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  1. Tax transparency: The time for change is now

    from the new standard being first proposed by the GSSB, GRI launched the new Tax Standard (now known as GRI 207: Tax 2019) last week. Published on 5 December, it is freely available for any organisation to use to disclose their taxes in a transparent...

    • Type: Article
    • Author: Judy Kuszewski, Global Reporting Initiative
    • Category: Tax

  2. Tax transparency policies, proposals set new election battleground

    the USA. “This would mean Australia loses one of its most important tools for countering tax avoidance by multinationals.” Last year, ATO deputy commissioner Mark Konza told a Senate hearing that Australia’s deal as one of 67 jurisdictions to have...

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

  3. Tax time confusion spikes among small business owners, survey shows

    a tax return confusing. Officeworks’ EOFY report has revealed that 93 per cent of Australians are just as confused as last year or more confused about completing their tax return. Similarly, two-thirds of small business leaders find the tax system...

  4. Tax time 2020: ATO homes in on rental deduction claims

    claims continue to be a focus point for the ATO leading into tax time 2020, with the agency doubling its in-depth audits last year on the back of findings that nine out of 10 claims contained an error. With more than 2.2 million Australians claiming...

  5. Tax time 2020: ATO flags work-related hotspots

    claims. ATO assistant commissioner Karen Foat has now urged taxpayers to reduce claims for work-related expenses in the last quarter of the 2019–20 year that would have been impacted by government-mandated restrictions imposed as a result of COVID-19....

  6. Tax takeaways from Chalmers’ pre-budget interview blitz

    own assessments, but I can assure you that it is aimed firmly and squarely at aspiration." In a slew of media appearances last Thursday (30 April), Chalmers emphasised that any tax changes would focus on curbing intergenerational inequality, without...

  7. Tax storm looms for super

    He added the government has already taken steps to reduce the costs, lowering concessional contribution caps over the last decade from $100,000 to its current level of $25,000. All superannuation payments being tax-free is expected to continue, but Rice...

    • Type: Article
    • Author: Sarah Simpkins
    • Category: Tax

  8. Tax scams down in December, taxpayers still lose $500k

    ATO impersonation scams fells by over 12,000 reports in the last month of 2018 but over $500,000 was still reportedly paid to scammers. The ATO’s monthly scam report has revealed that $542,456 was reported as being paid to scammers in December 2018,...

  9. Tax scam reaps hundreds of thousands

    Police have issued a public scam warning following several reports of fraud during the last month, with scammers obtaining more than $100,000 in one single instance. ACT police are investigating a number of incidents in which Canberrans have been...

  10. Tax returns abolished, reduced compliance & the rise in ‘digital risk’

    that handles their tax returns. It's so important that 3,000 professional firms have attended our new webinars series in the last few weeks that explores this very issues - you can find out more about the Australian webinar series here Over the next...

    • Type: Article
    • Author: Content Partner
    • Category: Tax

  11. Tax return amendments on the cards for some COVID-19 Disaster Payment recipients

    Australia, until Prime Minister Scott Morrison made the change on the fly in late July. New legislation was then introduced last week and sailed through the Parliament, making the COVID-19 Disaster Payments more generous than the $90 billion JobKeeper...

  12. Tax relief funding debate a ‘moot point’, says Thomson Reuters

    been concerns of the government’s ability to fund any tax relief while bringing the budget back to surplus by 2020-21. The last time the personal tax threshold moved was in 2016 when the 32.5 per cent threshold was increased from $80,000 to $87,000,...

  13. Tax refund fraudsters sentenced to jail

    who claimed a total of $1.3 million in fraudulent tax refunds with her co-accused had been sentenced to three years in jail. Last week, Thai national Pornpat Chuensukjit was sentenced in the New South Wales District Court to three years in jail after...

  14. Tax reform: A story of bluster, bulldust and bedlam

    The moment someone from one side dares to raise a desired reform, or the media pounces on them like with that skirmish last year over negative gearing, the other side hits the relevant launch button. A whirlwind of media hysteria follows: wild claims,...

  15. Tax reform a ‘smouldering heap’ in Australia, says mid-tier

    Ken Henry, a mid-tier firm has again thrown its support behind fixing Australia’s “floundering” attempts at tax reform. Last week Ken Henry said while he supports a cut in the corporate tax rate, it’s distracting from the broader need for comprehensive...

  16. Tax questions triggered by new pensions guidance

    The Tax Office released some welcome guidance on death benefit questions last week, but it has triggered some new questions about tax and possible contraventions. The ATO confirmed that if an SMSF fails to pay the minimum pension requirements for a...

  17. Tax promoter penalty changes must be delayed: SMSFA

    current laws is undertaken, the SMF Association has cautioned in a recent submission. Treasury released a consultation paper last month exploring options for improving the operation of the tax promoter penalty laws. The paper also sought views on...

  18. Tax practitioners warned on emerging issues with family trust elections

    provider is noticing a growing number of problems in this space, which can be difficult to fix once they arise. In an update last week, the ATO warned tax professionals that it was seeing an increase in FTDT issues due to inadequate record keeping,...

  19. Tax practitioners warned against entering confidential info into ChatGPT

    Institute has warned accountants against entering confidential client information into AI tools such as ChatGPT. Speaking last Friday at the ACE25 Accounting Conference & Expo, hosted by Accountants Daily, Tax Institute chief executive Scott Treatt...

  20. Tax practitioners owe $90m in outstanding debt, TPB ready to pounce

    of its debt and lodgment project. The TPB’s debt and lodgment compliance project for tax practitioners, first announced late last year, has yielded positive initial results, with over 2,000 practitioners updating their outstanding lodgments and repaying...

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