiple acquisitions, disposals or a sequence of restructure...

  13. Commissioner of Taxation on ATO’s digital future

    including updated linking to myGov in June, a call verification feature in April, and real-time updates and account locking last year. “We continue to invest in tools like the ATO app and My ID with the goal of balancing simplicity with enhanced...

  14. Commissioner issues update on ATO’s massive system outage

    you won’t be penalised,” he said. The ATO is now set to launch an independent review into the events of this week and last. This will look to find the root cause of the issues, and also assess the adequacy of the ATO’s response and restoration process....

  15. Commissioner flags 'heightened risk behaviours' with SMSFs as sector grows

    commissioner Emma Rosenzweig echoed these concerns, having noted that the ATO had scaled its compliance action over the last few years to address the heightened risk. Rosenzweig warned there could be significant financial impacts for members as...

  16. Commissioner called to explain changes to position on commercial debt forgiveness

    provide greater clarity over various circumstances dealing with its new interpretation of commercial debt forgiveness rules. Last month, the Commissioner of Taxation released Draft Taxation Determination 2019/D9, close to eight months after it withdrew...

  17. Commissioner acknowledges imminent ‘disruptions’ to tax profession

    Processing (ASFP) project that will see a majority of its systems shut down to accommodate the major system upgrade. Last but not least, from 27 March 2020, myGovID and Relationship Authorisation Manager (RAM) will replace AUSkey as the new secure login...

  18. Collins vows ‘more action’ on payment times

    of invoices paid within 30 days increased by 3 per cent, according to the reporting regulator’s January update released last week. Ms Collins said any improvement for small businesses was welcome but the data “underscores the important work still...

  19. Coalition unveils new tax incentives as part of small business package

    e-commerce tools and cyber security. These latest measures follow other tax incentives announced by both major parties last week, including Labor's $1,000 standard tax deduction and the Coalition's plans to allow first home buyers to claim a tax...

  20. Coalition slams GIC deduction changes as ‘brazen cash grab’

    opportunity.” The bill to implement the measures was referred to the Senate Economics Legislation Committee in late November last year, with the committee handing down its report last week. The Senate committee said the changes to GIC and SIC deductions...

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